How To Manage A Property Loss

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?