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When a business interruption happens – whether it’s caused by an environmental issue or say, a burst pipe – there are steps you can take and advisors you can turn to, to help prevent further losses and get your business back up and operating.
In our series on surviving businesses interruptions, we’ve covered the critical first steps to take in making a claim and documenting evidence and backing up business records, we’ve talked about how losses are calculated and when you can pay your employees. In our last article, we shared insights into what the interruption can mean for future planning.
To complete our series, we’ve compiled a list of what the next steps to take to get your business back on track.
Identify and collect relevant documentation to prepare and support a claim as you go along. Use a binder or set aside a box electronic storage median for all information related to actions taken and money spent related to getting the business back to normal.
Depending on the nature of loss, the following information may also be needed:
The following information may also be helpful to the insurance company:
If you are unsure what to do next, contact your local MNP Valuation, Forensic and Litigation Support specialists. We are always ready to help you through any interruptions in your business.
Nadine Wightman, CPA, CA, CBV, CFF, is a Partner with MNP’s Valuation and Litigation Support group in Saskatoon. For more information on business interruptions, contact her at 306.664.8381 or [email protected].
Related Topics:Business Resilience; Risk Series