DO YOU HAVE A BUSINESS INTERRUPTION INSURANCE CLAIM IN WARWICK?
BUSINESS INTERRUPTION POLICY
Has your Warwick business been closed due to a disaster or damage? Has damage from water or fire made the doors that are usually open closed shut? Don’t worry, your Warwick business has coverage, which is business interruption insurance. It is usually added to a property insurance policy or included in a package policy. Business interruption insurance compensates you for lost income. The revenue that your business would have made in the time period of closing, based on financial records. If you have a business interruption insurance claim in Warwick, we can help you! Just give us a call at 401-724-9111 or click here for a free consultation!
LOCATION AND TYPE OF BUSINESS
Depending on the location and type of business in operation it can make a difference in the price of the policy. For example, if our office in North Providence gets damaged by fire, wind, or water, this line of work can be done at a different location. The customers will still be there, and the company will still be getting work done. As for a restaurant that suffers from a fire and is not suitable for opening, the customers would be lost. The restaurant would be not making a profit, and the employees will be out of work. Here at Performance Adjusting, we will work for you to ensure you get every dime lost.
WHAT IS COVERED IN YOUR BUSINESS INTERRUPTION INSURANCE IN WARWICK?
With business interruption insurance your business will also be covered for employee wages. Business interruption insurance will also be able to cover payroll for employees so they can still be paid while the business is being restored back to prior loss conditions. Having this coverage is essential because no company wants to lose valuable employees. Another part of the insurance is that it will cover loan payments. These payments are usually due monthly and with business interruption coverage all payments will be made on time covered by your insurance company.
IMPORTANCE OF DOCUMENTING INCOME
The most important thing to remember as a business, especially an upcoming business, is keeping track of income. Documenting monthly how much revenue you make is important so the insurance company can compensate you the proper amount. Without proper documentation of revenue over the years, the insurance company will only pay what they deem necessary.
The indemnity period is the period of insurance protection. This period is normally from the date of loss to when the business is fully operational. This means the day the damage happened, to the day the employees can safely work in the building. There is an indemnity period that is defined in their policy for businesses. For example, if a loss goes on for 6 months but the indemnity period is only for 4 months, some of the loss will not be covered by the business interruption insurance.
It is important to provide your insurer with a background of your business and the damages that have been faced. Having an overview of your business:
- Type of business
- Years in business
- Significance of business/ importance of income
Type of damage regarding the closing of a business:
- Water damage
- Fire damage
- Wind damage
- Mold damage
- Damage to supplies/equipment
If your business in Warwick, RI or anywhere else in RI, MA, CT, PA, NC, SC, or FL runs into trouble and must shut down or close because of damage to the property, call Performance Adjusting and we will help you and get you the money you need and more! Follow us on Twitter, Facebook, YouTube, LinkedIn, or Instagram for more information about what we do!
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