Common mistakes to avoid when filing a business insurance claim.
If your business has suffered major damage or is on the receiving end of a major liability claim, then you know that you need to file a claim with your commercial insurance provider. However, to get the coverage you need, it’s important that you don’t make errors during the claims process. Here are some of the common mistakes to avoid when filing a business insurance claim.
Mistake 1: Waiting Too Long
Following a damage or liability event, it’s important to call your insurance provider as soon as possible. This way, they can send a claims adjuster out to assess the full extent of the damage. If you wait to call until after you clean up, then you may actually be concealing how bad the situation is. This prevents the adjuster from making an accurate assessment and could prevent you from getting enough money to cover the full cost of your damage. So, rather than taking this risk, make sure the first thing you do after a claim event is call your insurer.
Mistake 2: Improper Documentation
Sometimes, you cannot wait on cleanup and repairs. If this is the case, then it’s important that you thoroughly document your business’s damage. By taking high-quality pictures and video clips of the damage, you can provide your insurer with an accurate depiction of the incident. This will improve your chances of securing all the coverage you need to address your repairs.
Mistake 3: Accepting Low Estimates
Sometimes after assessing the damage, an insurance adjuster will come back with a coverage estimate that is too low to pay for all your repairs. Rather than getting lowballed, you should hire your own adjuster to give an estimate. If your adjuster recommends a higher coverage amount, then you may have to hire a third-party mediator to negotiate the final amount. By challenging low estimates, you can improve your chances of securing all the insurance coverage that you need to address a claim.
These are some of the common mistakes to avoid when filing a business insurance claim. Do you have more questions about your business insurance coverage? If so, then contact the experts at The Reardon Agency. We are ready to assist you with all your commercial coverage needs today.
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