It is a common misconception that dealing with a Business Interruption claim involves only a pure accounting exercise. Nothing could be further from the truth.

Dealing with a Business Interruption claim requires a multitude of skills. As well as a grasp of accountancy procedures, your Assessor will need to understand how your business operates, and apply that model to the policy wording to your advantage.

There are clauses within the insurance policy which could support your attempts to regain your trading position, for example the cost of additional advertising, offering discounts to customers, overtime, fast tracking building repairs or the purchase of new machinery, etc. We have practical experience in all these situations following a major incident.

It should always be remembered that an Assessor’s role in the Buildings, Contents and Stock claims is only establishing their value. The damage has been done. With Business Interruption, however, the clock is only just starting to tick, and the decisions taken immediately following a loss will reverberate through your business for some considerable time. It is important you take the right decisions not only from a practical point of view, but also bearing in mind the policy cover.