Commercial insurance can provide important protection for your business – but only if you know what to do when a loss occurs. The claims process is an essential part of making sure you get the reimbursement you deserve under your policy so you can get your business up and running as quickly as possible.
Unfortunately, plenty of businesses – even large, established ones – don’t know the important steps they should take when a disaster occurs. If that sounds like you, never fear – we have a quick list of steps every business should take to protect their businesses, their property and their bottom lines in the event of an insurable loss:
- First, call your agent. The sooner you contact your insurance agent, the sooner your claims process can begin. Plus, your agent will arrange to have an inspector come out to survey the damage and take notes and photos as needed.
- Take your own photos. Don’t rely on the inspector or adjuster to take all the photos from every angle. It’s your loss, so for your own peace of mind (not to mention your records), take plenty of photos that clearly show the extent of the damage. Also keep a written record of the steps you’re taking throughout the claims process so you can refer to them if necessary.
- Don’t move anything. As a business, you want to get things back to normal as quickly as possible to avoid losing customers or income. But moving debris or damaged equipment can make it more difficult for the adjuster to estimate your losses. If you must move items or debris, be sure to take plenty of pictures first.
- Have your policy in hand and review it so you understand your coverage and can be ready to ask questions throughout the process. Ideally, your policy will be stored in a safe, easy-to-access location (and your agent’s number will be stored in your phone).
Those are the four essential steps to take if you have a loss. But there are a couple of things you should do before a disaster to help prevent losses and to make the claims process go as smoothly as possible.
- Make a plan. Every business of every size should have a written plan that spells out the steps to take in case of a disaster. Knowing what to do can help ensure your business gets back to normal much more quickly and it can also avoid a lot of confusion when it comes to setting priorities.
- Review your policy frequently. Businesses change over time, and even small changes can mean big gaps in coverage. Review your policy yearly as well as any time you add new equipment or make any other changes to ensure you’ve got the coverage you need to stay protected.
At Basi Insurance Services, we help businesses of all sizes throughout the Oakdale area get the coverage they need for their business’ specific risks. Call today and let us review your coverage.