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The Business Advisory
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Our Business Advisory provides valuable on-line information for the entrepreneur and business owner. Browse away ... we're certain you'll find information to make your business more successful. |
| Insurance is perhaps the only thing
a person pays for and hopes never to use. But when loss occurs to business property due to
fire, storm or theft, having ample insurance coverage is reassuring and often enables a
company to remain in business. Here's a list of the proper steps to follow when making a
business claim. Handling things from your side in an organized manner can speed up the
claims process, and make sure that you receive the payment that you deserve. First, determine exactly what has been damaged or stolen (equipment, furniture, carpeting, business records, cash, etc.). After notifying police, when warranted, call your insurance agent immediately to notify him or her about the loss. Don't let time pass before notifying your agent. A quick response on your part may speed payment. Determine whether damages have a deductible, and whether the amount of damage is below that amount. Speak with your agent about the possible disadvantages of filing a small claim. To avoid potential premium hikes, you may decide not to file, even if the replacement costs come out of your own pocket. Your agent will ask you to gather all records about the damaged or stolen items. Included could be: sales receipts (to show dates and amounts of purchases), photos or video tapes of the items, and any police or fire department reports relating to the incident. Be sure to save all damaged items for review by the insurance adjuster. If cash has been stolen, do not report the exact amount to newspaper, radio or TV reporters who may inquire. Simply state: "An undisclosed amount of cash was also taken." By reporting the amount of cash that was present, future thefts may be encouraged. If physical damage has occurred to your office, take steps to make sure that your remaining property remains protected. Cover broken windows or doors. If roofing has been damaged, consult with your insurance agent about payment for repairs. Usually, repairs are covered in business policies, but check with your agent to make sure. Work closely with the claims adjuster to hasten payment. And continue to keep your agent involved. If estimates are required before payments are rendered, contact suppliers quickly, and ask for prompt replies. Do everything that you can as quickly, accurately and completely as possible. If you do not hear from your agent or claims adjuster for several days after speaking with them, do NOT assume that you have supplied everything that they need to receive from you. Keep in close touch with all parties involved. This is the best way for a satisfactory conclusion to an unfortunate event. |