Business Interruption Claims
When disaster strikes, BKD can help you develop and review business interruption claims, and we can provide expert witness assistance when dealing with lost profits or economic damages.
Filing a business interruption claim to maintain your business during the recovery period can be particularly complex. To make a successful claim against a business income policy, you need to prove and document damages to the extent they are covered by the insurance policy, and you’ll need to estimate the profit you would have earned during the recovery period. The process will involve numerous participants—each with different interests and expertise—and can require tremendous documentation and analysis. Much of the documentation will be accounting records and reports.
Our professionals have served as expert witnesses on damages and lost profits and are experienced in assisting businesses and insurance companies with claims arising from large natural disasters or smaller occurrences such as fires, power interruption and road construction. Our experienced witnesses also can assist you and your attorneys with denied claims.
Our approach includes:
- Partner involvement to lend experience, credibility and continuity to the process
- Assistance in multiple aspects of the process, including developing forecasts of expected operations, quantifying lost sales or customers, analyzing past trends and competitors and documenting expense mitigation
- Responding quickly to accelerate the process and access potential lost profits and economic damages
- Working with the insured and insurance company adjusters to settle claims
- Interpretation of insurance policy related to business interruption
- Documentation and expert testimony for disputed or litigated claims
- Identifying issues common to all business valuations, as well as industry-specific issues
- Providing expert testimony as appropriate regarding lost profits, damages and economic damages