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Business Insurance

Business Insurance

If you have suffered a business loss, these losses may include:

  • Destruction to business premises
  • Loss of inventory and supplies
  • Business Interruption

Many business owners choose to hire a public adjuster to handle their claim with the insurance company due to the complexity or volume of their loss.

Destruction to Business Premises

A loss to the business premises can be as simple as merely having to repaint and re-carpet, all the way up to rebuilding from the ground up.

Various factors will determine the value of the loss:

  • Does the policy cover "replacement cost" only or “actual cash value"?
  • Was the loss a covered or a non-covered event? For example, a flood resulting from the rising waters of the East River may not be covered. However, damage resulting from an explosion of the boiler or of the electrical system may be covered.

Loss of Inventory

Various factors will determine the value of inventory loss:

  • Does the policy cover "replacement cost" only or “actual cash value"?
  • What is the usefulness of the inventory? Old, outdated inventory of little value may not be covered.

Business Interruption

The loss of business income, or business interruption, is often a heavily contested aspect of an insurance claim.

In general, the value of a business interruption is calculated by comparing historical revenues and expenses against the revenues and expenses after the loss. Financial documentation, including tax returns and company financials must be produced for review. Business interruption coverage does not provide compensation for the loss of reputation and prospects. It is a direct calculation based upon financial comparisons.

Please call us for a free consultation: 1-800-581-1434

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