How Much Revenue Can I Lose After a Fire Damage?

10/12/2022 (Permalink)

How Much Revenue Should I Expect to Lose Following a Fire?

Fire damage is a serious matter for businesses. Not only do you need to deal with the stress of trying to get back on your feet and replace what was lost, but you also have to think about the financial impact that it can have on your business. If you're wondering how much revenue you might lose because of this disaster, here are some things you should know

Lost Revenue in a Fire

In the unfortunate situation where a fire has damaged or destroyed your business, your finances are not only impacted by the restoration costs and lost items. The downtime caused by an event such as this can be very costly as well, when you consider that it can take weeks for a company to recover from even minor damages. The best way to mitigate financial loss is through insurance coverage—and there are several different policies that can help pay for the expenses associated with repairing or rebuilding after a fire damage event

Business Interruption Insurance

Business interruption insurance is a type of policy that covers revenue losses if you're unable to conduct normal operations due to damage caused by an insured peril like a fire. It usually includes reimbursement for lost profits during time spent out of business until repairs are complete (or while waiting on approval from insurance adjusters). Some options also cover additional expenses related to temporarily closing down due to unsafe conditions in order to maintain control over clean-up efforts at property locations during repair periods following major incidents such as these

In order to receive payment from your insurer, you must be able to prove that customers could not access your store or office because of the fire damage. It's also important that you file claims with your insurer as soon as possible after discovering that you have suffered from this type of loss; otherwise, it may end up costing more than necessary because there will be no proof available about how much revenue has been lost during this time period

Business Income Coverage 

Business income coverage offers assistance with paying employees' salaries during short-term absences due to substantial losses caused by specific types of incidents. These incidents can include fires within facilities owned/leased/rented by businesses operating within a variety of industries

We hope this article helped you gain a better understanding of how much revenue you could lose after a fire. It is our goal to educate and inform businesses so that they can make the best decisions for their business and employees

If your Wichita company has been affected by fire damage, call SERVPRO of Northwest Wichita today! We work closely with your insurance company to make sure you get everything covered that is supposed to be covered. We know that dealing with insurance can be stressful, so we are here to help make that a little bit easier for you. Let us help you get back to normal quickly. Call SERVPRO today.