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property insuranceBusiness 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?

Posted 11:42 AM

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