How Restoration Companies Minimise Business Interruption Losses
Restoration companies are specialists in stripping out and reinstating buildings that have had their business activities interrupted by flood damage or fire damage.
Businesses and that have their activities disrupted by any form of office damage, that requires building restoration, may have to face the fact that they will temporarily lose the ability to do business. This can have a devastating effect on a company’s profits and long term adverse effects on their bottom line.
Insurance restoration contractors will be mindful of this and are experienced in ensuring building reinstatement projects are completed quickly and efficiently. To minimise business inconvenience, the insurance claim repairs policy may include cover for temporary office accommodation or even business relocation. If that level of cover has been insured for then the insurance companies are “on the hook” and will be required to assist their insured client with these business continuity services which can be very expensive. Loss adjusters will expect the reinstatement company to approach the building restoration project with speed of action as a key driver for the project.
For example, the insurance policy may be required to cover the cost of portable office cabins to the office site. This form of temporary accommodation may also need cooking areas, toilet facilities, heating, lighting, Internet connections, phone lines and power lines as well as temporary office furniture such as desks and chairs for staff. The cost of this to the insurance company can be very substantial so it is imperative that the building restoration project gets under way and is completed quickly so these temporary office costs are kept to a minimum.
Experienced building restoration companies will have faced this type of situation before and will be able to advise on the fastest and most efficient ways of stripping back damage and proceeding quickly to the building reinstatement phase. This may mean it would be appropriate to deploy more expensive, faster acting water leak and flood damage clean up technology than would normally be deployed. The higher cost of faster drying out equipment would be regarded as worth it against the even higher cost of temporary accommodation and loss of business to the insured client.
Experienced restoration companies will know when there is a business continuity priority with a building reinstatement project. They will have experience of what the insurance companies would find reasonable as additional costs to ensure speedy project completion. These specialist restoration companies will probably be well known and trusted by several insurance loss adjusters and insurance companies. This gives insurance companies confidence that if the project is completed sooner, their insured losses will be minimised.
Based in Central Scotland, Paradigm Reinstatements is one of the leading specialist building restoration companies in the UK regularly appointed by several of the UK’s leading insurance companies to deal with flood damage, fire damage and building reinstatement services in general.
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