Common business insurance claims to avoid.
As a business owner, you will have to file an insurance claim at some point in your life. Unfortunately, many business owners make mistakes that prevent them from getting all the coverage they need to cover their claims. To ensure that this doesn’t happen to you, here are some of the mistakes to avoid.
- Failing to Verify Your Policy’s Coverage
As a business owner, it’s imperative to understand what your policy does and does not cover. Oftentimes, business owners make the mistake of assuming that a damage or liability event is covered, only to find out that they are mistaken. Sadly, in this scenario, you would be left to cover the cost of repairs all on your own. Rather than making this costly mistake, it’s essential to review your business insurance before a claim event arises.
- Documenting Issues Incorrectly
Sometimes, you cannot wait for your claims adjuster to arrive before starting 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, in turn, will improve your chances of securing all the coverage you need to address your repairs.
- Not Appealing 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.
These are some of the mistakes that you need 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 Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your commercial coverage needs today.
