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.
- 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?