INSURANCE JOURNAL –
Insurance is the safety net that protects individuals and companies in case of damage, theft, injury, illness or loss. Fire, floods, earthquakes, tornadoes and freak accidents can quickly decimate a thriving business. When disaster strikes, business owners turn to their agent or broker to help pick up the pieces.
While the majority of business interruption claims are paid on legitimate loss, an estimated $80 billion in fraudulent claims are made every year in the U.S. When a business experiences a loss that temporarily disrupts its operations, it can file a business interruption claim, also known as a business income loss claim. The claim will compensate business owners for lost revenue and property damage sustained during the company’s closure.
By: Tiffany Couch