Filing An Insurance Claim

You may someday have to file an insurance claim. These tips should make it easier.

  • Report incidents immediately. Notify your agent andcarrier right away when anything happens-such as a fire, accidentor 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 protectagainst further damage, such as fixing a window to preventlooting.
  • If possible, save damaged parts. A claims adjustor maywant to examine them after equipment repairs have bee made.
  • Get at least two repair estimates. Your claims adjustorcan tell you what kind of documentation the insurance company wantsfor bids on repairs.
  • Provide complete documentation. The insurance companyneeds proof of loss. Certain claims require additional evidence.For example, a claim for business interruption will need financialdata showing income before and after.
  • Communicate with your agent and claims adjustor. Thoughyour claim is against the insurance company, you agent should bekept informed so he or she can help if needed.

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

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