Making a Business Interruption Insurance Claim

As a result of the recent Supreme Court announcement that small businesses can make a business interruption claim, this is good news for our Dental clients and other SME’s.

We have detailed the steps you need to consider when making a Business Interruption Claim.

But now the time has come that you need to file an insurance claim and you’re wondering, ‘how do I go about a business interruption insurance claim?’ Let’s look at the best tips that can help you during this process. 

1.Make a Plan 

A successful insurance claim takes preparation. It is best to plan ahead of time in case the worst does happen and you have to file an insurance claim. Preparation is key, this means keeping receipts, prior to anything happening, for all things that are insured and keeping your policy documents safe.

If you have insurance on valuable objects, it is a good idea to take photographs showing their condition. The more you are prepared, the easier your claim will be. 

2.Gather Evidence

Always document the damage! After your business experiences something unfortunate that requires an insurance claim, be sure to collect as much evidence as possible to pass on to the insurance company.

Make sure that you take photos and videos of everything, the more evidence the better. Your priority should be to ensure that you get an accurate idea of everything that has gone wrong. Having provisions in place such as installing surveillance equipment will allow you to record the damage.

Taking pictures after the fact is always as useful as before. ‘Before and after’ photographic or video evidence will help you a lot during your entire claim. Not only to show damage but to also compare with the repairs afterwards. You should also make a note of any people who were present to witness the event.  

3. Report and State the Facts

If you are claiming for something that has been stolen or vandalised, a report of the incident should be filed with the police first. There are often two main people you will need to report an incident to; the police if a crime has occurred on your business’s property, and your insurance company.

Remember, with most claims, the process is easier if you know the entire story factually with no missing details and you know as many specific details as possible. It is often best to write these details down such as: times and dates, exactly what happened, what you are claiming for and details of everyone involved (if anyone). 

4.The Importance of Accounting in a Business Interruption Insurance Claim

It is essential that you present your accounting information in a way that will be able to maximise the possibility of the best pay out for you. Hiring an accountant to help you properly file the documentation for your business insurance claim may be helpful to you. In many cases, an accountant can accurately help you evaluate the losses and highlight what the insurance company should cover, helping ease the process of the insurance claim. 

This is especially the case in respect of a Business Interruption claim and essential if you are serious about claiming what you are due.

Every claim is different, and quite often the level of the payout is down to how the financial impact has been documented by your accountants, therefore its essential an accountant understands your loss and then paints the full financial story of how your business has been impacted.

Samera will be able to help you if you need assistance with your insurance claim, contact us today or book a consultation to find out more.