14 Things To Do After A Business Loss
The following checklist serves as a quick reference and guide for you to follow after a property loss to your business. This is not intended to replace professional advice. For additional information and assistance, please feel free to contact us.
- Board up and protect your property from further damage.
- Contact your insurance company and/or agent immediately to report the loss
This is a requirement within your insurance policy.
- Check with the fire department to make sure your property is safe to enter.
- Be watchful of any structural damage that may be caused by fire. The fire department should see that utilities are either safe to use or are disconnected before they leave the site. DO NOT attempt to reconnect utilities yourself.
- If your property is uninhabitable, contact the local police department to let them know the site will be unoccupied. Consider hiring a guard service to watch the property.
- Document the loss with photographs and/or video.
- Save all the receipts for any money you spend after the loss.
- Do not repair or throw away any damaged property until after an inventory is taken and approved by the insurance company’s adjuster.
- Beware of contractors urging you to sign a contract (other than for emergency services) before you have agreed with your insurance company on a loss settlement.
- Read your insurance policy carefully so that you understand all your obligations under the policy.
- Coordinate the business interruption and extra expense claims for submission to the insurance company.
- Assemble a claims management team. Have one person speak on behalf of your organization.
- Concentrate on restoring your operations and not on preparing claim details—leave that to the experts.
- Take a proactive position. Hire your own experts. Remember that you are required to file a claim.