Whether stationary or on the move, physical property owned or leased by a commercial operation need to be properly valued and protected against damage from fire, theft, weather, earthquake and other sources of physical damage. We work with our clients to evaluate the impact of how loss or damage to these assets will affect the ability of business to operate. Often this conversation starts with a simple question… “this building burns down tomorrow, what do you need, and when do you need it to get back to work?”. Once this key issue is understood, the appropriate insurance product can be developed.
Whether your business interruption insurance has a specific limit of insurance, or a blanket statement of coverage it is important to remember that the key factor in successfully adjusting a business interruption loss is the quality of your accounting records. The best outcome will result from being able to clearly identify your revenue and expenses for the 12 months prior to a loss. This will serve as the basis of negotiation for what would have happened had the loss not occurred.
Theft of money and property by employees is very common. In addition to the tangible assets of the employer, assets of customers, other employees and vendors are also at risk. A comprehensive program that recognizes all of these issues is an important piece of a quality risk management program.