How To Manage A Property Loss

September 11, 2021

Business Insurance Update

Most every business owns business property.  Business property represents more than the building in which you run your operations – it also includes the physical assets your business owns such as computers, office equipment, buildings, furniture, fixtures, and other property.  Every business should have a comprehensive property insurance portfolio to respond to the risks associated with property ownership.

In the event of a fire, theft, storm, or other type of damage that involves your business property there are several things you can do to help get the best possible settlement from your insurance company.

Pre-Loss Practices

  • Maintain vital records
  • Have photos of all buildings, major equipment, and other relevant business property
  • Blueprints – keep complete sets
  • Maintain at least 5 to 10 years of financial records
  • Appoint key individuals as communicators
  • Have an emergency response plan

During and After a Loss

  • Protect the property
  • Notify your insurer
  • Make possible temporary repairs
  • Track claim costs
  • Separate budget line items
  • Keep records of all internal and external costs
  • If you hire contractors or consultants directly get the insurers’ approval if you want the costs covered by your policy
  • Communicate regularly with the insurer and your insurance broker
  • List and address key issues and concerns
  • Note any changes from the original design
  • Will you rebuild or not?
  • What might cause delays?