This article was contributed by Natalie Addy, a fraud and forensic accountant at Adam Shay CPA, PLLC.
The latest storm has come and gone, and home and business owners are left dealing with the aftermath. Sorting through the damage and trying to understand your insurance coverage can be overwhelming. Some people are surprised to find that they do not have flood insurance — this is coverage that you have to purchase in addition to your hazard and/or wind and hail coverage. Business owners often don’t know if they have business interruption insurance.
Business interruption insurance provides income to business owners to cover lost revenue when a business is shut down due to specific events. Depending upon your policy, there are often several ways to calculate such a loss and the way the insurance company calculates it may not be optimal for the policy holder.
If you had physical property damage then you’re left trying to figure out what to do next to make sure your property gets repaired. Protect yourself from repair fraud by following these guidelines:
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