You submit a claim, you get a number back. That’s your settlement offer, but do you know what it took to get that number? Putting value on business interruption costs is complicated. And when the cause is water damage, things get even deeper. This guide will help you gain a better understanding of how insurers calculate business interruptions due to water damage, so you can know if you’re getting a fair settlement offer for your damage claim. Insurers hire their forensic accountants to calculate your loss of income. Bring in your own experts to perform those complicated tasks from your perspective, meeting the insurer with the same level of expertise.
Reach out to Altieri Insurance Consultants Fort Lauderdale today for a team of public adjusters who will make sure you get what you are owed for your business! We’re the partner property owners rely on for commercial property insurance.
Learn more > Understanding Business & Commercial Property Insurance Claims: 4 Key Details
| How does a Fort Lauderdale business get water damage? Roof leaks, HVAC malfunctions, burst pipes, and appliance leaks, just to name a few. |
The Basic Formula For Calculating Lost Income
To properly calculate an accurate estimate for loss of income during business interruptions in Fort Lauderdale, you need to take a step back and look at the big picture. Your business has a history of income flow and monthly expenses. That’s a good place to start, but industry market trends are also crucial for predicting potential costs.
Insurance companies use these two critical factors to estimate your business’s predicted net income for the time it was down for water damage recovery and repairs.
Of course, there are plenty more influencing variables to consider. Your trusted public adjusters near you know every factor to look for and every corner to check.
Variable Expenses In Construction
You know you need compensation for the cost of repairs. Have you thought about what that looks like for your business, and how water damage makes a difference in that? All of this is calculated alongside business interruption for a complete commercial damage claim in Fort Lauderdale.
Here’s what makes up your expenses for repairs:
- Physical labor
- Building materials
- Rental equipment
- Shipment costs
- On-site utilities
- Disposal fees
Water damage repairs are very demanding, so you can expect higher costs for replacement materials and increased labor.
Extra Expenses In Maintaining Business
When you can’t bring yourself to stay put and wait around for water damage repairs, you might be tempted to continue business however you can in the meantime. Any rent you pay for a temporary business location, as well as any of the usual operational expenses, can be included in your business interruption claim in Fort Lauderdale.
The Price of Downtime
Last but not least, any loss of income during downtime for your Fort Lauderdale business is calculated in your final estimate. This duration starts from the time of the water damage incident to the date of your commercial property’s complete restoration.
Learn more about how we handle business interruption claims at Altieri Insurance Consultants!
| Did you know? Public adjusters can help you out during a commercial claim denial, too! Read our guide on “How To Handle A Denied Business Interruption Claim After A Natural Disaster.” |
Make Strides to Save Your Business. Contact Altieri Insurance Consultants Fort Lauderdale Today!
Altieri Insurance Consultants Fort Lauderdale handles everything from commercial property insurance to water damage claims and more. Contact us today at (813) 247-4757 to schedule a meeting and to receive a fair evaluation of your business’s water damage and loss of income!
