Finding out that you’re not adequately insured is something that shouldn’t happen when you have a claim to make. If you have adequate coverage, you will follow these steps when you file a claim:
- Contact your insurance agent, or insurance company, as quickly as possible. The insurer will respond once the claim is filed, and could send an adjuster to inspect the damage if your claim warrants it or is extensive enough.
- If you need to do so, contact local officials if there is a crime committed. This should produce a police report that you can obtain to substantiate your claim.
- Reviewing your insurance policy again is a great idea. There are things that you will have to do in accordance to your policy if an insurable loss happens. (There may also be limitations on your coverage that you’re not aware of, but refreshing yourself will bring it all into focus.)
- We’ve talked about having an inventory ready in case of any possible structural or material loss. If you haven’t now would be a great time to make one, that way you can document any destroyed or damaged items.
- You may be asked to fill out, sign and turn in to your insurer a proof of loss document, detailing the information the insurer deems necessary to investigate your claim.
- At this point you will have to prepare for the insurance adjuster appointed by your insurer to review the merit of your claim, this person will inspect the damages, property, books and records.
- Once all this has transpired you will want to independently assess your property, making a list of all damage that you find and taking photos of it as a post-loss inspection. (If you have a pre-loss inspection already making a before-and-after presentation to share with your insurer might be helpful.)
- If there are any minor repairs that you can do to mitigate further damage you should do so. This is if it is safe to access your place of business, in many cases this is something that will be necessary, and your insurer could reimburse you for, because it would curb the damage.
- Stay organized, keeping copies of all receipts, quotes and documents. You should also record the names, times and dates of all communications that you have within the claims process.
If you need to relocate or need aid to help pay your staff you may need to file a business income and extra expense claim, if this is coverage that you receive. You will need to show your business’ net income and operating expenses, including your payroll before the business disruption occurred. You may also have to prove your business’ net income over several years, the best way to organize the necessary documentation is keeping detailed records of ongoing business activities and transactions while recovering from the event. You will also want to keep detailed expenses associated with operating from a temporary location, and ongoing expenses that you may have to pay even though your business is shut down, like utilities and administrative costs.
At Gables Insurance Recovery we’re ready to help pursue your claim by presenting objective findings and negotiating your settlement. Our team of public adjusters work to help you against unfair treatment and settlement offers by insurance carriers.