Business Damage Insurance Claims

Business Insurance Claims

Business insurance protects you from financial obligations in case of risks such as theft and fires. It covers your business premises as well as its contents. Business insurance includes;

Protection from material damage or loss of your business assets
Protection from financial loss caused by business interruption
Business insurance includes plenty of coverage options. Each one of them is unique and may be suited for different business operations. Some coverage options include the following;

Building Insurance: This coverage option covers the physical structures of your business and everything in it.

Public Liability Insurance: This coverage option protects your business from financial obligations in case you are held legally liable for loss or damage of property or the injury of a third party.

Business Interruption Insurance: This coverage option protects you from financial obligations in case of business interruption leading to the loss of income. They cover all that you lose in case of such interruption.

How to File a Business Insurance Claim

Are you planning to file for commercial insurance? The process is not very completed. Managing your business insurance claims takes three steps; planning, reporting, and following up.

Planning

This is the first and most important step before filing a claim. Every business should always have a plan to deal with disasters. Some tips that may help with your planning phase include the following;

1. Cameras

Installing digital cameras in your office premises makes it possible to get records of events. Having pictures or videos as proof of events makes filing business insurance claim easy. Invest in a good digital camera for all your company vehicles and ensure that your employees know how to use them. Ensure that there are good cameras in all strategic points of your office.

2. Mock Drills

Mock drills give you the chance to test the preparedness of your employees. By staging a drill, you can find out how prepared they are for a disaster.

Reporting
This is the second step and it is the one that will ensure you get your compensation. Your insurance company cannot compensate you unless you notify them of your claim. Reporting your claim early increases your chances of getting compensation. Report incidences such as fires, business interruption and fires as soon as they occur. These steps include the following;

Report to law enforcement: If there are any incidences, you are required to report them to your local law enforcement. If you do not report crimes such as theft o the police, your insurance company may not compensate you.

Report to your agent: your insurance agent will help you report a claim. They also help you with the claims process. They help you prepare a claims form and send it to your insurance provider.

Contact your insurance provider: once our insurance provider gets your claim form, they will assign you an adjuster to assess your situation. The adjuster will try to determine the cause of your incident and the extent of the damage. They will determine how much compensation you deserve.

Contact Professionals for repairs or replacements: Do not make the mistake of delaying your repairs and replacements as it may have an impact on your business. Get the help of reputable contractors to get the job done.

Contact your legal counsel: contact your lawyer to help you come up with a claims package for your insurer. If there are any disputes, they may help you clear them up.

Claim Following Up

After reporting your loss to your insurance company, it is time to follow up. Your adjuster should help you with the claims process. Speak to your adjuster regularly to ensure you know everything that is going on. Ask them to provide you with a status report. When asking for this report, be polite but assertive. If they do not give you a satisfactory response, ask your insurance broker to help you.

Claims for General Liability

General liability is one of the most important coverage options for small business. It covers some of the common problems that your small business may face. If, for example, a mailman trips on loose carpeting and breaks their leg, your business may be held legally liable. General liability insurance coverage option protects you from financial obligations in case of such happenings. The following tips may make the process simpler.

Do Not Go Through the Process Alone
It is always a good idea to get your insurance agent involved. They will help you navigate the process and understand your state’s statute of limitations. If you attempt to complete the process on your own, you may be unsuccessful.

We recommend contacting Shield Public Adjusters before sealing with insurance adjusters. As licensed Public Adjusters we are ready to help at any time

Do Not Be Afraid to Ask Questions

Asking questions is the only way to ensure that you know exactly what to expect. Some of the questions to ask your insurance provider include the following;

What does the policy cover?
What are the time constraints for filing?
Is your incident covered?
When should you do a follow-up?
Even though your insurance agent does not handle claims, they are a great resource for you to get the answers you need.

Maintain an Accurate Record
Keeping an accurate record of events makes it easy for you to provide your insurance provider with evidence. One of the most important things to include is information about your interactions with the third party in question. Record the nature of your activities and any communication you may have had including phone calls, email, and text messages. Record all your communication with your insurance company too. If you provide them with any copies, keep the copies with you too.

Understand Your Options

If you end up with a lawsuit, it is always a good idea to know your options. Some of the options you may have include;

Admit or deny allegations made in the claim with satisfactory explanations
If the claim is outrageous, you may seek to have it dismissed
You may settle the claim to avoid expensive legal processes. Your insurance provider may suggest that you settle the matter out of court.
Top Mistakes Business Owners Make When Filing Business Claims

There are a few mistakes that many business owners make when making insurance claims. Failing to make a claim correctly may lead to denial. You may get little or no compensation at all. Avoiding these mistakes is the surest way to ensure that you get your compensation fully and o time. The following are some common mistakes to avoid.

Waiting Too Long

It is a good idea to contact your insurance provider as soon as the incident happens. This way, they can see the total damage. If you wait until you have cleaned up, it may be difficult to ascertain the extent of the damage. If you perform repairs and renovations, you may not receive compensation for the work done.

Mixing Business and Personal Expenses

Mixing your business and personal expenses may create confusion when you need to account for the amount of money you spent on repairs. It may also create problems when you need to deduct your expenses. If, for example, you have a car that you use for both personal and business needs, it may be difficult to determine the right deductions to do.

When an accident happens in a business, most business owners panic. It is easy for them to get caught up in the chaos and sadness of losing business income or property. Understanding the steps to take when making a business claim helps you to prepare for when the worst happens. Even though it may be impossible to prevent bad things from happening in your business, it is possible to control your response.

Making Assumptions about Your Policy

Understanding your policy as much as possible may seem obvious but it is something that many business owners do not think about. Understanding your policy helps you to ensure that your business is well protected. You can make adjustments on the policy to provide your business with sufficient coverage. Find out the exact coverage options that your business has and make adjustments if necessary.