Things You'll Need:
- Copies of records
- Photos of damage
- Estimate for repairs
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Step 1
Take steps after a disaster to protect your property from any further damage by making temporary repairs. If immediate repairs to equipment are necessary, save the damaged parts so that the claims adjuster can examine them. Submit at least two bids on the cost to repair or replace damaged property when you file the claim.
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Step 2
Keep good records of your business expenses and profits. Business interruption insurance covers the profits you would have earned, based on your financial records, had the disaster or damage not occurred. To file a successful claim, you will need financial records, receipts, utility bills, vendor information, and stats about what time of year your company is busy. When filing a business interruption claim, be able to show the income the business was generating both before and after the loss.
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Step 3
Plan ahead for any potential interruption in your business and determine what steps you will take to recover. Know the costs of attaining and moving into a temporary location. By planning beforehand, you will be able to help strategize what it takes to move to an alternate location or have storage sites picked out for short-term rental space.
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Step 4
Document related damage to your business and your property. When filing a claim, be prepared to include details outside of the damage to your equipment and inventory. Account for any defects to the outdoor signage and customer parking area that could halt the flow of patrons to your business.
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Step 5
Negotiate a larger settlement if you think you have been falsely quoted. Contact the consumer affairs department of your insurance company to evaluate the situation. Access a complete list of statewide insurance departments and commissioners, as well as get research, brochures and peruse industry blogs at the Insurance Information Institute website (see Resources below).
