Being the owner of a commercial property comes with a long line of responsibilities. In the event that your property experiences a significant amount of loss or damage, there are crucial steps that need to be taken. By following these steps, you are ensuring that you will receive the maximum benefits from your policy.
When you first receive your commercial property policy, it is very important to read through the responsibilities that you must take in the act of filling a claim. Failing to follow the steps correctly can result in your claim being denied, your claim being prolonged, or even potential policy cancellation.
The steps to take may vary from policy to policy, but the generic steps before filing a claim are as followed:
-
Notify authorities if any laws have been broken
-
Notify your insurance company as soon as it is discovered. The more detailed information you can provide to your agent, the better.
-
Set aside damaged items and take precautions to avoid further damage. This will help the claims adjuster when they examine the damage.
-
Keep a record of all damaged items. Please include photos and/or videos of the damage. If you have the invoice from your original purchases of damaged items, please provide that to your agent. In addition, keep a log of the time spent to do so.
-
Allow the claims adjuster to go through the property and look at any records requested.
It is very important that you fully cooperate with your claims adjuster. Failure to do so will only make the entire process more difficult, and increases your chances of not getting the claim handled in a timely manner.
Once the initial claim steps have been taken, it is crucial to discuss things you can implement to protect your building from being exposed in the future. Within this process, be sure to include ways you can protect the current undamaged property.
Depending on the damage, the following precautionary steps should be taken:
-
Covering any unwanted building openings that may result in further damage. This will also include drying any possible water damage to prevent mold and mildew.
-
If there is water damage, set up a dehumidifier or some sort of water extracting tool.
-
If there is structural damage, clear as much debris out of the way so they can get the best assessment of the damage.
-
If the building has any machinery, be sure to clean out all devices before rebooting them. This may require you to contact the company you purchased them from originally to make sure they are working properly.
-
If needed, contact a specialist to inspect computers, telephones, electronic data, or to salvage paper documents.
Once you have completed the necessary steps, it is important to stay calm, safe, and organized. Be sure to take the claim adjuster's phone number so that you can recognize when they are calling to speak about your solutions. This will help the process go by as quickly as possible.
Although dealing with significant commercial property loss can be a headache, Alliance Insurance Group is here to walk you through everything. We will help work with you to make sure that your commercial property is back up and running as soon as it can. For more information, feel free to call our office at (303) 279-9700, or fill out the form below.