Many companies put extra expense insurance in place because it serves as commercial property insurance that will create a safety net just in case there are excess costs for normal operating expenses while property is being repaired or replaced. If anything is damaged extra expense insurance makes sure your company can still thrive. Extra expense insurance helps you avoid or minimize the suspension of your business operations at your premises or at a temporary location.
At HSNO, our experienced forensic accounting team knows that while you may not be happy to see extra expenses in your budget, there is a way to make them less damaging to your overall financial goals. We have worked with all sorts of industries (retail, wholesale, hospitality, manufacturing, energy and distribution industries) in order to identify mitigation strategies and reevaluate company budgets. As a business if you don’t know where your money is going the chances of overspending or misusing your current finances is extremely high.
Our main goal is to determine where you are financially and then work with your company to resolve and clarify any accounting differences. We usually do that by comparing the actual expenses to the deliberate, budgeted or standard costs. In order to create the most accurate assessments we isolate any non-loss related issues contributing to the extra expenses.
Our team likes to attack the problem head on; therefore, we will apply tests to determine if claimed extra expenses served to reduce the loss. We will also evaluate and quantify extra expenses associated with business interruption that are part of the property damage claim. We also provide regular status reports with teaching instruction, making you fully aware of what is going on every step of the way.