How to Claim Your COVID BI Insurance Payout Before 2026: Part Three

Collect financial records and trading history

Comprehensive financial documentation forms the backbone of your claim. Essential records include:

• Tax returns.
• Monthly profit and loss statements.
• Current and previous years' financial statements.
• Business bank statements.
• Payroll records.
• Supplier contracts and invoices.

Submit any pre-pandemic budgets or projections to demonstrate expected performance before COVID-19 disruption. Maintain detailed employee records, noting reduced hours, layoffs, and staff who tested positive.

Document government restrictions that affected you

Insurers need clear evidence of how government COVID-19 measures impacted your operations:

• Record precisely when your business closed due to government mandates.
• Document dates when restrictions severely affected trading even if you remained partially open.
• Retain official correspondence regarding restrictions.
• Note any changes to your business model made to comply with regulations.

The specific evidence required ultimately depends on your policy wording, although most insurers follow similar processes. Remember that insurance providers understand businesses need prompt payments—many have committed to making interim payments where possible while claims are being assessed.

Submit Your Claim the Right Way

Once you've confirmed eligibility and gathered evidence, properly submitting your bi insurance claim becomes the critical next step. A well-structured submission can significantly impact both approval speed and payout amount.

Contact your broker or insurer

The first point of contact should be your insurance broker, who can provide valuable guidance throughout the claims process. Policyholders are explicitly encouraged to speak with their insurance intermediaries first for questions about their claims. Indeed, brokers have a professional obligation to support you in progressing claims quickly with your insurer.

If you arranged coverage directly, contact your insurer through their dedicated business interruption claims portal or phone line. Some insurers, like Hiscox, maintain specific COVID-19 bi claims portals. Upon initial contact, be prepared to provide basic information including:

• Your policy number.
• Insured premises address and postcode.
• Dates when your business closed and reopened during restriction periods.

Prepare a clear explanation of your losses

Craft a concise yet comprehensive explanation of how COVID-19 affected your business operations. Typically, this should include:

• Timeline of business disruption aligned with government restrictions.
• Clear cause-and-effect relationship between COVID-19 and your losses.
• Specific ways your operations were impacted (closure, reduced capacity, etc.).
• Any mitigation efforts you undertook to reduce losses.

Insurers value clarity and straightforward presentation. Accordingly, avoid overly emotional language and focus on factual descriptions of impact.

Include all required documents

Successful bi claims depend on thorough documentation. Essential records include:

• Complete financial information (profit/loss statements, trading history).
• Evidence of COVID-19 presence near your premises.
• Records of government restrictions affecting your business.
• Documentation of any financial support received (e.g., government grants).
• Details of increased costs incurred while adapting to restrictions.

Time limits are critical—notify your insurer within the specified timeframe in your policy, even if you're still gathering complete documentation. Subsequently, you can supplement your application during the assessment process.

Expect a loss adjuster or forensic accountant

Upon submission, your claim will likely be assessed by a loss adjuster or forensic accountant. These professionals examine policy wording, investigate your claim, and determine coverage applicability.

The claims process typically includes four stages:

1. Registration and initial eligibility assessment.
2. Financial information submission.
3. Claims assessment.
4. Offer stage.

Throughout this process, maintain detailed records of all communications with your insurer. Meanwhile, respond promptly to any requests for additional information, as this helps expedite your claim assessment.

To be continued.

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