Loss of business income is considered a defined period of time when the normal flow of income is interrupted for any reason. Loss of business income can be detrimental to the business because during this time period, in a business does not have reserve funds, employees cannot get paid, bills will be neglected and the business can fall apart. In order to ensure that a business is covered in the case of such an emergency, it is important for business owners to seek out loss of business income insurance.
When can I collect my loss of earnings insurance
In general, coverage for loss of business income in Florida begins at the time the business must close. This can be caused by any destructive event that prevents normal operation, such as a fire, flood or storm. However, the fact that the coverage begins at that precise moment does not mean that the payment will begin immediately.
To get to the time of payment, it is necessary to go through a series of subsequent steps. First of all, the loss must be reported to the insurance for the procedure to take effect. Then comes the most complicated part: obtaining an accurate assessment of the possible income that the business would have had if that accident had not occurred. Calculating business income loss in Florida requires reviewing the past, but also looking to the future. Trading history can be a good starting point for the calculation, but it is not the only thing that matters. Plans, projects and estimates for the future can substantially modify the expected income.
It is important to mention that the evaluation process can take some time. Mainly, it is a negotiation between the insurance company and the insured. While the company seeks to pay as little as possible, the insured wants the full value that their business could have acquired to be recognized. In short, this negotiation can be delayed if the parties do not agree, and that is where having good representation by the public adjuster is crucial.
Once the amount is settled, collection for lost business income in Florida is much faster. Professionals can help you get the best deal, in the shortest possible time, to start collecting as soon as possible. But you also need to keep in mind that the claim may be denied by the insurance company.
Reasons the insurer might deny
Insurance companies seek to obtain the best profitability, like any other company. Therefore, they will try to minimize expenses and reduce payments as much as possible. In some cases, this may mean denying a claim based on technical issues or clauses in the insurance policy. In order to collect a loss of business income in Florida, it may be necessary to face the initial denial of the insurer.
A very common mistake is to believe that the insurance will cover any loss of income due to the closure of the business premises. This is not usually the case with most Florida business loss of income policies. In general, these insurances only cover the lack of income during the period of time that the repair lasts after the incident. Any other subsequent interruption, or that is not caused by an incident within the policy, will not be taken into account when accepting the claim.
In addition to this common error, there may be many other technicalities that prevent the company from paying. A simple mix-up at the time of filing can result in the claim being denied or taking much longer to amend. Therefore, it is important to have advice when making the claim, to avoid inconveniences and unnecessary delays.
Finally, a claim for loss of business income in Florida can be denied simply because it is not covered under the insurance policy. Reading this document carefully can be very useful, and it is convenient to do it before an unforeseen event occurs to avoid a headache. In many cases, policies can be somewhat confusing and contain very technical language, so having professional advice can be extremely useful.
Advantages of working with a Florida Public Lost Earnings Adjuster
As we can see, it is not at all easy to pursue a claim for loss of business income in Florida. In fact, within the professional world it is considered one of the most difficult claims to collect. For this reason, it is practically a necessity for any client in this situation to have an experienced public adjuster such as Alconero & Associates. Professionals are in a much more advantageous position when filing a claim for multiple reasons.
First of all, experienced public adjusters have already been through this same situation countless times. This means that they know all the possible secrets and strategies to reach a good result. In principle, they will be able to interpret the policy correctly to recognize if the case applies or not to be claimed.This may seem like a simple issue, but many times it is not due to the complexity of the technical language of insurers.
Another important point is the assessment of the amount for loss of business income in Florida. As we saw earlier, companies will try to minimize that calculation to pay the least amount of money possible. Professional public adjusters can be more detailed about each income that needs to be claimed, and arrive at a much more favorable estimate for the client. You may even know worthwhile values that you didn’t even think to consider. Added to this, public adjusters also have the knowledge to file the paperwork correctly and quickly. This can greatly speed up the payment process and prevent costly errors.
Ultimately, a public adjuster is an ally for the client in their claim. It is the person who will be by his side throughout the process, defending his interests against those of the insurer. In a case of loss of business income in Florida, which is often difficult to prove, nothing better than having the help of an experienced professional. If it is about Alconero & Associates you can rest assured that you will receive the best advice to achieve the best deal possible and in the shortest time.