Category: Insurance

Business Interruption

23rd April 2020 Insurance 0
Help with business interruption claims due to coronavirus

Business Interruption Claims Help & Civid-19

Business interruption or BI claims cover your business for short term financial loss. This results from an interruption to a business’ operations. This may be a result of damage to the premise or equipment.

The cover is also extending to include prevention of access to the premise. In recent months this includes the government enforced lockdown due to COVID-19. The government has asked all non-essential businesses must close.

According to not all business interruption insurance policies are are covered for COVID-19 (Coronavirus).

BI Claims Calculations

The intention of business interruption claims is to put you in the same financial position that you were in beforehand. BI insurance covers four aspects:

  • Loss of gross profit
  • Additional expenses incurred during this period
  • Savings in expenses
  • Claim preparations costs (for example accountant’s costs)

How your insurer will calculate your BI claim will depend on the wording of your policy. Also, the records and account you have which are based on your company.

There are somethings that can stop you making a BI claim. For example:

  • Incomplete records
  • Seasonal trends
  • Looking at the level of sales during this period

What Is The Indemnity Period?

An indemnity period is the period of insurance protection. This commences from the date that the event occurred and normally ends when your business is fully functionally again. Alternatively, when the indemnity period expires. For instance, your indemnity period is defined in your BI policy.

Does Business Interruption Insurance Cover COVID-19?

Business Interruption Claim Help Covid-19Normally BI insurance is designed to cover standard risks. Unfortunately, this means that you’re unlikely to have cover for a global pandemic such as COVID-19. Therefore, your insurance company has no requirements to pay out claims.

This includes closures from the authorities. Many policies have a add on option that enables your policy to cover infection or notifiable diseases. This is not the normal added standard.

Who Can Help?

With many companies offering help currently with business interruption claims it is hard to know who to trust. With a team of experienced chartered accountants, in-house legal team and Loss adjusters specialising in BI claims, Public Loss Adjusters are experts in handling BI claims. For a small fee Public Loss Adjusters can help deal with the stress of making an insurance claim can create.

For more information on how Public Loss Adjusters can help you today please visit or call 08000 487 606…