How to File a Business Insurance Claim

A fire, natural disaster or event such as a robbery, is devastating to any business and can cause loss of income, investment and property. After such an incident has occurred, it is important to know what to do to replace those losses. Filing a business insurance claim may be the last thing on anyone’s mind after a disaster, but it is necessary in order to quickly return the business to normal.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

• Insurance agent and/or insurance company's contact numbers
• Copy of your business insurance policy, if possible
• Copy of the police report, if applicable

1. File a police report. Do this in cases of robbery, suspected arson, vandalism or other occurrences that cannot be attributed to a natural disaster.

2. Find your business insurance policy. Be sure to read the policy carefully to clarify what losses your insurance company covers and what losses are your responsibility.

3. Call your insurance agent. At this time, your agent should arrange for a claims adjuster to come out to the property to assess the damage.

4. Make a list of all property damaged or lost. If possible, include purchase receipts of lost property. If receipts are not available, write down the approximate purchase price.

5. Protect the remaining property in order to prevent further loss. If windows are blown out, board them. If locks are broken, replace them.

6. Get bids from contractors. Be sure to get multiple bids to find the best price for the necessary repairs.

7. Get back to business as soon as possible. This is important to prevent further loss of income.

Tips & Warnings

• Keep a copy of your business insurance policy off the premises.
• Temporarily downsize to keep regular business costs down while repairs are being made.
• Advertise to let customers you are still open for business or that you have moved to a temporary location while repairs are being made.
• Keep receipts for everything. Your costs may not be reimbursed if the insurance company cannot verify them.
• Go over your business insurance policy before disaster strikes. Know your responsibilities or you may be stuck with a hefty bill.
• Keep calm. Cooler heads prevail in times of disaster. If you stay calm, it is more likely your employees will stay calm.