Business Damage: Professional claim assistance

Physical damage, loss or destruction to a building and its contents caused by fire, flood, storm, theft or any other Insured peril is often self-evident. However, damage to the premises and its contents such as stock, machinery or plant can also adversely affect business operations. As a result of physical damage it is common for a business to suffer a total or partial closure or interruption in trading, and incur a consequential loss of turnover and profit.

The extent of these consequential losses of profit depends on circumstance but can often be far greater than the material loss itself, and may even put the entire future of a business in peril. Quick, appropriate, and often creative responses are needed in these emergency situations when trading is curtailed, to allow business to continue operating and mitigate any further loss. For all these reasons when a business has suffered from insured damage to property and a likely interruption in trading, it is essential that a Premier Property Claims is appointed by the policyholder to provide expert help, guidance, and management of the loss of profits claim.

Many comprehensive business insurance policies extend to cover business interruption, loss of gross profits, and increased costs of working but there are certain provisos to be met. In addition, as always, the onus is on the policyholder to prove a valid claim and to substantiate the value of the claim. Insurance claims involving business interruption require expert knowledge and experience to ensure the claim adequately and accurately represents the loss.

Immediately following the damage or loss Premier Property Claims can assist with the arrangement of emergency repairs to make the building safe and watertight and to ensure that mains services are safely terminated or resumed. Premier Property Claims extends to its clients its wealth of knowledge in these fields and will discuss with you ways to maintain business turnover wherever possible and appropriate.

Following a detailed review of business financial records Premier Property Claims will assist all its clients by preparing a schedule of the financial loss. We act as your dedicated Advisor and help by dealing with and negotiating settlement of the claim with insurers or their loss adjusters on your behalf and providing management of the claim through to completion.
Your insurance company is likely to appoint a Loss Adjuster or claims handler to deal with your claim but this is to protect their own interests. These representatives operate under heavy workloads and your claim may not be given the focus it deserves. Adjusters and Insurance Claims Inspectors do not prepare your claim, they adjust the claim you submit. Other expenses may be recoverable of which you are unaware. If you prematurely agree a claim with insurers it may be too late for them to subsequently reconsider additional items.

Insurance policy wordings can be difficult for a policyholder to understand. An insurer or their representative have the advantage and will often attempt to construe the wording in their favour. Premier Property Claims understand policy wordings and have the expert knowledge and subsidence claims handling experience to redress the balance and ensure that the policyholders claim is given the fullest and fairest consideration by insurers that it deserves.

It is therefore essential that you are suitably (FCA Regulated ) represented by your own professional Loss Assessor as soon as drainage issues become evident / discovered to ensure the claim is properly and accurately presented and you receive the maximum benefit under the policy