Commercial / Industrial Losses
NFA understands the unique circumstances that can fall upon a Business owner after a devastating loss and the important roles and responsibilities you have on your shoulders, not only to your clients, but to your employees as well.
Throughout NFA’s long history, we have had the opportunity to represent a wide range of different types of commercial clients, from small operations to multi-million dollar companies and understand that each loss, its type of business and coverages are vastly different.
“When trying to control financial risk, insurance is the cornerstone. And business income insurance can prove to the foundation for survival of a business whose operations have been interrupted by a devastating loss.” Ron Papa - Business Income Insurance: Having & Understanding this Coverage can be Essential to a Company’s Survival!
NFA has on staff estimators and forensic accountants to determine the damages to your business caused by a covered loss. NFA also has the ability and resources to handle widespread natural disasters through NFA’s Large Loss and Catastrophe Unit.
Types of Catastrophes NFA handles
- Hurricane and Wind
- Pipe Burst
- Riot or Civil Authority
- Vandalism or Theft
After your business has suffered physical damages, additional losses can be triggered by these events. NFA is able to assist you with the following coverage forms:
- Business Income
- Extra Expense and Expediting Expense
- Builder’s Risk
- Leasehold Interest
- Inland Marine
- Mechanical and Electrical Breakdown
Frequently Asked Questions
How long can I expect to be out of operation?
This is one of the most common questions NFA is asked… every business and the loss it has sustained is different. Some operations may be interrupted for a short period of time, while others may take months, or longer, to rebuild.
How can I determine how much Business Income I’ve lost?
Business Income is extremely difficult to prove, because of its theoretical nature and as the period of interruption is analyzed, there are many different factors that may need to be considered, like changes in marketing and pricing.
The Period of interruption is defined as the “reasonable amount of time necessary for the insured to resume business.” This is not a clear cut time period, and not solely based on the amount of damage suffered, but will also encompass the amount of time needed to restore the business to the level that it would have enjoyed has the loss not occurred…is ‘extended period of indemnification’ included within your insurance policy?? This Extended Period of Interruption coverage can be added to your policy, but knowing if it is included within your current policy can be critical, when it comes to the survival of your business.
How is the value of my damage stock determined?
What if I lose my clients as a result of being out of operation?
I do not own the building I operate out of, what am I responsible for as far as repairs?
Can I find an alternate location to operate from, while we rebuild the structure?
What will happen to my employees?
These are just a few of the hundreds of questions that may be going through your mind. Let NFA’s experienced team take the burden of dealing with your insurance company off your hands, so you can focus on the necessary steps to rebuild your company.