Physical disasters involving hurricanes, fires, floods, or theft are extremely difficult events for a business. These types of intentional or natural disasters can be a defining moment in a company’s survival.
Companies in these situations are overwhelmed by restoring business operations as quickly as possible and dealing with the aftermath of the events to avoid significant negative impacts on cash flow, revenue, and profitability.
For companies that purchased business interruption insurance, there is often frustration with the insurance company’s speed and methodology in reviewing a filed claim. A company may be faced with having no experience or time in this disrupted period to prepare or file a claim.