What Business Owners Need to Know About Property-Loss Claims After a Catastrophic Event 

Catastrophes can be devastating, and dealing with property loss after such an event can add to that stress, greatly. Even though preparing in advance can help, it’s also crucial for you to know what steps you need to take right after the loss, to ensure a smooth recovery process. Here are some questions some of our business owners commonly asked as they navigated through property-loss claims.  

What would be my first step?  

Your first step is to prioritize your safety. Until and unless the authorities have told you your property is safe to visit again, avoid returning to your property. Look for hazards like downed power lines, structural damage, or gas smells. If you do have the green signal for safety, shut off all utilities like your electricity, gas, and water – so that you can prevent any further damage. You also might want to avoid drinking tap water unless it’s confirmed to be safe.  

Would it be OK to take pictures of the damage? 

Yes, a 100%! Photographing and taking videos of your damage would help you document the damage from different angles, which would also act as evidence for your claim. And here’s a pro tip, avoid making any emergency repairs immediately.  

How can I claim lost income and ongoing expenses? 

Your existing policy must include “business income” coverage, and if it does, it can help replace lost income and cover ongoing expenses while you restore your business.

What does the adjuster do when they arrive? 

The role of the adjuster is to assess the damage and determine the cause, for example, wind or flood. The next step for them is to make a list of all the damaged property. In some cases, they may provide an advance payment for temporary repairs or relocation. However, the actual valuation and settlement are done later.  

Would it be a good idea to hire my own adjuster? 

If you feel that your claim would be complex, or your property has a large volume of damage, hiring an adjuster might be helpful to you. Public adjusters typically charge a fee which is usually 10-15% of your claim, but they can help prepare the claim and negotiate settlements as well.

What if I don’t agree with the claim settlement? 

If you feel that the property values or the settlement just does not seem right, move forward with grabbing additional documentation and discuss it with your adjuster. You may also ask for a supervisor or use the policy’s “Appraisal” process to resolve your issues.

How can I ensure fair treatment? 

If you feel that the treatment you are receiving is unfair, you can rely on your insurance agent to advocate for you on your behalf and handle the process efficiently.  

A property-loss claim can be quite complex, but with the right support, you can efficiently thrive through the recovery process. Having a supportive insurance agent by your side is crucial, therefore, remember to seek their guidance and support. If you’re looking for an insurance agent to help you through the recovery process, feel free to get in touch with us. Remember, our priority is to protect YOU better.  

For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.  
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.