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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Vincent Hanley
Vincent Hanley
13:59 22 Sep 22
I would be happy to recommend Trevor Kelly (Insurance Claim Solutions) in the event you need to make a claim on your household insurance. We recently had a serious leak in our hot water pipes and Trevor’s prompt attention was the essence of professionalism. It also took the hassle and stress out of dealing with the Insurance Company’s loss adjuster and with the pursuit of our claim. Couldn’t recommend him highly enough and would be very comfortable recommending him to family and friends.
Roger Kear
Roger Kear
10:59 04 Sep 22
The level of service that I received from Trevor Kelly was second to none. This was my first major claim with an Insurer and unsure of the process. Trevor took away all that worry. He was polite, reassuring, punctual and efficient. He dealt will all the details of the claim and completely took away all the hassle. If ever there was a service that I would recommend then it has to be Trevor Kelly. If anyone has the misfortune to make an insurance claim then the first call they should make should be to Trevor Kelly.
Eimear McBride
Eimear McBride
13:13 22 Aug 22
I would highly recommend Trevor's services. He guided me through the process from beginning to end, along with providing helpful advice along the way. He was responsive, efficient, practical and empathetic throughout.
Sherin Mathew
Sherin Mathew
16:42 18 Aug 22
Excellent service.....We went through a tough time and Trevor was there to support us... Proffessional and approachable.... Highly recommending.......
sheila hayes
sheila hayes
09:16 04 Aug 22
I used Trevor's company after I had a leak under my floor, he came recommended to me from leak detectors and the same day as I made the call Craig came out to inspect the damage and he handled everything from there on. I was very anxious as my insurance company had told me they would not cover the damage as I was causing it myself by having to dig up the floor to find the leak but Craig assured me it would be sorted. I am extremely happy with the settlement and the service from Insurance Claim Solutions. I would urge anyone in this position to contact them they take all the worries away.
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