Best Practices for Preparing a Business Interruption Claim

As they weather this year’s storm season, many businesses will experience property damage, often accompanied by business income losses. Most commercial general liability policies will provide business interruption coverage and extra expense insurance as an adjunct to property coverage. However, the complexity of a business interruption claim coupled with a pressing need for operating capital often combine to create a difficult scenario for business owners in these situations.

Because business interruption claims and coverage can be so complex, it’s crucial to make sure your business’s business interruption values are reported correctly. These numbers are what determines the amount of coverage your business has in the event of business interruption, and just carrying over numbers from the previous year with an inflationary factor might not be enough.