Business Interruption Claim

How To Get Full Compensation For Your Loss

Business Interruption Claim

Business Interruption Claim is not easy to assess and substantiate, especially for someone who does not have any business claims experience.

Here are a few tips to help you successfully file a Business Interruption claim that gets approved quickly and will hopefully get the highest settlement possible.

Ensure Everything is Documented

Take photos and videos before you begin any clean-up operation or repairs.  This is proof of the original full extent of the damage and can be used to demonstrate and represent the truest and fullest extent of the damage

Make Initial Repairs

You will probably need to make some initial repairs.  These could be to protect your property from further damage and for health and safety reasons.  It is essential that you save any of the damaged parts as they may need to be examined later.  Keep all receipts in relation to any repairs as these can be reimbursed and form part of the final settlement figure.

Understand your Insurance Policy Business Interruption Extension

This is critical.  You should be fully aware of what your policy covers e.g. specific endorsements, warranties or exclusions.  Being clear on this before you contact your Insurance Company or Loss Adjustor will save a lot of time and ensure there is a flow of consistent information which may affect any future decisions.

Be aware that most Business Interruption covers have a “material damage proviso”.  In other words, there must be a material damage loss and policy liability under the “property damage” section before the “business interruption” section can come into operation.

Compile a Preliminary Insurance Claim

Assessing the impact of a Business Interruption is challenging and complex for a number of reasons:

  • how long will repairs take ?
  • how the loss will be quantified ?
  • how successful the loss mitigation will be?

So, it may be useful to prepare a preliminary of loss.  This should be carried out in the first 30 days and clearly marked as “preliminary” to avoid any confusion.  It should be updated as and when further information becomes available.

Present a Solid Business Interruption Case

Be proactive from the start.  It is not enough to just fill out forms and answer questions.  It is YOUR business, and no one knows it better than you.  Make sure assumptions are not being made as it could diminish your settlement figure.

  • Ensure all losses are documented, at the very least:
  • your business income before and after the loss;
  • expenses relating to the temporary operation of your business during the interruption;
  • regular expenses that are not negotiable e.g. mortgage, suppliers, tax, insurance, etc;
  • inventory of damaged or destroyed items;
  • receipts relating to temporary repairs.

It goes without saying that the more detailed your claim is, the quicker the process, and the more accurate your settlement will be.

Maintain Contact with the Insurance Company

It is important to build a positive, efficient and transparent relationship with your insurance company.   Ensure they are aware of all matters relating to the interruption including any concerns you have.

Track all communication – keep copies of letters and emails and request documents in writing to avoid misunderstandings.

Stand your Ground

Due to the complexity of Business Interruption claims, ambiguities may arise.  Be prepared to take an assertive stance if you do not agree with the interpretation of the claim, and do not sign any settlement without fully understanding the details of what it is offering.  It is important that you don’t feel pressured at any point into settling quicker or for less money than you feel you deserve.

Final Thoughts

Business Interruption claims are rarely straightforward, and you may wish to pass the management of your claim to a professional loss assessor who can take care of all of the above ensuring that your claim is comprehensive and that you receive your full entitlement.  At Insurance Claim Solutions we are experts in managing your claim from start to finish so you can focus on getting your business back on its feet.

Trevor Kelly SCSI, BDMA, CIP, DIPLA 0863571713

Contact Details

Insurance Claim Solutions
Golf Rd, Rush, Co. Dublin

Mobile: 086 357 1713
Phone : 01 870 9210

We are registered as Public Loss Assessors and fully regulated by the Central Bank of Ireland

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Hilary Jordan
Hilary Jordan
17:38 16 May 22
From my first phone conversation with Trevor I felt very confident that I had chosen the right person to help us negotiate through the minefield that is making a claim through your home insurer. Trevor's colleague Craig visited our home and was very sympathetic to our situation after a burst mains pipe. He explained everything he was doing and then dealt with the loss adjustor from our insurance company reducing our stress. We were kept informed during the entire process and even though we were dealt a bit of a curve ball, Trevor negotiated the best result for us and we can't reccomend ICS enough. It was the best decision we could make. As an add-on we would urge anybody reading this review to look at and review your home insurance and protect yourself against underinsurance. Thank you Trevor & Craig
Helen Halpin
Helen Halpin
22:44 08 Feb 22
I can’t recommend Trevor highly enough. After a house fire in Jan 2022, we had no idea what to do next. Thankfully, Trevor was recommended to us, and despite it being a bank holiday, he called to the house and provided all the reassurance we needed at a difficult time. Trevor is exceptionally professional, took care of all the paperwork, navigated through the tricky process with the Insurance company and kept us updated every step of the way. 5* service.
Jo Crawley
Jo Crawley
12:08 08 Dec 21
Great service from Insurance Claim Solutions would highly recommend. Thanks again
Oliver Mitchell
Oliver Mitchell
10:09 02 Dec 21
Trevor came in after we'd already started the claim and realised it was a much bigger issue than we'd originally thought. He stepped in seamlessly and quickly and took over everything, which made our lives far easier. He kept open communication every step of the way and ensured that the whole process went smoothly for us. Would absolutely recommend Insurance claim solutions to anyone.
Eibhlin Ni Ghabhlain
Eibhlin Ni Ghabhlain
10:37 26 Nov 21
It was such a relief to hand over all details of the insurance claim to Trevor when I had a recent mains leak in my house. He more than lived up to the recommendations I had received about his work, efficient, professional, inspiring confidence that all was being dealt with correctly. Within a remarkably short time he had dealt with all details of claim and I’m very happy with what he achieved for me in terms of a settlement. Can highly recommend him!
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