Tips for Business Owners Filing Insurance Claims after a Disaster

natural disasters and insurance claims

Catastrophic events tend to result in a catastrophic number of insurance claims. How do you make sure the insurance claims for your business are not lost in the mix? The only way to ensure a swift recovery (or, at least, as swift as possible) is to have all of your claim information organized and ready.

First and foremost, call your insurance broker as soon as possible. As New York Daily News reminds us, “Since claims are processed on a first-come, first-served basis, it helps to act fast.”

The next thing you can do – once it is safe – is have small, temporary repairs made to prevent any further damage. Cover any holes in the roof or ceiling with tarps, and cover broken windows with plywood or plastic. Save your receipts for these supplies, as they may qualify for reimbursement.

Document the damage to your property by taking photos and/or video. Your insurance agency will conduct their own on-site assessment, but you will be glad to have your own records as backup in the event of a discrepancy.

Now it’s time to take a property inventory. As The Weather Channel notes, “It’s easier to file a damage claim if you know exactly what you own, and can document it.” Make a list of all areas in need of repair or replacement.

Keep all photos, video, and paperwork for your claims together with your insurance policy information. And while insurance policy information is fresh in your mind, this is also the time to review your coverage terms with your broker. Read the documents for your business insurance policy and make sure you understand the exact scope of coverage you have, as well as your deductible.

The 2013 hurricane season is on its way. Do you have the right policy for your business and property? For help from an insurance expert on reviewing your business insurance, contact a Lamb Financial Group agent. Also, check back for more posts on preparing for the hurricane season.

 

Photo via Bsabarnowl / Flickr Creative Commons

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