Business Insurance Claim

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Business Insurance Claim

How to File a Business Insurance Claim?

Disasters can negatively affect your business in many ways:

    • A fire could damage your inventory, equipment, and offices –temporarily shutting down your operations.


    • Thieves could steal your equipment or merchandise.


    • Customers could be hurt or killed on company property.


  • You could lose access to your property after a fire, flood, or hurricane.

If you have the right amount and types of insurance, you can get back on your feet quickly and restart your operations. Once everyone is safe and you’ve handled any immediate emergencies, follow these steps to file a claim immediately and get your operations back on track:


    • As Soon As You Can, Contact Your Insurance Agent and Insurer – Your agent can help you respond to this setback by filing a quick and accurate claim. If your business has experienced extensive damage, your insurance company may have an adjuster inspect your property.


    • Contact the Authorities – If someone commits a crime against your company, contact the local police immediately. Be sure to get a copy of the pertinent police report to help you file your claim.


    • Re-Read Your Policy—Your insurance policy may list the steps you should take when filing a claim.


    • Provide an Inventory—To back up your claim of loss or damage, prepare an inventory of the items destroyed or damaged during this crisis. Your insurer and adjuster will want to see this information, as well as any receipts you have for these damaged or destroyed items.


    • Show Proof of Your Loss—Your insurer will likely ask for a signed and sworn proof of loss document while investigating your claim. You must provide this information less than 60 days after the incident.


    • Be Prepared to Meet with Your Adjuster—If your insurance company sends out an adjuster to your property, be ready for them to inspect your property, and examine your records, and collect your documentation.


    • Document all Property Losses and Damages – Identify all damages to your buildings and related structures. List everything you want your adjuster to inspect, such as missing shingles or cracks in your walls. Take videos (or photos) of this damage.


    • Take Temporary Safety Measures – If it’s safe to enter the area, protect your business property after a disaster to avoid further loss or damage. If your building’s roof has been damaged, put up tarps to provide short-term protection against water or wind damage. If you must immediately repair your equipment, keep all damaged parts so your claims adjuster can inspect them. Keep all of your receipts; your insurer will need this information when determining your reimbursement amount. Remember – the amounts you spend on temporary repairs will be included in your final settlement total.


    • Have More than One Company Bid on Your Repairs – Make sure to shop around for the best deals on replacements and repairs. This extra step gives you more options than taking the first deal that comes your way, limiting your costs.


  • Keep Organized – Make copies of all relevant documents. You will need to submit essential paperwork to your insurer – be sure you keep a copy for yourself. Also, make extra copies of all information provided by your insurer. Log names, dates, and phone numbers for all communications with your agent, insurer, repair companies, etc.


The Extra Expense and Business Income Claim Process

If your company has to temporarily relocate or close up shop, you should file extra expense and business income claims (if you’re insured with these protections). To get a proper settlement for your business income claim, you need to demonstrate your company’s net income. You must reveal (to your insurer) your typical operating expenses (this includes your payroll) before the disaster; you also need to show your expenses after the crisis that caused your business disruption. Your insurance company may want to see your financial logs and records for the past few years to make a better determination of your normal income.
You will need to locate and organize your records from before the event. Prepare detailed records of your:

  • Ongoing business transactions and activity as your company recovers from this disaster.

  • Expenses while operating from a temporary location.

  • Financial obligations you must meet even though your business has temporarily closed, like advertising or utility expenses.

How to File Claims for Civil Authority Insurance

Government actions (like closing down your location for inspection after a fire) may make your business’ premises inaccessible and prevent you from operating your business. If this happens, your insurer can reimburse your business for its lost income and other expenses. Your BOP (Business Owners Policy) or CPP (Commercial Package Policy) may cover these kinds of business interruptions.

Typical business income civil authority insurance starts 3 days after a governmental action makes your premises inaccessible; this coverage usually lasts four weeks (or less).

Your civil authority policy goes into effect only if you meet each of these conditions:

  • A governmental agency prohibits you from accessing your insured property.

  • This prohibition was issued due to damage or physical loss caused to your property (typically, this must be under a mile from your insured property).

  • You meet your policy’s waiting period (or “time deductible”).

Troubleshooting Your Settlement

If you feel your insurer mishandled your claim or that your settlement amount is inadequate, you can take these steps to try to get an adjustment:

  • Talk with your independent insurance agent and explain your perspective on the situation.

  • Contact your insurer’s claims manager. Tell your story from your point of vies and make your case for getting a larger settlement amount. Offer written documentation of your complaint and provide multiple copies of your supporting documentation.

  • Get in touch with your state department of insurance. They may be able to help you solve your problem.

Whatever your needs, give us a call, have you been told you can’t insure your risk, been turned down, or simply unhappy with your current insurance? Since 1995 we’ve been providing coverage to our customers, and helping people across United States. 

Business Insurance Claim