What happens when your business needs to stop activity when property damage affects productivity? You start losing money and your profits are dwindling. That’s where your insurance company comes in and compensates your losses. ProFloridian Public Adjusters will explain how you can fill a business interruption damage claim!
Know Your Business Interruption Coverage
Business interruption is an umbrella term for property damage that affects a business’ profits. Whether a flood short-circuits your equipment or a fire wreaks havoc in the building, business activity will falter. You’ll need to repair the damage, so you’ll incur even more expenses in repair fees.
Thankfully, if you have business interruption coverage, your insurance company should help you out. ProFloridian Public Adjusters can assess the damage and gather the required documentation for the claim. We’ll help you understand your insurance policy and explain your rights regarding this type of claim.
You need to know exactly what your business interruption policy covers and what it excludes. To help you understand these things better, we’ll go through some of the insurance-related terms you may come across when reading the insurance policy!
The covered perils section of your insurance policy details what the policy will cover in case of property damage. It could be water damage, fire damage, mold damage, and so on. If the insurance policy is All Risk, also known as Named Perils or Open Perils policy, then it’ll limit your coverage. Read your insurance policy for more details on business interruption damage types!
If you don’t understand something or if you want clarifications, ProFloridian Public Adjusters is here to help! Give us a call and we’ll explain everything you need to know within a few minutes. A consultation with us is free, as well.
RCV And ACV
The RCV and the ACV are very significant when calculating the amount you’re due to receive for the business interruption claim. Your insurance company either uses the Actual Cash Value (ACV) or the Replacement Cost Value (RCV) to compensate your losses. There’s a substantial difference between these two concepts.
The Actual Cash Value (ACV) will subtract both the deductible and the depreciation from your payout. You receive the difference. However, the Replacement Cost Value (RCV) is a bit more advantageous to you because it only subtracts the deductible and doesn’t calculate the depreciation. You’ll receive more money if your insurance company uses the RCV.
What About Deductibles?
When your property incurs damage, you need to pay a company to fix the damage. That out-of-pocket expense is called a deductible. Even if you file a business interruption claim, your insurance company won’t compensate for the deductible. Instead, it’ll provide the difference between the deductible and the total repair cost.
In many cases, your insurance company will ask for evidence that you paid the deductible, before giving you the rest of the payout. ProFloridian Public Adjusters can help you provide that evidence in hope of solving your settlement quickly and comfortably for you. After all, as a business owner, you hardly have enough time to deal with insurance claims.
What Is a Damage Exclusion?
When your insurance company mentions a damage exclusion, it refers to the types of property damage it doesn’t cover. So, for instance, if your business interruption coverage has an exclusion for fire damage, you won’t receive any payouts if the cause of our business interruption is fire damage. That’s because the insurance company doesn’t cover fire damage in that case.
To understand what your insurance company excludes and covers, you should read your insurance policy. Alternatively, ProFloridian Public Adjusters can help you understand your rights and explain your situation in simpler terms. After all, insurance policies are notoriously hard to understand.
What Do I Do in Case of Business Interruption Damage?
Business interruption damage is problematic to any business owner. Whether you’ve just begun operating your business or you’re a market veteran, business interruption can cripple your profits. What you need to do is file a business interruption damage claim in Florida.
But it’s not easy to file such a claim. You need to understand your rights, your specific situation, how to assess the incurred damage, and how to calculate the repair costs. ProFloridian Public Adjusters can do that for you in the shortest time! As Florida’s number one business interruption damage public adjusters, we’ll make sure you receive your due compensation quickly!
With our help, you won’t need to spend as much time trying to understand the claim procedure. You can deal with business matters while we take on the claim procedures entirely. Our public adjusters are expertly trained to work efficiently and spend as little time as possible when filing claims.