One of the primary, if not most important, concerns after a major loss to a business owner’s property or operations is the question of revenue generation and protection. How does one stabilize revenue during a time when the business’ property may not be viable for commerce? The key lies in the insurance policy coverages which should be in place to protect those interests and elements of the operations, (i.e., business interruption/loss of income coverages).
The purpose of business interruption (BI)/loss of income coverages are to provide indemnity to the policyholder to replace the amount she/he would have earned if it were not for the loss sustained. This coverage must be qualified and applied according to the agreement between the policyholder and carrier and commensurate with the dollar amounts identified within the policy itself and the premium level established.
Not only does BI/loss of income coverage supply needed funds to get through the period of restoration of the property/business, but it also provides a strategic position for the policyholder within the claim process itself. This positioning is something a licensed claim consultant expert should direct for you, as it is not something that is readily apparent during a claim.
Partnering with a public adjuster to advocate on your behalf is the best way for you and your business to both leverage the BI/loss of income coverages as well as utilize it to position yourself so that you maximize your claim.