Nurturing a business requires a lot of patience, hard work, and love. Natural disasters, fires, or accidents can hurt your business and lead to significant financial losses. In such cases, getting a fair claim payout is important to cover your costs.
Avoid these 4 common insurance claim mistakes that small business owners make to get reasonable and justified compensation.
Not Contacting Your Insurer Immediately
Most insurers require you to call them within the first 48 hours of the incident. If you fail to do so, they may not accept your claims. During a natural disaster, insurance companies form fast-response teams to handle all the calls coming in.
Not Documenting the Scene
Don't move things around until the adjuster visits the scene. If you have to make any changes, do it only after taking pictures of the scene. It's also advisable to do a video walkthrough once every year to document your belongings. This way, you are collecting proof for your small business insurance claims.
Discarding Damaged Equipment
At times, taking pictures isn't enough. For your insurer to understand the real extent of damages, you may need to show them physical evidence. It is suggested to retain your damaged possessions until the adjuster's inspection. If you have to clean up, save the receipts of your repairs. You can submit them while filing your claims to get the right compensation.
Not Making an Appeal to Your Insurer's Decision
Accepting the compensation even when you are unhappy with it is one of the most serious insurance claim mistakes that you can make as a small business owner. Since you know the real cost of damages, you have every right to appeal the insurer's decision and ask for a review. In that case, a third-party adjuster will get involved in the process.
These are a few mistakes that small business owners should avoid when filing their insurance claims. If you need assistance with
commercial insurance, contact the experts at
John E. Peakes Insurance Agency. We are happy to answer any coverage-related questions you may have.
