Whether it’s the result of a natural disaster or a theft, you often can’t afford to have your business stop operating. Especially as a small business, you and your employees are going to be missing out on your income as the location is inoperable as restoration work is going on. At Delaware Valley Public Adjusters, we can walk you through how to file a business interruption claim so you don’t miss out on it during a period of getting repairs done. Read our guide below and we’ll walk you through the process.
Contact your insurance agent
One of the first steps you need to take is to contact your insurance agent. They can walk you through the next steps that you can take to ensure that you have all the documentation that you need to get your claim processed. This will get the ball rolling so you can get paid for lost income sooner.
If your business interruption is the result of a theft or burglary, your first call should be to the police. Not only are you going to need a copy of the police report to show to your insurance company, but you’ll also want to get them on the case as soon as possible to recover stolen property whenever possible.
Read through your insurance policy
After you’ve spoken with your insurance agent, get a copy of your insurance policy and read through it. Be sure to read the specifics about business interruption claims so you can find out what exactly is covered and how much compensation you’re entitled to as protection. Keep in mind that the language isn’t always clear so there’s nothing wrong if you need someone to help you decipher what exactly it says.
Protect your property from further damage as necessary
In the event of a natural disaster, you should take the necessary measures to protect your property. Your insurance isn’t likely to pay out for property damage that’s a direct result of negligence. This means that anything that happens to your property as a result of your not making an effort to mitigate further damage could be considered ineligible. So, as as you’re able, start putting up sandbags to prevent water from coming into your store, do what you can to temporarily close off an area with broken glass so no one gets hurt, and do whatever else you need to do to make sure that the damage doesn’t get worse or there’s any injury. If you have equipment that’s been damaged, hold onto the parts if you can in case an insurance adjuster needs to look at them.
Get two or more bids for repairs
Your insurance company is going to require you to get repair bids from contractors before you can start repairs. Get at least two bids to take to your insurance company and they’ll decide which is more reasonable based on what the adjuster presented to them. It’s recommended that you vet the contractors on your own before taking the bids to your insurance agent so you know you can trust who you’re working with.
Hire an independent insurance adjuster
Keep in mind that the job of the insurance company’s adjuster is to save them money. You can hire an independent adjuster who works for you. This way you can make sure that you have somebody willing to fight for your side so that you get the money that you need to make necessary repairs.
Contact us for help
If you need help with how to file a business interruption claim, get in touch with our team at Delaware Valley Public Adjusters. We’ll work with you to make sure that your claim is properly filed with your insurance company and provide you with a fair evaluation of the damage sustained after a disaster or theft. Give us a call at 856-975-5275 or send a message using our online contact form.