There is no denying that the COVID-19 pandemic is having a major impact on businesses. Many businesses have either chosen or been forced to close based on the executive order of the Governor. If your business is closed due to COVID-19 or impacted in a negative way, we encourage you to file a claim with your insurance company. Norcia Insurance Consultants is here to assist you in completing the process and compiling your claim.
Whether your business has general insurance or business interruption protection, we can help you understand your coverage. Business interruption, or loss of income insurance, protects business revenue according to the type of coverage and coverage limits the business owner chooses. Compensation calculations can be complicated and difficult to understand, so we recommend businesses get started on the claims process as quickly as possible.
Here are the steps you will need to follow to recover from lost revenue during this unprecedented time:
Review Policy Terms
We will do a thorough review of your policy and compare what it covers against what you lost or expect to lose. We will also check to see if the policy has a time-based deductible called an elimination period.
You should notify your insurance company as soon as possible after incurring a loss. Most companies require notification within a specific time period followed by a sworn proof of loss statement, or they will invalidate your subsequent claim.
Loss Mitigation Plan
Problems with loss of business income claims often arise from providing an unrealistic or inaccurate recovery period. Insurance companies expect (and most often require) you to submit a mitigation plan that includes a time frame for recovery and outlines steps you are taking to keep losses from escalating.
You will need to gather financial and legal documentation and fill out the claim form according to the insurance company instructions. Claim forms also require calculations that determine lost profit and extra expenses. We have more detailed information on how to file your business income claim, but the main thing to do is get started now! Give us a call and we will help you through the process to make sure your business can recover from lost revenue and hopefully get back up and running as soon as things get back to normal.
Call Norcia Insurance Consultants at 866-512-LOSS (5677) or Request a Free Consultation today!