Owning a business can be one of the most challenging yet rewarding ventures of someone’s career. Running a business or property can be extremely time-consuming. The last thing you want to do is read over insurance policy language and update any necessary changes, but that could be the thing that saves you time, money, and your business down the road. Here are four of the most common insurance mistakes that business owners make when filing an insurance claim.
- They are confused by or do not fully understand all of their policy language. Understanding everything that is covered under your business insurance and knowing exactly how much your deductibles are is vital to save time and money when you actually do need to file a claim. Fully understanding your insurance policy lets the insurance company know that they will not be able to take advantage of you throughout the claims process.
- Fail to Report a loss as soon as possible. Reporting the loss to your insurance company as soon as possible is one of the most important things you can do when filing a claim. Not only does it start the process of getting reimbursed immediately but it shows the insurance company that you want to get the claim filed and paid in the shortest amount of time possible.
- Fail to properly document all damage. Documenting everything that you can be related to your insurance claim is extremely important. Taking pictures of damages, making multiple copies of invoices and receipts, saving correspondence between you and your insurance company, some business owners inadvertently end up discarding property or materials that are covered. Always make sure, before starting mitigation or clean up, to be fully aware of what you are planning on claiming for reimbursement. Make sure to save everything that you can, even if it is already damaged. Documenting these items is the only way for you to get them covered financially.
- Failing to act as a good self-advocate. Many business owners are not aware of the fact that insurance companies undervalue claims as much as they can in order to save money. When filing a claim it is vital for you to not accept the insurance agent’s estimate if it is too low, and if you have difficulty with your claim to reach out to a public adjuster as soon as you can. Whether it be you or a public adjuster representing you, it is important to be clear and concise with how you present your claim and what words are used with your insurance company from the beginning. It sets an expectation of respect, efficiency, and professionalism, which in turn gets your claim paid out faster.
Filing an insurance claim is a complicated and time-consuming process. As a business owner with many different responsibilities, getting caught up in a claim with an insurance company is the last thing that you need to take up your time and energy. Reach out to an experienced public adjuster to handle your claims process so you can focus on growing and maintaining your business.