The correct type of insurance and coverage provides financial protection during disruptions so your business can survive and recover. You should seek the professional advice of an insurance advisor, broker, or agent to help you develop an effective insurance program for your business.
Follow these steps in the event of a disaster:
- Immediately contact your insurance company or broker/agent
- If you have to temporarily relocate, make sure the insurance company or broker/agent knows your temporary address and contact information
- Carefully read your insurance policy to understand what losses are covered
- Take photographs or a video of the damaged areas and assets to help with your claim
- Do not remove any 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 all receipts for repairs and temporary business expenses
- Establish the value of your claim: prepare a detailed 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, not an independent adjuster to ensure that the company will accept the estimate of damages
- Accompany the adjuster to identify damage during the inspection
- If the settlement offered by the insurance company seems unfair, contact the New York State Department of Financial Services
- If the insurance company denies any part of your claim, get the denial in writing and keep copies
- To avoid poor workmanship and repairs, only hire licensed, reputable contractors who secure the appropriate building permits. Beware if they require a large up-front payment or bid very low
- Always contact your insurance company and claims adjuster any time you find additional damage not previously reported
To find out more about insurance or get help for problems with your insurance agent, contact the New York State Department of Financial Services.
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