Make It Your Business How to Properly File a Claim

One of the worst nightmares for a business owner is to have a natural disaster or theft that can turn lots of hard work into a nightmare in just minutes.

If you are the unfortunate victim of a fire, theft or accident, there are a number of things you need to do:

First, make contact with your agent, and any burglaries or theft need to be reported right away to the police. Business owners should also review their policy so that they know their responsibilities to their insurer following a loss.

Following a disaster, business owners are advised to take measures to protect their property from additional damage by undertaking temporary repairs. If immediate repairs to equipment are needed, retain the damaged parts in the event the claims adjuster wants to examine them. Business owners should also get a minimum of two bids on the expense to repair or replace damaged property.

When it comes to filing a business interruption claim, remember to show the income the company was generating both prior to and after the loss.

Business owners should maintain detailed records of company activity and the added costs of maintaining the business in an operating mode at a temporary location. Should you be required to close down, include costs that continue during the period the company is closed.

In the event you are not satisfied with how the claim was handled, there are several things you can do to try and rectify the situation.

First, discuss with your agent or claims manager the situation and explain your side of things. Next, call the consumer affairs or complaint department of your insurer and inform them of your story, along with why you believe you are due a larger settlement. You can also contact your state’s department of insurance regarding your problem.

Assuming you have attempted all other options, talk with an attorney who focuses in insurance matters to determine if they believe you have a valid claim that is worth filing a lawsuit.

Business owners should be sure to give the lawyer all relevant documents along with a copy of your insurance policy. Inform your attorney of any settlements offered by your insurer. By doing so, the attorney can decide whether you have a legitimate case that could lead to a potential larger settlement if it goes to trial.