BUSINESS INTERRUPTION CLAIMS

Has your business been hit by financial loss caused by a third party or something out of your control? We can help you navigate a business interruption claim.

How Forensic Accounting Helps with Business Interruption Loss Calculation

Forensic accountants will act on behalf of claimants, loss-adjustors, or insurers to perform a robust investigation into your case to determine its validity, and, crucially, quantify the amount of damages incurred. The processes involved in an investigation will use a variety of complex accounting techniques to calculate losses and devise an action plan.

Who Forensic Accountants Help with Business Interruption Claims

Forensic accountants can be instructed by all parties involved in business interruption claims. Their technical and data analysis expertise is often crucial to achieving a satisfactory result.

A specialist forensic accountant will be able to assist from start to finish, ensuring that everything is taken care of in terms of investigation and evaluation. Since business interruption claims require a comprehensive understanding of the numbers, parties look to forensic accountants to cover this essential skill.

Need Our Assistance?

If you require specialist guidance with your business interruption claim, get in touch with our team today.

Types of Business Interruption Claims

Types of business interruption come in many different forms. From a long-term loss of connectivity to natural disasters — and everything in between — the impact of these events can be catastrophic to a firm’s bottom line. This is why business interruption insurance is so crucial.

Common types of business interruption include:

  • Fire damage
  • Flooding
  • Natural disasters
  • Long term loss of connectivity
  • Cyber attacks
  • Third-party actions

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The Business Interruption Claims Process

While it may seem incredibly complex, it is essential that the business interruption claims process is carried out to the letter. Even the briefest of pauses to a company’s operations can cause real damage, so compliance is crucial. There are many stages to the procedure, from developing a plan and calculating losses, to negotiating a settlement.

The first step is to scrutinise the insurance policy to determine whether the cause of business interruption is covered. Coverage will vary greatly from policy to policy, and provider to provider, so it is essential to check that you are adequately covered. It is also important to inform the insurance company of the incident and ensure that all proper due diligence has taken place.

A well-managed and detailed plan of action is pivotal to a successful business interruption claim. The claimant must fully outline and be aware of their indemnity period, as well as locate all financial records and expenses that will support the case. Providing a clear picture of the business and its circumstances in the plan can go a long way to streamlining the entire process.

The most crucial element of the business interruption claims process. A forensic accountant can help you work out the losses incurred by your company using a variety of information, such as estimated loss revenue, staff payroll, if any savings were made, and the amount of time the business was unable to operate for.

It is important that claimants keep record of their business interruption claim and dealings with their insurer. This can be useful should a similar incident ever take place and could provide them with a head start with any future calculations.

How We Help with Handling Business Interruption Claims

Our team has amassed a wealth of experience in supporting claimants, loss-adjusters, and insurance providers, and is dedicated to achieving the best possible results for our clients.

We conduct thorough investigations that leave no stone unturned, while also offering essential advice and support throughout the entire process. It is this holistic and all-encompassing service that has seen us become a leading name in our field.

Frequently Asked Questions

Our holistic service is designed to help all parties achieve the best possible outcome for them.

As specialist forensic accountants, we use a wide range of investigation techniques and an in-depth understanding of the numbers to determine whether a case is valid and to quantify any damages that have occurred.

Absolutely. The potential financial loss caused by business interruption can be extremely damaging to a company’s bottom line. While business interruption insurance is designed to compensate for this, the process can often be extremely confusing, so why leave it to chance? A forensic accountant will be able to ensure all calculations are correct and provide an expert opinion on the case.

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