Disasters can bring no end of frustration for you and your company, so you have to remember that your business insurance is meant to make the process easier. However, the only way it can truly do that is if you understand the business insurance claims process. To get your business back up and running again ASAP and better ensure success with your insurance carrier, you need a solid idea of how to file a commercial insurance claim.
Look Over Your Policy
The first thing to do when it comes to both large and small business insurance claims is look over your policy to see what exactly you’re covered for. Just like with residential home insurance, flood insurance is a separate policy from a standard business insurance policy. Other steps businesses should take include determining how much is needed for a deductible and what specific actions need to be completed during the policy process. For instance, you’ll more than likely need to take video and photographs for the business insurance claims process.
Contact Your Agent
Next, contact your agent to let her or him know what’s going on, ensuring that you have your policy number on hand as well as a way you can be reached in case the phone number listed on your policy is temporarily disabled. Do what you can to meet with the agent or adjuster at your business, if it’s safe to do so.
Make What Repairs You Can
While you’re waiting for the adjuster, do what you can to start cleaning and repairs at your business site. Even if a fix is temporary, it can keep damage to a minimum, make the business insurance claims process easier and potentially keep you from having to pay for avoidable repairs out of pocket. Additionally, your policy may specifically stipulate that you have to do what you can to prevent unnecessary damage. Finally, lock up and protect your business from criminals as best you can.
Take Note of How Much You Spend After the Disaster
You’ll likely have to spend money to repair and safeguard your business after a disaster until the recovery process can begin in earnest. Keep thorough records of all financial steps you took, including if you had to operate out of a temporary location. You’ll also need to keep up with recurring expenses you’re still paying, such as electricity, advertising and the like.
Gather All Necessary Documents
Another part of the business insurance claims process is showing how much anything lost in the disaster was worth if you want to be reimbursed for it. Gather all the business documents, records and receipts that you can. Do you need to file a business interruption claim? If so, go ahead and collect tax returns, financial statements, budgets, contracts and the like that show how much your business was generating before as well as after the start of the interruption.
There’s a lot to tend to after a disaster to get your organization up and running, and there are certainly times when the business insurance claims process can seem overwhelming. Keep in mind these steps businesses should take to boost your chances of bouncing back.
