Top Legal Startups in 2024

ButFor is a software tool that automates the process of filing business interruption insurance claims. This can be a complex and time-consuming task, especially for businesses that have suffered a major disruption. ButFor streamlines the process by automating tasks such as file transfers and retrieval, running multiple scenarios, and centralizing data. What is a claim example and process example? manufacturing firm has an equipment breakdown. The company files a claim with their insurance company, but enterprises dont do claims in house - they are much too complex so they hire a forensic accounting consulting firm to prepare them to submit to insurance. The insurance has to do the same prep on the backend and then they settle. Property damage aside, all of these below are just examples of financial data that goes into creating a claim: Profit: Decreased sales, increased expenses Fixed Costs: Rent, salaries, utilities Variable Costs: Materials, labor Cash Flow: Difficulty paying bills, inability to invest Business Growth: Delayed expansion plans, reduced market share TLDR: A traditional claim prep (without ButFor software) takes forensic accounting firms anywhere from 300 to 700 hours to complete. Billed at Deloitte hourly rate, thats ~$600k in preparing the claim. Business insurance doesn’t inherently cover the prep, just the coverage of paying out the claim. Our tool cuts this time down to around 20 hours give or take, or about $20k. The vision is that we can essentially cut out the consulting middle-men and enterprises can do their own claims.