Tuesday, October 12, 2010

Business Interruption Claims – Get Help From An Insurance Loss Assessor

If your place of business or the stock contained therein are damaged or destroyed by a catastrophic event like fire or flood it is going to have an incredible knock on effect on the running of your business. You may not have any stock to sell or anywhere to trade from – not only will this time be emotionally draining but you may lose your livelihood in the process. You can lose a lot of money (loss of profit) following a major disaster like this and while you may have had decent insurance cover you may be surprised to know that this may not cover you sufficiently.

You would assume that the cover you take will ensure that you have enough financial compensation to cover your losses (both physical and lost profit) but you must remember that the insurance company is a business in its own right, making money is top priority for them as well. Your insurance company will appoint a loss adjuster to your case and it will be their job to investigate the claim thoroughly and ensure that you have no liability in the case. They will interview you, your colleagues, the police, fire department and potential witnesses in order for the insurance company to pay out as little as possible. If you factor into this the fact that insurance company will expect you to deal with your side of the claim yourself and you will begin to see how the balance of success seems to edge towards the insurance company.

So how do you combat this issue?

You employ the specialist knowledge and expertise of an insurance loss assessor. Often insurance loss assessors and loss adjusters are mentioned in the same breath – leading to the common misconception that they are one and the same. Knowing the difference could be the saving grace for your company in relation to ant business interruption insurance claims they have to make.

An insurance loss assessor will be employed by your company and will represent your company in their fire insurance claim, flood insurance claim or any other business interruption insurance claim. They will carry out similar investigations to the loss adjuster and will work towards getting you the appropriate financial settlement in your claim. The insurance loss assessor will deal with all the paperwork surrounding the claim, negotiate on your behalf with the insurance company and even, in some cases, sort out the relevant contractors for getting your business premises back up and working.

When you have invested time and money into building your business up its worth investing a little to ensure its survival following a disaster.


  1. Hi Kevin Parker,

    Yes you are right, catastrophic events are unpredictable they can occur any point of time. Many of us suffered it many time in this situation insurance companies play important role for policy holders. Loss assessor help to recover all claim’s amount that claimants deserves.

  2. Loss assessor can be a big assesst at such time as disaster does not seek's any one's permission. The work of a loss assessor is justified when the insurer gat maximum benefit from yje insurance company.