Improve the Outcome of Your Business Interruption Claim
When your Oakland, MO, property has been affected by flooding, you'll have to consider losses beyond the damage to your physical property. You'll face additional costs, including the loss of profits while your business is closed down for repairs. If you've prepared for this situation with a business interruption policy, there are some steps you can take to improve the results of your claim.
Choose a Reliable Advisor
An important first step is to contact an experienced consultant. This professional should
- Provide a reasonable explanation of what will happen
- Help you understand the legal scope of your claim
- Steer you toward policy requirements and restrictions
- Look after your interests
Your insurance agent is a valuable resource, but this professional tends to look out for the interests of the insurance company; make sure you have a knowledgeable advisor looking after yours.
Document and Record Damage and Communications
As soon as you notice the flooding, begin documenting everything. Keep written records of small and large water damage, listing equipment, furnishings, and inventory that has been affected. It's also a very good idea to take photographs of the damage. Every time you talk to a professional, such as your insurance agent, an assessor, or a water damage remediation professional, record the date and the content of your conversation. Keep all of this information in a safe place. The better you're able to organize your paperwork, the faster you can work through your claim.
Appoint a Contact Person for Your Business
Finally, appoint a single contact person to represent your business and properties. All communication from the insurance company and other professionals should be steered toward that person. If repair technicians, inspectors, or agents need to talk to someone else in your company, make sure that contact person is also present. This ensures a continuity of service.
Whether flooding was caused by a broken pipe or severe weather, you face many losses through damage and business interruption. Your quick and appropriate action can make a positive difference in the outcome of your claim.