Mistakes Business Owners Make When Filing Insurance Claims

Mistakes Business Owners Make When Filing Insurance Claims

Disasters do happen. And as a business owner, it is your responsibility to figure out if your insurance will cover your losses. It is also crucial to avoid mistakes to make the process easier for you and your business.

To help you, we’ve listed some mistakes business owners make while filing insurance claims: 

1. Not contacting your insurer immediately
Many business owners make the mistake of cleaning up the damage before an insurance representative makes a visit to the business. Cleaning up beforehand creates confusion on how severe the damage really was. 

2. Not documenting the damage
In most cases, repairs should begin immediately to prevent any additional damage from occurring and equipment must be moved to a new location. Be sure that before this is done, to photograph the original scene and document how it was before the repair started. Make sure to also take pictures of the repairs that are made.

3. Not keeping damaged goods
Keep any damaged items such as water-damaged merchandise, flooring or insulation – even if it has to pile up in the parking lot. This will all be evidence of the damage to your business.

4. Not reading your policy
It is always best to review your policy to ensure that you have the proper coverage in the event of a disaster. 

5. Not preparing ahead of time
The aftermath of a disaster is never easy, but you should always stay prepared. Start by reviewing your policy to ensure that it suits the needs of your business and keep your policy in a well-kept space. This will ensure that you can easily grab it in the event of an emergency. Keep an extra copy in a safe deposit box and make sure that you have your insurance brokers number programmed into your phone.

For more information or to get your business quote, call us at 905-696-9090 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it. 

Source: Entrepreneur

 

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