As Hurricane Ida swept through the Gulf Coast, it left many business owners struggling with property damage, lost revenue and other hardships. Those who purchased business interruption coverage are glad they did, but a successful recovery is not guaranteed. A few things business owners can do to strengthen their insurance claims include:
- Carefully draft your claim: A successful claim begins with a thorough knowledge of the policy, including its limits, exemptions, covered properties and other details. When you have mastered these details, you can make the strongest possible argument for the elements of your policy that apply to this specific situation.
- Document damage: The interruption of business activities must be tied to physical damage to buildings, inaccessibility and other tangible factors. Take photographs of property damage, flooding and other ways the hurricane impeded your ability to conduct business.
- Communicate with your insurer: It’s a mistake to let the insurer tell you what your losses are. They do not know your business like you do and may neglect losses related to the unique qualities of your operation. By teaching the insurer about your business, you can work together to arrive at a fair and accurate total. It may be necessary to present revenue from previous years and other data that supports your claim.
- Mitigate losses: As a business owner, you are responsible for doing everything in your power to limit losses due to business interruption. If you incur losses due to inaction, your insurance provider may decide that those losses lie outside of their responsibility.
Don’t go it alone
Business interruption claims are complex and may require help from experts in construction, accounting, insurance and other fields. You should also consult an experienced insurance law attorney who can help you maximize your recovery while handling any disputes that arise throughout the process.