The most challenging part of quantifying business interruption claims is proving how the business would be faring if the incident had not occurred. This involves reviewing the company’s historic performance, but also other factors that could have influenced trade. These include examining how the market in that particular industry sector is performing generally, besides more local issues such as a new competitor emerging or an established one closing. Presenting these factors in a way that maximises the opportunities available under the terms of the policy requires tactical and strategic expertise, and significant experience.
Why use us
While there are a lot of elements to consider in these claims, the loss adjusters and forensic accountants appointed by your insurers often seek to make them seem much more complex than they actually are. We cut through all of the smoke and mirrors, targeting the important issues and ensuring that the case is established and presented in a clear way that gives a true account of the loss suffered by the business. Simultaneously, we look at what can be done to mitigate the loss. It is important to note that the duty under the policy is not to mitigate the insurer’s loss, but that of the business that has suffered the incident.
What we do for you
We don’t just offer general advice – we take an active and extended role to reduce the impact of the incident, and to help your business recover as soon as possible. Our services include locating temporary premises, looking at alternative sub-contracting arrangements, and finding temporary options for machinery in circumstances where permanent replacements have a long lead time. We can also advise on how to deal with the press, including what statements should be made by employees and other stakeholders.
One of the most urgent problems policyholders will face following a major incident is communicating with their own staff, who will want to know whether they still have their jobs and if they will be paid. We help you respond to common questions such as ‘Am I going to be able to pay my mortgage next month?’ These do not always have a straightforward answer, since they require a response that won’t compromise the position with the insurers while also not scaring the employees into thinking that the business may not survive.
Likewise, we are often asked to attend meetings with bankers and the business’ other funders, who will also be worried about the security of their investment or loans following a loss, and will want to know the likelihood of a successful outcome from the insurance claim.
Get in touch
You will receive no assistance on these issues from the insurers and their loss adjusters, but they are part of the routine service we offer. Working out the true extent of your loss can be a challenge on your own, so make sure you get the expertise and support you need, and contact us today on our free 24/7 helpline.