• Report incidents immediately. Notify your agent and carrier right away when anything happens-such as a fire, accident or theft-that could result in a claim.
  • Take steps to protect your property from further damage. Most policies cover the cost of temporary repairs to protect against further damage, such as fixing a window to prevent looting.
  • If possible, save damaged parts. A claims adjustor may want to examine them after equipment repairs have bee made.
  • Get at least two repair estimates. Your claims adjustor can tell you what kind of documentation the insurance company wants for bids on repairs.
  • Provide complete documentation. The insurance company needs proof of loss. Certain claims require additional evidence. For example, a claim for business interruption will need financial data showing income before and after.
  • Communicate with your agent and claims adjustor. Though your claim is against the insurance company, you agent should be kept informed so he or she can help if needed.

Excerpted from Start Your Own Business: The Only Start-Up Book You'll Ever Need