Commercial Property Insurance Claims Guide: The Preemptive Approach
COO & Co-Founder
COO & Co-Founder
Establishing and maintaining a successful company requires large investments in time and money. Both of which are at risk with the daily exposures and responsibilities that it takes to keep the company running.
As your company grows, so does the value of your assets such as buildings, machinery, and inventory. Property insurance is your safety net covering these assets. Considering 40% of small business owners will file a property related claim within the next 10 years, it’s prudent to begin preparing as soon as possible.
Property insurance is an “indemnity” policy meaning that it is designed to reimburse the company for losses that it directly experiences. Indemnity policies don’t require legal action for coverage to start (unlike typical “liability” policies). Once the property is damaged, the claim process can begin.
Property policies can be tailored to address your specific business needs. They can include Business Personal Property (BPP), business interruption and extra expense coverage. These coverages reimburse for property assets like desks and laptops damaged in fires, and business interruptions that arise from losses due to the forced shutdown of operations.
The losses associated with property claims have the potential to destroy a business. A terrifying thought after the tremendous effort you put into starting the business. The coverage serves as a reliable remedy to alleviate the impact of losses and ensure the survival of your company.
Beginning the process to rectify a claim actually starts before the claim actually occurs. Here are some precautionary and proactive measures to lessen the impact of a potential claim:
There are a few things that you can do to help streamline the claims process:
There’s lots to factor in when considering proper claim practices, prevention, or filings and hopefully, this article can serve as a reference guide to make the claim process as smooth as possible. Property claims can be some of the most difficult to deal with, and the claim process is in place to offer remediation, but a bulk of the work goes in before the claim process even begins.
Proactive anticipation and preparation for a claim will empower yourself to have the best chance of survival after a catastrophe.
Contact us about best practices to prepare for claims, and for your other risks as well, and reference this post for additional tips in dealing with business insurance claims.
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