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The Right Insurance
The correct type of insurance coverage provides financial protection when your business experiences disruptions. Seek the professional advice of an insurance advisor, broker, or agent to help you develop an effective insurance program for your business.
In the event of a disaster:
- Immediately contact your insurance company or broker/agent.
- If temporarily relocated, make sure the insurance company or broker/agent knows your temporary address and contact information.
- Read your insurance policy to understand what losses are covered.
- Take photographs/ videos of the damaged areas and assets to help with your claim.
- Do not remove damaged property until the insurance adjuster has assessed the damage and made an official report.
- Only make repairs necessary to prevent any further damage; if you make permanent repairs unauthorized by the insurance company, they may not be covered.
- Keep receipts for repairs and temporary business expenses.
- Establish the value of your claim: prepare an inventory of all damaged or destroyed property (item, quantity, date of purchase, cost at purchase, age, and estimated replacement cost) along with your pre-loss photographs.
- Work with the insurance company’s adjuster to ensure that the company will accept the estimate of damages.
- Join the adjuster during the inspection.
- If settlement offered by the insurance company seems unfair, contact the New York State Department of Financial Services.
- If parts of your claim is denied by your insurance company, keep copies of the denial notification.
- Only hire licensed contractors who have the appropriate building permits to make repairs. Always contact your insurance company and claims adjuster if additional unreported damage is found.
For more information and assistance, contact the New York State Department of Financial Services.
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Additional Resources
- The NYC Department of Small Business Services (SBS) can help you secure the financing you need.
- The U.S. Small Business Administration offers a variety of assistance to small businesses affected by disasters, including loans, loan guarantees, contracts, and counseling sessions.