As a business owner, you know you need insurance. You bought a policy and hope that you never have to use it. However, even those businesses that do everything by the book and are as safe as can be may eventually need to file a claim. When you do need to claim on your commercial insurance, it’s important to do it right. Take a look at the common mistakes business owners make when filing a claim so you can be sure to avoid them.
Mistake: Not calling the insurer right away.
Many businesses, especially smaller ones, think twice before filing a claim, even if the repairs are beyond their budget. Unfortunately, when you wait too long to file a claim, you risk not being adequately compensated for the claim or having the claim rejected. When an accident happens, it’s best to call your insurer right away so that they can help you recover immediately.
Mistake: Clearing away the damage.
We understand that after an accident occurs, you want to get back on your feet as soon as possible. When you start to make repairs and start the clean-up process before an insurance appraiser can assess the damage, you, again, risk not being compensated for the full amount you are entitled to. If the appraiser cannot get out to you soon enough, be sure to take videos and photos of the damage before making repairs and cleaning up so that the insurance agency understands the extent of the destruction. Keep receipts for any repairs you make, too.
Mistake: Not understanding coverage.
Many business owners are under the misconception that their policy will cover anything and everything that happens to their business. This is not always the case. Before a disaster occurs, you should take the time to review your coverage and fill in any missing gaps. If a disaster strikes, you don’t want to find out that your policy doesn’t cover the incident when you try to file a claim.