Business interruption insurance minimises the financial impact to your business of an unexpected event that interrupts normal operation because of a physical loss of assets.
Business interruption insurance, also known as business continuity insurance, is designed to help your business remain viable after the loss of assets and throughout the repair and restoration period. It is important to note that interruption insurance cover starts from the time trading is halted rather than from the date the loss or damage occurred.
Fires, storms, and floods are common examples of events that cause significant damage to business premises resulting in an interruption insurance claim. Interruption insurance cover will provide the financial resources needed to help your business back on its feet, for example, the expense of a temporary premises and extra costs to source product, as well as lost profits on the balance sheet.
Business interruption claims are not simple and often require specialised expert loss adjusting to deal with the complexities. The most challenging part of a business interruption claim is determining how your business would have performed if the incident or damage had not occurred.
Citywide Assessors Ltd loss adjusters take an active role in reducing the impact on your business and guides you back to normal operation as quickly as possible.
Our team has the skills and knowledge to:
- Provide loss mitigation advice
- Prepare an estimate of the ultimate cost of the claim
- Stay in touch with insured and monitor progress of the business’s restoration
- Assist with the claim preparation process if required
- Carry out loss adjusting work on the claim