Hurricanes, floods, and other extreme weather conditions can cause substantial damage to businesses and their property. If you had property damage and business interruption insurance for such situations, both usually sold in commercial insurance policies, you still have work ahead of you to submit your claim and maximize your recovery.
Some rules for preparing business loss claims include:
- Thoroughly examining and documenting all physical damage.
- Assembling a team, including accounting, legal, insurance, and construction, with a single team leader.
- Knowing your policy and tailoring the claim to it, including the forms of coverage provided, covered locations, covered causes of loss, exclusions, and the methodology for loss calculation.
- Acting as though you have no coverage to quickly make repairs, complete restoration, and restart your business while documenting everything and communicating your actions to your carrier.
- Explaining the nature of your business to your insurer to maximize your recovery.
- Presenting your case to the insurer and being prepared to fully document the losses.
- Communicating frequently with the insurer and timely responding.
- Keeping your eye on ancillary coverage available for expediating expenses, debris removal, and other losses.
- Not rushing the claim, as settling early can be to your detriment.
- Being prepared to take a hard line when necessary and knowing the deadlines imposed by law and your policy.
- Recognizing that your goal is a comprehensive claim that must stand up in court.
The attorneys at Brooks, Tarulis & Tibble, LLC can answer your questions and assist you in preparing your insurance claim and maximizing your recovery. If you have any questions, please contact us.