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Insurance and Hurricane Business Losses

If your business has suffered losses as a result of Isaac, it is important to immediately contact your insurance agent or your insurance company and make a claim. Once a claim is made, a claim number is assigned and an adjuster can begin to process the claim. Begin gathering documents in support of your claim and provide copies to your adjuster. Following an event such as this, adjusters are dealing with many claims and are interested in issuing checks to close out documented insured claims. The more documentation you can provide in support of a claim, the easier it will be to get paid.

There are various types of coverage available under most commercial property policies. First, and most obviously, is property damage to a building. Other types of coverage that may be included are coverage for permanently installed fixtures, machinery and equipment, as well as equipment used to maintain the premises; business personal property and personal property of others in your care, custody or control; personal effects and personal property of employees on the premises; salesperson’s samples; signs; outdoor landscaping; tools and equipment, including communication devices; money you are unable to collect due to the loss of accounts receivable records, and electronic data processing equipment, including telephone systems and software.

Some policies may include coverage for losses caused by off-premises power or water failure; spoilage caused to perishable stock; pollution cleanup and removal; debris removal; preservation of property; and loss of leasehold interest. Various policy endorsements may also exist which are specific to your particular type of business and which may cover other losses. Furthermore, business automobile coverage may provide property coverage for your business vehicles. If you are unsure about what your company’s policies may cover and how best to document a claim, it is important to contact your attorney to answer these questions.

Business interruption coverage is also an important coverage contained in most commercial policies. This coverage may reimburse your business for lost income and for payroll expenses incurred during an interruption in business. It may also pay necessary extra expenses incurred in maintaining the business or re-opening the business in some capacity. There may also be business interruption coverage under the “civil authority” provisions of a policy. This coverage may exist, depending upon the wording of the policy, for losses incurred due to an inability to access your premises due to a governmental order. Some policies may also have specific provisions or endorsements providing coverage for business income losses caused by losing utilities, including water, power, or communications.

Business interruption losses are usually complex and sufficient documentation is critical to assist in having your claim processed. In an effort to do so, you should work with your accountant and the following documents should be gathered:

  • profit and loss statements and other financial statements for the last 2 years;
  • documentation showing monthly net income data for the year to date;
  • copies of contracts that are currently in place and being impacted;
  • payroll expense records;
  • invoices and receipts showing extra expenses incurred in re-opening the business or keeping it open; and
  • any other documents peculiar to your business which will help document the actual loss of business income resulting from Gustav.

It must be kept in mind that insurance proceeds for a business interruption claim may be subject to federal and state income tax. In addition, due to the uncertainty of coverage, business decisions should not be made with the expectation that all loss of business income during this time will be fully recovered through insurance. The survival of your business and the ability to thrive, and not business interruption insurance coverage, should be foremost in your decision making process.

Insurance and Hurricane Business Losses

If your business has suffered losses as a result of Isaac, it is important to immediately contact your insurance agent or your insurance company and make a claim. Once a claim is made, a claim number is assigned and an adjuster can begin to process the claim. Begin gathering documents in support of your claim and provide copies to your adjuster. Following an event such as this, adjusters are dealing with many claims and are interested in issuing checks to close out documented insured claims. The more documentation you can provide in support of a claim, the easier it will be to get paid.

There are various types of coverage available under most commercial property policies. First, and most obviously, is property damage to a building. Other types of coverage that may be included are coverage for permanently installed fixtures, machinery and equipment, as well as equipment used to maintain the premises; business personal property and personal property of others in your care, custody or control; personal effects and personal property of employees on the premises; salesperson’s samples; signs; outdoor landscaping; tools and equipment, including communication devices; money you are unable to collect due to the loss of accounts receivable records, and electronic data processing equipment, including telephone systems and software.

Some policies may include coverage for losses caused by off-premises power or water failure; spoilage caused to perishable stock; pollution cleanup and removal; debris removal; preservation of property; and loss of leasehold interest. Various policy endorsements may also exist which are specific to your particular type of business and which may cover other losses. Furthermore, business automobile coverage may provide property coverage for your business vehicles. If you are unsure about what your company’s policies may cover and how best to document a claim, it is important to contact your attorney to answer these questions.

Business interruption coverage is also an important coverage contained in most commercial policies. This coverage may reimburse your business for lost income and for payroll expenses incurred during an interruption in business. It may also pay necessary extra expenses incurred in maintaining the business or re-opening the business in some capacity. There may also be business interruption coverage under the “civil authority” provisions of a policy. This coverage may exist, depending upon the wording of the policy, for losses incurred due to an inability to access your premises due to a governmental order. Some policies may also have specific provisions or endorsements providing coverage for business income losses caused by losing utilities, including water, power, or communications.

Business interruption losses are usually complex and sufficient documentation is critical to assist in having your claim processed. In an effort to do so, you should work with your accountant and the following documents should be gathered:

  • profit and loss statements and other financial statements for the last 2 years;
  • documentation showing monthly net income data for the year to date;
  • copies of contracts that are currently in place and being impacted;
  • payroll expense records;
  • invoices and receipts showing extra expenses incurred in re-opening the business or keeping it open; and
  • any other documents peculiar to your business which will help document the actual loss of business income resulting from Gustav.

It must be kept in mind that insurance proceeds for a business interruption claim may be subject to federal and state income tax. In addition, due to the uncertainty of coverage, business decisions should not be made with the expectation that all loss of business income during this time will be fully recovered through insurance. The survival of your business and the ability to thrive, and not business interruption insurance coverage, should be foremost in your decision making process.

Insurance and Hurricane Business Losses

If your business has suffered losses as a result of Isaac, it is important to immediately contact your insurance agent or your insurance company and make a claim. Once a claim is made, a claim number is assigned and an adjuster can begin to process the claim. Begin gathering documents in support of your claim and provide copies to your adjuster. Following an event such as this, adjusters are dealing with many claims and are interested in issuing checks to close out documented insured claims. The more documentation you can provide in support of a claim, the easier it will be to get paid.

There are various types of coverage available under most commercial property policies. First, and most obviously, is property damage to a building. Other types of coverage that may be included are coverage for permanently installed fixtures, machinery and equipment, as well as equipment used to maintain the premises; business personal property and personal property of others in your care, custody or control; personal effects and personal property of employees on the premises; salesperson’s samples; signs; outdoor landscaping; tools and equipment, including communication devices; money you are unable to collect due to the loss of accounts receivable records, and electronic data processing equipment, including telephone systems and software.

Some policies may include coverage for losses caused by off-premises power or water failure; spoilage caused to perishable stock; pollution cleanup and removal; debris removal; preservation of property; and loss of leasehold interest. Various policy endorsements may also exist which are specific to your particular type of business and which may cover other losses. Furthermore, business automobile coverage may provide property coverage for your business vehicles. If you are unsure about what your company’s policies may cover and how best to document a claim, it is important to contact your attorney to answer these questions.

Business interruption coverage is also an important coverage contained in most commercial policies. This coverage may reimburse your business for lost income and for payroll expenses incurred during an interruption in business. It may also pay necessary extra expenses incurred in maintaining the business or re-opening the business in some capacity. There may also be business interruption coverage under the “civil authority” provisions of a policy. This coverage may exist, depending upon the wording of the policy, for losses incurred due to an inability to access your premises due to a governmental order. Some policies may also have specific provisions or endorsements providing coverage for business income losses caused by losing utilities, including water, power, or communications.

Business interruption losses are usually complex and sufficient documentation is critical to assist in having your claim processed. In an effort to do so, you should work with your accountant and the following documents should be gathered:

  • profit and loss statements and other financial statements for the last 2 years;
  • documentation showing monthly net income data for the year to date;
  • copies of contracts that are currently in place and being impacted;
  • payroll expense records;
  • invoices and receipts showing extra expenses incurred in re-opening the business or keeping it open; and
  • any other documents peculiar to your business which will help document the actual loss of business income resulting from Gustav.

It must be kept in mind that insurance proceeds for a business interruption claim may be subject to federal and state income tax. In addition, due to the uncertainty of coverage, business decisions should not be made with the expectation that all loss of business income during this time will be fully recovered through insurance. The survival of your business and the ability to thrive, and not business interruption insurance coverage, should be foremost in your decision making process.

Insurance and Hurricane Business Losses

If your business has suffered losses as a result of Isaac, it is important to immediately contact your insurance agent or your insurance company and make a claim. Once a claim is made, a claim number is assigned and an adjuster can begin to process the claim. Begin gathering documents in support of your claim and provide copies to your adjuster. Following an event such as this, adjusters are dealing with many claims and are interested in issuing checks to close out documented insured claims. The more documentation you can provide in support of a claim, the easier it will be to get paid.

There are various types of coverage available under most commercial property policies. First, and most obviously, is property damage to a building. Other types of coverage that may be included are coverage for permanently installed fixtures, machinery and equipment, as well as equipment used to maintain the premises; business personal property and personal property of others in your care, custody or control; personal effects and personal property of employees on the premises; salesperson’s samples; signs; outdoor landscaping; tools and equipment, including communication devices; money you are unable to collect due to the loss of accounts receivable records, and electronic data processing equipment, including telephone systems and software.

Some policies may include coverage for losses caused by off-premises power or water failure; spoilage caused to perishable stock; pollution cleanup and removal; debris removal; preservation of property; and loss of leasehold interest. Various policy endorsements may also exist which are specific to your particular type of business and which may cover other losses. Furthermore, business automobile coverage may provide property coverage for your business vehicles. If you are unsure about what your company’s policies may cover and how best to document a claim, it is important to contact your attorney to answer these questions.

Business interruption coverage is also an important coverage contained in most commercial policies. This coverage may reimburse your business for lost income and for payroll expenses incurred during an interruption in business. It may also pay necessary extra expenses incurred in maintaining the business or re-opening the business in some capacity. There may also be business interruption coverage under the “civil authority” provisions of a policy. This coverage may exist, depending upon the wording of the policy, for losses incurred due to an inability to access your premises due to a governmental order. Some policies may also have specific provisions or endorsements providing coverage for business income losses caused by losing utilities, including water, power, or communications.

Business interruption losses are usually complex and sufficient documentation is critical to assist in having your claim processed. In an effort to do so, you should work with your accountant and the following documents should be gathered:

  • profit and loss statements and other financial statements for the last 2 years;
  • documentation showing monthly net income data for the year to date;
  • copies of contracts that are currently in place and being impacted;
  • payroll expense records;
  • invoices and receipts showing extra expenses incurred in re-opening the business or keeping it open; and
  • any other documents peculiar to your business which will help document the actual loss of business income resulting from Gustav.

It must be kept in mind that insurance proceeds for a business interruption claim may be subject to federal and state income tax. In addition, due to the uncertainty of coverage, business decisions should not be made with the expectation that all loss of business income during this time will be fully recovered through insurance. The survival of your business and the ability to thrive, and not business interruption insurance coverage, should be foremost in your decision making process.

Insurance and Hurricane Business Losses

If your business has suffered losses as a result of Isaac, it is important to immediately contact your insurance agent or your insurance company and make a claim. Once a claim is made, a claim number is assigned and an adjuster can begin to process the claim. Begin gathering documents in support of your claim and provide copies to your adjuster. Following an event such as this, adjusters are dealing with many claims and are interested in issuing checks to close out documented insured claims. The more documentation you can provide in support of a claim, the easier it will be to get paid.

There are various types of coverage available under most commercial property policies. First, and most obviously, is property damage to a building. Other types of coverage that may be included are coverage for permanently installed fixtures, machinery and equipment, as well as equipment used to maintain the premises; business personal property and personal property of others in your care, custody or control; personal effects and personal property of employees on the premises; salesperson’s samples; signs; outdoor landscaping; tools and equipment, including communication devices; money you are unable to collect due to the loss of accounts receivable records, and electronic data processing equipment, including telephone systems and software.

Some policies may include coverage for losses caused by off-premises power or water failure; spoilage caused to perishable stock; pollution cleanup and removal; debris removal; preservation of property; and loss of leasehold interest. Various policy endorsements may also exist which are specific to your particular type of business and which may cover other losses. Furthermore, business automobile coverage may provide property coverage for your business vehicles. If you are unsure about what your company’s policies may cover and how best to document a claim, it is important to contact your attorney to answer these questions.

Business interruption coverage is also an important coverage contained in most commercial policies. This coverage may reimburse your business for lost income and for payroll expenses incurred during an interruption in business. It may also pay necessary extra expenses incurred in maintaining the business or re-opening the business in some capacity. There may also be business interruption coverage under the “civil authority” provisions of a policy. This coverage may exist, depending upon the wording of the policy, for losses incurred due to an inability to access your premises due to a governmental order. Some policies may also have specific provisions or endorsements providing coverage for business income losses caused by losing utilities, including water, power, or communications.

Business interruption losses are usually complex and sufficient documentation is critical to assist in having your claim processed. In an effort to do so, you should work with your accountant and the following documents should be gathered:

  • profit and loss statements and other financial statements for the last 2 years;
  • documentation showing monthly net income data for the year to date;
  • copies of contracts that are currently in place and being impacted;
  • payroll expense records;
  • invoices and receipts showing extra expenses incurred in re-opening the business or keeping it open; and
  • any other documents peculiar to your business which will help document the actual loss of business income resulting from Gustav.

It must be kept in mind that insurance proceeds for a business interruption claim may be subject to federal and state income tax. In addition, due to the uncertainty of coverage, business decisions should not be made with the expectation that all loss of business income during this time will be fully recovered through insurance. The survival of your business and the ability to thrive, and not business interruption insurance coverage, should be foremost in your decision making process.

Insurance and Hurricane Business Losses

If your business has suffered losses as a result of Isaac, it is important to immediately contact your insurance agent or your insurance company and make a claim. Once a claim is made, a claim number is assigned and an adjuster can begin to process the claim. Begin gathering documents in support of your claim and provide copies to your adjuster. Following an event such as this, adjusters are dealing with many claims and are interested in issuing checks to close out documented insured claims. The more documentation you can provide in support of a claim, the easier it will be to get paid.

There are various types of coverage available under most commercial property policies. First, and most obviously, is property damage to a building. Other types of coverage that may be included are coverage for permanently installed fixtures, machinery and equipment, as well as equipment used to maintain the premises; business personal property and personal property of others in your care, custody or control; personal effects and personal property of employees on the premises; salesperson’s samples; signs; outdoor landscaping; tools and equipment, including communication devices; money you are unable to collect due to the loss of accounts receivable records, and electronic data processing equipment, including telephone systems and software.

Some policies may include coverage for losses caused by off-premises power or water failure; spoilage caused to perishable stock; pollution cleanup and removal; debris removal; preservation of property; and loss of leasehold interest. Various policy endorsements may also exist which are specific to your particular type of business and which may cover other losses. Furthermore, business automobile coverage may provide property coverage for your business vehicles. If you are unsure about what your company’s policies may cover and how best to document a claim, it is important to contact your attorney to answer these questions.

Business interruption coverage is also an important coverage contained in most commercial policies. This coverage may reimburse your business for lost income and for payroll expenses incurred during an interruption in business. It may also pay necessary extra expenses incurred in maintaining the business or re-opening the business in some capacity. There may also be business interruption coverage under the “civil authority” provisions of a policy. This coverage may exist, depending upon the wording of the policy, for losses incurred due to an inability to access your premises due to a governmental order. Some policies may also have specific provisions or endorsements providing coverage for business income losses caused by losing utilities, including water, power, or communications.

Business interruption losses are usually complex and sufficient documentation is critical to assist in having your claim processed. In an effort to do so, you should work with your accountant and the following documents should be gathered:

  • profit and loss statements and other financial statements for the last 2 years;
  • documentation showing monthly net income data for the year to date;
  • copies of contracts that are currently in place and being impacted;
  • payroll expense records;
  • invoices and receipts showing extra expenses incurred in re-opening the business or keeping it open; and
  • any other documents peculiar to your business which will help document the actual loss of business income resulting from Gustav.

It must be kept in mind that insurance proceeds for a business interruption claim may be subject to federal and state income tax. In addition, due to the uncertainty of coverage, business decisions should not be made with the expectation that all loss of business income during this time will be fully recovered through insurance. The survival of your business and the ability to thrive, and not business interruption insurance coverage, should be foremost in your decision making process.