Don’t Let Your Business Go Up in Smoke

Business Insurance Update

If you own a business, you probably own business property. Business property may include the building, machinery, computers, furniture, and other property. Every business should have a comprehensive property insurance portfolio to respond to the many risks associated with property ownership. Property insurance protects the physical assets your business owns.

There are a number of actions you can take now and after a loss to help make sure you get the best possible settlement from your insurance company.

Pre-Loss Practices

• Maintain vital records.
• Archive photos of all buildings, major equipment, etc.
• Keep complete set of blueprints.
• Keep at least 5 to 10 years of financial records.
• Appoint key individuals as communicators.
• Have an emergency response plan.
• Identify temporary relocation sites.

Steps to Take When Loss Occurs

• Notify your insurance agent.
• Track claim costs.
• Separate budget line items.
• Keep records of all internal and external costs.
• Make temporary repairs.
• If you hire contractors or consultants it is a good idea to get the insurer’s approval, to make sure the costs are covered under
• your insurance plan.
• Meet regularly with the agent and Insurer.
• List and address key issues and concerns.
• Note any changes from original design.