The scariest thing that can happen to you as a businessman or businesswoman is to lose the property on which your business is based. This loss of property can occur due to many causes, such as man-made objects, like accidents and fires from electrical short-circuiting. Or it may be from natural causes like floods, forest fires, lighting, or many other things. It is inevitable that loss of property can actually end up making you lose an immense amount of money. If the damage is too high, it can even make you go bankrupt trying to pay for damages.
However, in such cases, one thing and one thing alone comes to your aid: Property Insurance. To get the best results, we would ask you to go to insurance adjusters, who will be able to guide you on how to go about going through your property insurance claim. The smartest thing you can do as a businessperson is to get your property insured. That way, you can be tension free even in the face of a crisis.
The top tips to Making a Claim on Property Insurance for a Business, After a Disaster
In this article, we will talk about how to go about making a claim on property insurance for businesses after disasters.
• Contact the person or organization with whom you have insured your business
They are the people who can help you make an assessment. They are also the professionals that will help you file your claim. However, in case the damage is extensive and cannot be completely covered within your insurance, an adjuster will be invited to come and assess the damage.
• Go through your insurance policy thoroughly
Go through your insurance policy again, and make sure to comb through it well. You might just find some clauses that you may have missed in the first place. This might actually help you file your claim better and might put you in a stronger and more consolidated position.
• Contact the local authorities
Contact the local authorities if such is required, and only also if the damage to your property is substantial. It is always better to have a legal filing done before filing a claim. It will put you in a better position with the insurance company, and they will take action much more quickly.
• Create a complete inventory
This is for your main benefit, but it is also a benefit to the insurance company. It will help them asses the monetary value of the property and the things that you have lost, and make an assessment of the money that you will need as part of your insurance coverage.
• There must be proof of the loss you have incurred
Like in most legal proceedings and procedures requiring money, it is always mandatory to provide evidence to people in positions of power. Proof of the loss for which you are making a claim should be verified, signed, and handed over to the authorities [by you] within sixty days of the incident.
• An adjuster will be present to go through your books
It is crucial to note that an adjuster is for sure going to be present to go through your books. Therefore, make sure that there is nothing in your records that can be found as incriminating. The presence of an adjuster is especially significant if the amount of insurance you are claiming is quite significant.
• Make sure the damages to your property are well-documented
Take a picture or shoot videos of the damages. You could also make a list of the buildings, rooms, artifacts, etc. that have been damaged so that you do not miss anything while you are showing the adjuster your property.
• Try to repair some of the necessary components temporarily
Some of the buildings and other parts of the property where you conduct your business might need to be temporarily fixed so that it does not end up causing more hurt than it already has. Consider doing temporary, makeshift repairs in such cases while you are waiting for your insurance claims to come through. It would be the smartest thing to do.
We hope you will never have to claim insurance for damage to business property, because that would only bring pain and trauma to you as an owner. Although, should worse come to worst, you now know what to do in order to get a claim.
