Business Insurance Update
Most every business owns business property, which may include the building in which you run your operations. Property insurance protects the physical assets your business owns – such as computers, office equipment, buildings, furniture, fixtures, and other property. Every business should have a comprehensive property insurance portfolio to respond to the many risks associated with property ownership.
We hope to help you identify a proactive plan in the event of a fire, theft, storm, or some other kind of damage that might involve your business insurance policy. There are a number of actions you can do to help get the best possible settlement from the insurance company.
Pre-Loss Practices
· Maintain vital records
· Have photos of all buildings, major equipment, etc.
· Blueprints- keep complete sets
· Keep at least 5 to 10 years of financial records
· Appoint key individuals as communicators
· Have emergency response plan
· Secondary locations identified
During The Loss
· Notify the insurer
· Protect the property
· Track claim costs
· Separate budget line items
· Keep records of all internal and external costs
· Make temporary repairs
· If you hire contractors or consultants you might want to get the insurers approval, if you want the costs covered under insurance
· Meet regularly with the agent and Insurer
· List and address key issues and concerns
· Note any changes from original design
· Will you rebuild or not?
· What might cause delays?