How to Make and Substantiate a Claim

As our economy suffers from the impact of the Coronavirus Pandemic, businesses are starting to look to insurance for possible relief. Many companies are facing a combination of lower revenue and higher expenses with increased spending on IT and computer equipment to enable people to work from home. They are doing all of this while continuing to pay to keep current facilities functional with the eventual return to “normal”. In this Greyling Special Report, we will discuss whether you may want to make a Business Income and Extra Expense Claim (BI/EE), and provide some guidance as to how you can substantiate it.
  • Why make a claim
  • What you should be doing now
  • List of documents to save and collect
  • When to make a claim
  • Includes a link to download a template Excel file for your extra expenses

Reducing Overhead Expenses

With the sudden uncertainty of the current coronavirus pandemic and resulting economic slowdown, firms are aggressively moving to manage costs. In addition to reducing staff, a difficult step many firms have already taken, every dollar spent on overhead needs to be considered and evaluated. With project delays and shutdowns, clients processing invoices slower, and new opportunities delayed or limited, managing expenses is critical at this time.

  • In the current environment, all overhead costs need to be reevaluated. Business and professional insurance programs are no exception.
  • Most large design firms have not been provided with insightful comparative data on the design and cost of their insurance program to identify potential inefficiencies.
  • Data from comparable firms can show that you have a fair deal, or as seen many times by Greyling, you are paying way too much.
  • Effective use of benchmark data has helped many firms save millions.
  • Long-term relationships can sometimes be surprisingly expensive as premiums drift well above market pricing.
  • Handling renewals with an aggressive timeline that allows early completion can result in savings.
  • Alternative risk programs—specifically group captives insurance for certain coverages—can lead to dramatic savings. Greyling’s leading clients have saved $25M in the past five years.