Business interruption

Talk to us first about your business interruption insurance claim because we know the process and can help fast track it.

In general terms Business Interruption cover will depend on the policy wording, but typically it covers short term financial loss arising from interruption to business operations as a result of damage to the business premises or equipment. Importantly, Business Interruption insurance does not normally cover the financial loss arising from any general decline in demand following an event like an earthquake; but limited cover can be extended to include prevention of access to the premises (e.g. premises within the cordon), and sometimes includes loss caused by interruption to supply of goods and services. To prepare the claim there are a number of calculations required coupled with supporting documentation, information and rationale. Conceptually this process would appear straight forward, however applying it in practice can quickly become challenging when faced with the realities of: Incomplete records; Seasonality and trends; Determining the level of sales that would have occurred had the premises not been damaged given the change in demand following the earthquake; Determining the level of business successfully transferred to other branches. Searells works with and is appointed by local businesses, major insurance companies, loss adjusters and accounting firms to process Business Interruption insurance claims.

We represent the business/client and ensure that they receive the maximum claim allowable and that we have the information, paperwork and rationale to back the claim up. The good news is that in most cases claim preparation costs are covered by your policy so we can take the hassle away during difficult times and let you focus on getting your business up and running, and other priorities you will have in times like this. There is no “one size fits all” approach to this as every business is unique, so we have to customise the claim for your business. The first step in the process is for our Business Interruption team to arrange a meeting with you so we can talk about your business and start the information collection and calculation process. Once we have processed the claim we will meet to go through the claim with you and get your sign-off, then we submit it to the loss adjustors or the insurance company for review. Once submitted we track progress to ensure the quickest turnaround times possible and we will respond to any queries. We have processed dozens of Business Interruption claims because of the Christchurch Earthquakes and we strongly suggest this is not an area to try and go it alone in. So talk to us first on 03 366 7502 or click here to request an appointment for an obligation free appraisal.