Business Interruption Coverage After a Property Damage Insurance Loss

You invest your time, money, and resources to keep your business up and running. Despite your hard work and dedication, a single mishap or natural disaster could force you to close your doors forever. A comprehensive insurance program with property, liability and business interruption coverages is the best way to avoid post-disaster outcomes. You probably know the basics of property and liability insurance, but do you understand what’s really covered by your Business Interruption Coverage?

`When you must present a property damage claim to your insurance carrier, you begin the claim process with optimism. The adjuster meets you at the site, hands over a business card and offers consolation. The adjuster inspects your damage, gets your statement, and explains what is needed from you to handle your claim.

As a professional in the industry, Miller Public Adjusters has seen the impact of natural disasters to businesses and consumers alike. While it’s been quite some time since we’ve seen a catastrophic event in our area, we all need to be aware of the consequences damaging spring storms in our area can have. From Property Casualty 360: Nationwide commissioned Harris Poll to conduct their second annual survey in June 2015 among 500 U.S. small-business owners who have fewer than 300 employees and at least a moderate role in employee benefit selection.

When your home is seriously damaged, it's difficult to navigate the claim process alone. Insurance claims adjusters don't tell you everything you need to know. They push you to settle quickly. When they should be making certain you have the funds to properly restore your home, an insurance adjuster often focuses on keeping the claim payout low. These small complications can become big disputes. Hiring a public adjuster is a prudent way keep the claim disputes process flowing smoothly before it spins out of control.

As with most self-sufficient adults, you might not consider hiring a public adjuster to manage your property damage claim. You might not even know what a public adjuster does. But when you are trying to recover from a catastrophic loss, it’s a good time to find out. PAs handle complex claim and coverage details. They work hard to maximize your settlement. Most importantly, a PA works for you to make your life easier.

Hiring a public adjuster to handle your property damage claim makes a difficult time much less stressful and has a direct impact on how much you ultimately collect from your insurer. The claims adjusters who work for your insurer are highly-trained professionals who determine how much your covered loss is worth. Keep in mind, though, that they make their determination from the insurance company’s perspective. A public adjuster represents your interests and has one objective: to obtain the best settlement possible for you.

The old wisdom, "Good things come to those who wait" doesn’t necessarily apply when you’re ready to settle your property damage claim. When your repairs are near completion and contractors are waiting for their money, it’s just not a good idea to wait for the insurance company adjuster to call. You've lived through a catastrophe. You've been patient while your home was being restored. You've worked through a complicated claim process. You deserve to know where you stand for an offer on your claim.

Licensed and bonded public adjusters are regulated by their state’s rules and policies, and work only for the public, such as homeowners like you. They have no ties to any insurance company and as an expert in the insurance field, are employed directly by you. Their sole interest is in getting you the maximum settlement possible on your loss claim. If mistakes have been made on your insurance claim, or your insurance company refuses to settle your claim for what you feel you are entitled to, hiring an expert such as a public adjuster can be your best option.

When your home is damaged by fire, windstorm, or some other insured peril, you must work through your Homeowners insurance company’s claims process to get the money you need for repairs. Whether your damage is minor or extensive, both you and your insurance company must navigate through a maze of policy procedures, guidelines, and rules; but there is one major difference. Insurance companies have highly trained property adjusters to handle claims and protect their interests. They realize that it's crucial to have an expert to represent them, yet no insurance company spokesperson is likely to suggest that you hire an expert of your own. No one will explain that hiring a public adjuster will get you a better settlement.

Insurance claims are complicated. Understanding the process may be even more frustrating. Following are answers to frequently asked questions regarding the role of a public adjuster after filing an insurance claim in Illinois.