Business Owner Claims Info

My property is damaged. What do I do next?

Your effort to prevent further damage is required by your policy and is reimbursable for covered claims. Take immediate steps to make emergency, temporary repairs to minimize further damage and to protect undamaged property. This may include covering damage to roofs, windows, doors and walls with plastic sheeting or plywood. Take photographs of the damaged areas of the exterior and interior of the building. Save damaged items for inspection by the adjuster.

My property was damaged by a broken pipe. What do I do while waiting for the adjuster?

Once the water is turned off, it is important to dry all wet areas. Providing proper air circulation will aid the drying process. Drying wet areas and dehumidifying can help minimize the possibility that mold will accompany water damage. Our claims department has the names of several vendors you can call for water and moisture removal.

I need someone to help with repairs.

If you require the services of a carpenter, handyman or contractor, and are having trouble locating one, call our claims department for the names of these contractors.

Is my business property covered?

If your business property or stock is damaged by a covered cause of loss, a claim can be made for the repair or replacement of the damaged property. Do not throw out any damaged items until you are told to do so by the adjuster. Making a list of all damaged items is a good way to start documenting your loss. Include the brand names and model numbers of all appliances and electronic equipment. Try to locate receipts of your damaged property, and if possible, take photographs of the damaged items.  If you have a record of the original cost of the property or stock item, please have this information available for the insurance adjuster.

When can I expect payment of my claim?

Normally, claims are resolved between 45 to 60 days from the date they are reported to the insurance carrier.  The timeframe could be shorter or longer depending upon factors such as scope of damage, complexity, and the number of claims received by the insurance company during a significant storm event. You can help by submitting to the insurance company all estimates of repair as soon as possible. Promptly complete and return all documents requested by the adjuster, such as a proof of loss.  The timely resolution and payment of your claim is our goal, and we will assist you in any way we can.

What is a holdback?

Most policies will pay for the replacement cost to repair damages to your property and business contents as a result of your claim. You will be paid the actual cash value (replacement cost minus depreciation) first. When you actually replace the items and submit the receipts to the insurance company, you will be paid the additional amount (called the holdback) to equal the agreed upon replacement value. You have 180 days from the time you signed the proof of loss to make a claim for holdback monies, and to provide proof of replacement.

What is a Public Adjuster?

Public Adjusters are licensed fee for service claim consultants.  Their service fee is usually based on an agreed percentage of the claim settlement. If you hire a Public Adjuster, they replace our agency as your claims representative with your insurance carrier. It is your decision whether you will handle your claim with our assistance or pay a Public Adjuster to do that for you. 

My business has to temporarily close because of damage to my property- am I covered?

Many policies provide for Business Interruption coverage, which is intended to replace lost income and get your business back in operation. The business must have sustained property damage for the coverage to apply. Be prepared to provide the adjuster with financial statements for at least three years prior to the incident, financial projections, monthly sales and production summaries, inventory details and an estimate of the loss you incurred. Please check with us to see if you have this coverage on your policy.

Why is the claim check made out to my business and my loan company?

Since your business property is normally held as collateral for a business loan, a provision of the loan requires the loan company to be named on the claim check, along with the business name. The loan company must endorse the check before it can be deposited.