Stop the Clock on Business Interruption
Wed, Oct 20, 2021 2:00 PM – 3:00 PM EDT
When a catastrophic event happens, every second counts in disaster response. But what about before the event? All those months, days, hours, minutes, and seconds should count too. They can also significantly affect disaster planning, claims insurance, business interruption insurance, and property insurance outcomes on commercial properties. Unfortunately, not enough emergency and disaster planning professionals talk about what to do before an event happens, widely known as the “boom.” The left of boom is planning; the right of boom is the response.
After the boom, when you have a property claim, the physical damage is paid for by the insurance carrier (e.g., replacement of drywall), and your business is reimbursed through the claims process. However, there’s also a component of property insurance claims for business interruption (BI). If your business is down the insurance will reimburse you for the insurance that would cover those losses physically, but what about the business lost, the bottom-line dollars over the course of time?
The real challenge for disaster recovery planners is how much they should buy. The unknowns are a guessing game. And they may fall short when more business interruption insurance is needed. In an area-wide event, it could go past one year. Fortunately, there are things that can be done in concert during business interruption that can get the organization back to business faster if they leverage the time to the left of boom in the planning process.
Find out how to stop the clock on business interruption. Join Vanessa Vaughn Mathews, Founder and Chief Resilience Officer of Asfalis Advisors, in a deep and thoughtful discussion on how to Stop the Clock on Business Interruption with thought leaders from First Onsite Property Restoration:
- Jeff Magoon, Senior Vice President of Sales Development and Integration
- Joe Poliafico, Vice President of Global Risk & Safety
- Billy Short II, Executive Vice President of Client Solutions