Running your small business comes with its share of risks and uncertainties. Although insurance can help in transferring this risk, business owners may make several mistakes while claiming for the reimbursement. As a result, you could face delays, or worse, the compensation may not come at all.
Here are the most common small business owners' mistakes that you can avoid ensuring the continuity of your business at all times.
Not Connecting with Your Insurer Instantly
A lot of business owners try to fix a mess or repair what’s broken when they can. As a result, the insurer's agent may not be able to assess the actual damage. Moreover, the insurer may refuse to pay for your labor charges if you get it done before the inspection. To avoid any confusion, connect with the response team handling small business owners' insurance claims immediately after the incident.
Not Maintaining the Proof of Damages
Business owners do not always have the time to wait for the insurer's inspection. The situation could require immediate action to avoid further damage. In such circumstances, one of the biggest mistakes is not to document the damage. Maintain a logbook so that you remember everything. Additionally, take pictures of the original scene and also of the damaged equipment.
Accepting Your Insurer's Estimate
The estimate of insurance claims doesn't need to always be in line with the expectations. At times, the insurer's assessment of the damage could be low compared to the loss you have suffered. In such cases, you can appeal and go ahead with a third-party adjustor.
Not Knowing Your Policy
Small business owners think they are insured against all kinds of natural disasters and events. However, it's not always true. You could have missed some riders or additional covers to get complete coverage. It is advisable to go through the fine print to ensure the acceptance of your small business insurance claims.
Buying insurance is only half the work done for safeguarding your small business. Avoid these small business insurance
claim mistakes to ensure your business continuity after any untoward incident. For any insurance-related questions, contact the experts at Fuller Insurance Agency
in Southern California.