Pre-Emptive Measures to Minimize Business Losses in Case of Calamity
A wise business owner anticipates problems. Given the current global climate, which has produced multiple “once-in-a-lifetime” calamities within weeks of each other (Hurricane Harvey in August and Hurricane Irma in September 2017, for instance), this practice is now even more important. After all, hurricanes and other natural calamities don’t just inflict damage on residences but on commercial establishments, too.
Our public adjusters at United States Adjusters can help minimize your losses by seeking maximum compensation for a calamity or fire loss insurance claim. In our experience, however, business owners get better settlements when they do the following beforehand:
Buy an Insurance Plan with Excellent Coverage
Public adjusters can only do so much to ensure that you are satisfied with your compensation. If the insurance for your commercial property offers little coverage to begin with, it’s natural that your subsequent settlement will be limited.
The solution is to be astute in choosing an insurance plan. Make sure it includes satisfactory business interruption coverage, for example. This aspect of your policy will reimburse the income you lost due to the interruption of your business operation. Make sure the list of insured peril will include common causes of property damage, like floods, hurricanes, fire, and earthquakes.
Prepare a Disaster Plan
It’s not enough to merely anticipate problems, however; you should prepare for them as well. Come up with a disaster plan that maps out the things you need to do and who in your organization should be responsible for them.
For example, decide who will supervise the cleanup efforts after a flood, what your SOP is if your deliverables will be delayed, who will be in-charge of customer and employee communication, and so on. Most importantly, set aside a calamity fund so that your business may continue to operate even if only in a limited capacity.
Seek Advice from Public Adjusters
Experienced public adjusters can also be a source of valuable information on all things pertaining to commercial property loss claims. Although they only enter the picture in the aftermath of a calamity, that doesn’t mean you can’t get useful insights.
If you’ve experienced business losses due to commercial property damage, get in touch with our public adjusters at United States Adjusters. We will do our best to give you and your business the amount you deserve. Contact us for details.