Palm Beach Gardens Business Interruption Claims Adjuster

Florida businesses play a vital role in the livelihood and unity of the local communities. Commercial operations can obtain various types of business insurance, including protections for interruptions.

When operations come to a halt, the financial implications can be worrisome for the property owner and, in turn, employees and patrons. Filing a business interruption claim in Palm Beach, Florida, can offset the expenses related to a temporary pause in a commercial facility’s functioning ability.

Pinnacle Claim Services is a trusted Florida adjusting firm that has years of history serving commercial property owners like yourself — so you can get back to serving your community. Our goal is to prevent policyholders from paying out of pocket for expenses that should be covered by their insurance.

When it feels like insurance representatives take advantage of your time and money, a public adjuster can be your ally.

Your public adjuster will take the timely and monotonous tasks of claim management off of your hands so you can focus on other areas of business that may need your attention during a delay in the facility’s operations. Live claim experts are standing by 24/7 to help commercial property owners schedule an initial consultation with an experienced public adjuster.

To talk with a Palm Beach Gardens business interruption claim adjuster from Pinnacle Claim Services, call 954-466-2954 or contact us online today.

How Can Palm Beach Gardens Business Interruption Claims Adjuster Services Maximize the Benefits Of Your Coverage?

A public adjuster is a licensed professional tasked with representing the policyholder’s interests throughout the course of their business interruption claim. This kind of professional is the only type of Florida adjuster that is licensed to represent claimants during their financial recovery.

The services of a Palm Beach business interruption claims adjuster can be valuable for a Florida business owner who is experiencing an expensive and consuming interruption to their commercial property. Working with a business interruption claim adjuster can help a claimant safeguard the process of their business’s financial recovery after interruption.

Your public adjuster can help you with critical steps of your claim, such as:

• Establishing the cause of business interruption with the insurer: The specific reason for a halt in operations is extremely important to the outcome of a claim. Some causes of business interruption will not be covered under the protections of the policy, which could leave a property owner paying for damages and other financial losses out of pocket. Your public adjuster will review the technicalities of your business interruption and compare that with the covered scenarios in your policy, helping you to tap into every applicable ounce of coverage.
• Calculating expenses related to the loss, including projected expenses: Once the cause of the interruption is determined, the insurance representative hired to settle your claim will need proof of all losses that the business has faced due to the facility’s inability to operate. An adjuster will put together a comprehensive list of the current losses that burden the property owner, along with covered projected expenses that will be necessary for reopening.
• Reviewing your policy and current business interruption claim: Every insurance policy will slightly differ. Your specific policy documents may contain small but impactful clauses that are easy to overlook when scanning coverage for benefits. Your public adjuster knows what to search for when deep-diving into the contents of an insurance policy, and they will seek to extract every worthwhile benefit.
• Proving responsible mitigation attempts: When an interruption is caused by damage to a building, an insurance representative will want to see that a property owner takes great interest in the integrity of the building’s structure. This doesn’t mean attempting to repair all damage first before filing a claim and hiring a professional team; but instead, insurers encourage property owners to do their best to prevent the damage from worsening. For example, if a property is facing water damage, the owner could rent an industrial fan to dry the space before any structural components of the building are damaged.

What Is Covered in Business Interruption Insurance?

Not every business interruption policy will have the same coverages, but in most standard policies, a claimant may see coverage for:

• Fixed costs such as employee wages, loan repayments, and rent/lease payments
• Losses caused by damage or events that prevent access to the place of business
• Lost revenues stemming from the halt in business operations
• Relocation costs (temporary or permanent)
• Vendor or contract payments

What Is Business Interruption Insurance?

A business interruption commercial (BI) policy is a type of insurance that compensates a business for income lost as a result of a temporary closure, halt of business operations, or decrease in the capacity of service.

This type of insurance may be intertwined with another aspect of your general commercial property insurance, too. It is essential that a property owner be aware of the scope of their BI coverage, any exclusions to their coverage, and the maximum indemnity period.

In 2021 alone, a record-breaking 5.4 million new business applications were filed, making the recent years an important period for commercial insurance. 2022 also saw over 5 million new business applications, and these numbers come at a steady increase from pre-pandemic years.

More specifically, the state of Florida has seen a 73% increase in new business applications just between 2022 and 2023 alone. The surge in new local businesses, however, does not reduce the risk of business interruption, and property owners should safeguard their commercial lots with additional coverage for any unforeseen circumstances.

Many businesses were affected greatly by pandemic closures in 2020, for example, so the best way to handle the unpredictable is to have the needed insurance — as well as your own professional representing you during a claim.

What to Consider When Finding a Business Interruption Insurance Policy

An insurance policy can be highly customizable, and it is crucial that a business owner is thoroughly familiar with what their coverage extends to. While some benefits are standard and extend to most policies across different insurers, there are many specific types of business interruption coverage that have specific benefits that are only applicable in some situations.

In recent years, business closures have only become more common. Covid-19 created an increase in these losses, with roughly 700,000 closures around 2020. 

Every insurance company will have slightly different applicable benefits in a business interruption policy, but some important factors to assess when  considering an insurer are coverage for:

• Loss of use/ability to rent: In a situation where a business must close its doors temporarily, having loss of use insurance coverage can protect from out-of-pocket expenses related to lost revenue. Some policies will have more or fewer protections for rented spaces or storefronts, so be sure to assess what kind of lost revenue your commercial business interruption policy will cover.
• Extended losses: This coverage area refers to expenses and other losses that a property owner may face even after the facility reopens. It acknowledges the fact that the reopening of a business after a temporary closure will mean slower sales than operations before the interrupting event, and it also protects the financial impact that reopening may have on the business.
• Continuing expenses: Every business interruption policy will be written differently, but this coverage generally protects property owners from loss of revenue. This is not the only type of expense that can be a financial burden to a property owner. Payroll, vendor payments, and the monthly lease can all be high expenses unrelated to loss of revenue. Generally, this type of coverage will protect the facility until it can support itself or may offer a specific grace period of coverage for said expenses.
• Extra expenses: This type of coverage can refer to any other outside expenses related to supporting a commercial property, such as the cost to temporarily or even permanently relocate, store inventory, and rehire staff as necessary.

What Events Are Generally Covered by a Business Interruption Insurance Policy?

A business interruption claim will usually include damage to the business’s property, but the following list includes covered events:

• Closures mandated by government ordinances
• Fire and smoke damage
• Hail storms
• High winds
• Hurricanes
• Other weather damages or natural disasters
• Pandemics, viruses, or other easily transmissible diseases
• Closures due to repairs or other events rendering the location inaccessible
• Severe storms, torrential rainfall
• Tornadoes
• Construction by a third party blocking access to the business

The Florida Department of Financial Services also advises that business owners check their business interruption policy for coverage regarding:

• Closures due to loss of gas, water, or electricity
• Earthquakes
• Floods
• Glass or other fragile materials breaking
• Revenue unable to be collected due to business interruption 
• Undocumented income

Palm Beach Gardens Business Interruption Insurance Claims Adjusters Can Help Keep You Afloat

Filing a business interruption claim is generally the est way of recovering from losses stemming from halted operations. Filing a claim may be daunting for some, but not having insurance altogether could be even scarier.

Thankfully, a public adjuster can be at your side to help you recover as much as possible and then get back on your feet.

Pinnacle Claim Services has associates standing by to help you schedule an initial consultation with an experienced Palm Beach Gardens business interruption claim adjuster. The live claim experts from Pinnacle are a call away 24 hours a day. To meet with a public adjuster about your commercial property claim, call 954-466-2954 or contact us online.