How To Protect Your Company From Losses After a Fire

9/4/2018 (Permalink)

Soot damage in Redding, CT

There’s a lot of work to be done after a building fire, and even more work when that fire interferes with your business. Even though restoration specialists begin work immediately after the firefighters leave, that work takes time and you still have a long road ahead of you before you may be fully operational in Redding, CT, again. Before a fire causes damage to your profits, be sure to check out insurance coverage for business interruption.

How Long Will It Take?

Even with the most experienced and qualified professionals, mitigation and restoration takes time. Here are some of the ways your mitigation team will work to help you recover after a fire:

• Protective services like adding a tarp, fencing a property or boarding a building to prevent further damage.
• Removal of water and excess moisture from materials.
• Smoke and soot cleaning.
• Content cleaning.
• Repairs and restoration, including rebuilding whole structures or replacing building materials.

What Does Interruption Insurance Cover?

While your business property insurance will help cover the cost of fire restoration, it won’t cover business-related costs or the loss of profits unless you have interruption insurance. This is an additional option that may help cover loss of profits and normal operating expenses like:

• Payroll
• Research and development
• Insurance premiums
• Marketing and advertising
• Inventory
• Rent

Review the details of your policy to see when the interruption insurance goes into effect and what the maximum coverage period is. You may consider adding an extension to your policy so that the coverage period can include some additional days.

A fire is one of the more common types of disasters that can cause a business interruption. You can feel good about your recovery by counting on a professional team to manage the fire damage mitigation process as well as having the right insurance policy to help financially protect your business and all the people depending on you.