Navigating Coverage, Claims and Complexities

In the fast-paced world of professional services, where client trust and reputation are paramount, maintaining seamless operations is crucial. Business interruption insurance serves as a vital safety net, offering financial protection against unexpected disruptions, like natural disasters or cyberattacks.

By covering lost income and operating expenses during such events, this insurance helps firms maintain stability and focus on recovery, ensuring they continue to meet client needs without compromising their reputation.

This podcast episode explores the world of business interruption insurance with Cherry Bekaert’s Forensic & Dispute Advisory Services team members, featuring Partner and Practice Leader Lori Smith, and Managing Directors John Collier and J.C. Tuthill. This episode is essential for business leaders looking to safeguard their operations against unexpected disruptions.

Together, they discuss:

0:12 – The importance of understanding your insurance policy’s fine print to avoid inadequate coverage that could lead to serious financial setbacks. Navigate your policy's declaration page, including coverage types, limits, deductibles, and waiting periods, enabling comprehensive protection for your business.

3:39 – The process of calculating claims and the benefits of hiring independent forensic accountants to assess losses and maximize coverage accurately. Discover the impact of various coverages, such as ordinary payroll, extra expenses, civil authority coverage, utility failures and dependent property coverage on your claims.

11:07 – Practical advice on managing your insurance policies. Understand the importance of defined terms, endorsements, riders, and exclusions, and learn how to work proactively with insurance agents and forensic accountants. In the event of a loss, get tips on prompt reporting, loss mitigation and effective communication with insurance adjusters.

Don’t miss this informative episode filled with practical advice and strategies to help your business stay resilient despite unforeseen challenges. If your clients or firm has any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team.

Related Insights

• Article: Calculating and Recovering Lost Profits From Business Interruptions
• Article: Navigating Hurricanes and Tax Relief: Guidance from the IRS and State Tax Authorities
• Article: Ways to Effectively Manage Cyber Risk for Professional Services Firms
• Article: Get Ahead of Natural Disasters With Business Continuity Response & Disaster Recovery Plans

View All Podcasts from this Series