While business losses do not get the same type of media coverage after a hurricane, they can be just as devastating as losses to a homeowner. If your business has been impacted by Hurricane Harvey, there are several things you can do to get back on the road to recovery.
Locate and read all of your insurance policies to determine the various types of coverage available to you and your business. Most business policies will cover damage to structures and contents, but you may also have business interruption insurance and other coverages.
Put your insurance company on notice of your potential claim if your business was in any way impacted (including customers were impacted or your suppliers cannot deliver). All policies require that you provide notice and some policies require that you provide such notice within a specified time period. Failure to provide the required notice may result in your insurance company denying your claim.
Mitigate and document. After a loss, you have an obligation to take reasonable steps to mitigate or lessen any loss you have sustained. For example, if you have a broken window, you need to board it up. Likewise, if your primary supplier cannot deliver you should try to find a reasonable and suitable alternative. Equally important is documenting your loss. You should take pictures of all the physical damage your business sustained. In addition, keep copies of any receipt or other paper documentation regarding any type of expense or loss you incurred as a result of the storm.
Submitting and maximizing your claim. Generally, your insurance company will have a property adjuster come out and investigate your claim and survey the physical damage. Depending on the type and extent of the damage, your insurance company may retain the services of other experts to evaluate the damage. It is important to note that these adjusters are paid by the insurance company and their goals can be different than yours. Depending on what these adjusters say, you may need to hire your own expert to evaluate your loss. Another aspect of your claim will be to deal with the claims adjuster. This person will ask you for all types of written documentation to support the claims you are making. Documentation of your claim is critical to maximizing your claim. Insurance companies almost always require written proof. This type of proof can come in various forms such as past sales receipts, work orders or even a written report of your own expert. Finally, as in business, most things are negotiable, so you should not just simply accept the insurance company’s initial offer. If you feel that you need assistance with your claim or that you are not being treated fairly, you should hire an experienced insurance lawyer to review your policy and help you maximize your claim.
Business Loss Attorneys: How Murr Law Can Help
Contact Murr Law today for a complimentary consultation about your business losses during and after Hurricane Harvey. We can help you determine what losses are included in your insurance policy and maximize the total amount covered by your claim.