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10 Steps to Follow When Filing a Business Insurance Claim

Filing a Business Insurance Claim

Imagine if your customer was injured on your business’s property or a bad storm caused interior water damage to your structure. What would you do if your business was faced with a risk or an accident? 

Filing a business insurance claim can be a daunting process, especially if it’s the first time your business has ever been exposed to an accident or a risk. The top five business insurance claims include burglary and theft, water damage, product liability, customer injury, and reputational harm. So, where do you start when it comes to filing a claim? 

  1. As soon as you are aware of the accident, contact your insurance professional. They are the professional after all and will be able to guide you throughout the entire process. 
  1. Depending on what kind of damage took place, if it was theft, a fire, water damage, etc., call the police or the fire department. 
  1. Review your insurance policy and coverage to get a detailed overview of what will be covered. 
  1. If the incident was inventory-related, make a list of all lost, damaged, or stolen items.
  1. Document the damages to property by taking detailed photos and videos of everything. 
  1. Sign off on a proof of loss statement within 60 days of the initial business insurance claim. 
  1. Always be prepared in case your insurance provider sends an adjuster to inspect your property and losses. Make sure to have all of your paperwork and inventory documentation in one place, so you are ready if they show up. 
  1. Start making temporary repairs. If long-term repairs are needed right away then make sure to keep your receipts to show your adjuster. 
  1. Ask for multiple estimates when evaluating repairs, so you can cut down on overall costs. 
  1. Last but not least, keep all of your documentation in one place and make sure to stay organized. During the claims process, it’s important to keep records of everyone you talked to and their contact information, so if something were to come up down the line, you have access to contact them again. 

While the overall process of filing a business insurance claim is fairly simple, there are always speed bumps that can pop up along the way.

Our team at Snellings Walters would first love to help your business ensure that you are properly insured and secondly help you navigate a claim if one were to arise. Learn more about our services and our approach to insurance here.