Business losses happen, but you can plan for them as well. That is where business loss insurance comes into play. This coverage lets you rest assured you are covered for an unanticipated loss. Whether you need business income coverage, property damage compensation, or other remuneration, you must know how to claim business loss insurance.
At the Saxton Law Firm, our business loss insurance attorneys understand how to help you make a proper claim and get the compensation you deserve. We are highly experienced in dealing with business losses and insurance companies who try to deny your claims. Our team stands ready to assist you at every step of this process.
What Are Business Losses?
In this context, a business loss is any accident, incident, or unexpected cost covered by your insurance policy. It can also mean the incidental costs that arise from those events. Typically covered losses include, but are not limited to:
- Damages from business fires
- Lost inventory, appliances, machinery, or other valuable items
- Costs caused by a theft or vandalism incident
- Business interruptions costs
- Costs of litigation or lawsuit damages
- Real property damage or damage to your business premises
- Premises liability issues and payouts
These are just a few examples of business losses your insurance policy may cover. Often, knowing whether you are covered and how to claim it can be tricky for many business owners. That is one of the many areas in which a skilled business insurance attorney can help.
Claiming Business Loss With Your Insurance Company
Your insurer likely prescribes a specific process through which you should file your claim. They may have an online form, an agent, a phone number, or other contact method for you. This can often be confusing, and many companies do that on purpose to help limit the claims they have to pay. Speak to a business insurance attorney for help navigating the right claim process so you do it right the first time.
Steps you should take to help claim a business loss with your insurance company include the following:
- Notify Your Insurance Company: Let the insurance company know what happened quickly after the incident. There are often time limits on how long you can wait before you lose coverage. Avoid this issue so you do not lose the coverage you paid for.
- Create a List of Damage: Document what damage you notice and any you suspect. Create a list that includes an item description, value, and other important information you know about it.
- Photograph the Damage: Take photographs or videos of the damage before you begin repairs. This will help prove the amount of damage that took place and assist in proving your claim.
- Mitigate Damage: Do what you can to mitigate the possible damages. For example, you should try to save as much inventory as possible during a flood if it was not already destroyed. By proving you took steps to reduce your damages, the insurance company will more likely pay your claim.
What To Do if the Insurance Company Tries To Deny Your Claim
Unfortunately, claim denials are relatively common. Insurers look for any excuse to delay or deny your claim in an effort to save money. They hope that you will simply get frustrated and stop asking, or accept a small settlement that is much less than they really owe.
Speak to a business loss insurance attorney to get the help you need. They have the experience and skills needed to push back against these tactics and enforce your rights under the insurance policy.
READ MORE: Commercial Property Insurance: Protecting Your Kansas Business Assets
At Saxton Law Firm, our Missouri business litigation lawyers are here for you. We help you claim your business insurance losses and combat any delay tactics by the insurance company.