Because business interruption claims involve financial calculations and projections, accountants often play an important supporting role during the appraisal process for these types of losses.
An accountant can help organize and present financial documentation, such as profit and loss statements, tax returns, and payroll records, in a format that clearly supports the business’s claimed loss.
Accountants can also assist in building realistic projections of what the business would have earned without the interruption, using historical data and reasonable adjustments for known trends or seasonal patterns.
In more complex claims, a forensic accountant with specific experience in business interruption calculations may be brought in to provide detailed analysis and documentation supporting the claimed amount.
Working closely with an accountant alongside your appraiser can help ensure the financial side of a business interruption claim is well supported and clearly presented throughout the appraisal process.
This article is general education about how the appraisal process commonly works. It is not legal advice, and specific procedures can vary by state and policy. If you have questions about your own claim, review your policy language and talk with your insurance company, agent, or an attorney familiar with your state’s laws.
Russ Lis is a working property insurance appraiser and umpire based in Minnesota, serving clients nationwide. Have a question about your own claim? Contact Appraisal Resolution.