How to Get BISS Small Business Insurance

A building insurance surveying service (BISS) can be expensive, and having a company appraise the level of damage done to your property can be an added expense at a time when your small business cannot afford it. You can get BISS insurance, which is a small insurance policy to cover those expenses incurred in the process of filing a claim for your business. However, not all small businesses need BISS coverage. It generally depends on whether your insurer will expect you to pay BISS costs.

Difficulty: Easy

Instructions

1. Ask your insurance agent or broker whether or not your policy already includes BISS coverage. Some policies do include such coverage, or they allow the insurance companies to assume the costs of appraising damage. A number of insurers do not expect clients to pay for appraising services.

2. Research your insurance company's claims policy. If you can find other clients who will tell you about struggles they've had attempting to complete claims, you can get a better idea of whether you need BISS insurance.

3. Check with your insurance company to see whether it offers a BISS rider on your current insurance policy. If you can get such a rider, you may only need to increase your premium payments by a small amount. Your insurer might also inform you that you will not be expected to pay BISS costs.

4. Contact an insurance broker if your current insurance provider cannot offer you BISS coverage. While such insurance can be more expensive through a third party, not all insurance companies offer BISS insurance, and you may have to turn to another company. There are some insurance companies that focus solely on providing BISS insurance rather than other types of policies.

5. Request that the BISS process take interruptions to your business into account. This would include situations in which you need to move your inventory or store it during repairs.

Tips & Warnings

• Know that some insurance companies may use third-party businesses as damage appraisers in order to avoid questions of fairness and conflicts of interest.
• Follow the BISS process closely if you file a claim for damaged property. Since BISS riders are somewhat uncommon, some insurers will bill you without checking your policy.
• Don't put your insurance documents at risk. Store them in a fireproof safe or arrange to rent a safe-deposit box to keep them safe.