SERVICES - Business Interruption Surveys

Getting Business Interruption cover tailored to the insured's organisation is crucial to ensuring correct calculation of the cover required and that the best possible protection is provided. By blending our adjusting and accountancy expertise, QuestGates works with insurers, brokers and their clients to provide peace of mind knowing that, should disaster strike, adequate cover exists to help the business resume normal trading activities within a minimum period.

As an important part of our Valuation Services, our BI Surveys have been recognised by the Institute of Insurance Brokers (IIB) who selected QuestGates as preferred supplier of Valuations to its membership.

What the survey entails

QuestGates is one of the leading specialist adjusting companies and, through the use of highly experienced and qualified Chartered Accountants and Adjusters, is able to undertake a detailed review of a company's trading history and help organisations tailor their Business Interruption cover to meet the precise requirements of the business.We will, through a visit to the insured's business address and discussions with senior management, undertake a full review of the businesses operations and financial performance. We recognise that management time is limited and our approach is designed to secure all the information we require with little disruption to the management team's routine. Therefore, in advance of this meeting, we will send the insured a short list of the information we are likely to require during our visit.

During our site meeting we gather business and financial information which enables us to:

  • Understand the business, its key risks and how operations would be affected by unplanned disruption
  • Confirm the amount and type of Business Interruption cover the organisation needs to protect against loss of revenues and increased costs in the event of unplanned disruption
  • Calculate the correct sum insured and maximum indemnity period needed to avoid both under-insurance (which will reduce the recovery of losses suffered) or over-insurance, to avoid the payment of unnecessary excess premium
  • Identify the areas of business activity that may benefit from bespoke policy extensions including those addressing:
    • Failure of suppliers or customers
    • Failure of public utilities (e.g. gas, water and electricity)
    • Denial of access and loss of attraction
  • Assess the organisation's current Risk Management and Business Continuity Planning measures and provide practical guidance where appropriate

After completion of our appraisal we will provide a concise and practical written report, detailing our findings and giving specific guidance on the Business Interruption cover required. The insured, in conjunction with their broker or insurer, can then tailor their Business Interruption policy to ensure it will respond effectively if a disruptive event occurs. Effective Business Interruption insurance is a key element for all organisations' Disaster Recovery and Business Continuity Planning.

Meet the QuestGates Business Interruption Survey team.
 

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