Business Insurance Failure

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Have you made any of these common mistakes made when filing a business insurance claim? Your insurance, whether general liability, product liability, professional liability, or commercial property, is designed to protect your business from a number of different types of claims. Going through some type of big financial loss, whether from a natural disaster or some other kind, can be chaotic and cause a business owner to make a mistake when dealing with his insurance company. Such mistakes can delay reimbursement or keep your insurance from paying you at all.

You can suffer big financial losses for a number of reasons, and your insurance can protect you when the loss happens. A big mistake can be devastating. For example, your commercial property …show more content…

Most insurance make this simple by providing a 24-hour hotline for making claims outside of regular business hours, but you should contact your representative to determine how best to get in contact with your insurance company. Some companies provide applications for smartphones and the Internet. Often, a business owner will clean up the damage before an insurance company representative comes to visit. As a result, there may be confusion about how bad the damage really was. If you paid someone to clean up any mess, the insurance company may not reimburse you for the expense. Most insurance companies have a quick-response team that can come out to survey any …show more content…

A policy may have perils you don't know about. It is best to do this before you need to make a claim, so you can invest in an add-on policy, to be certain you are covered in specific situations. For example, while many natural disasters are covered by basic insurance policies, you may not be covered after an earthquake. If you live in an earthquake-prone state, this coverage often must be obtained in a rider or second policy. Flood insurance is provided only through the National Flood Insurance Program. Not appealing a low-ball estimate made by an insurance company after a claim. If you believe an estimate is too low, you have a right to appeal. If necessary, you should hire your own adjuster to make a second estimate. Often, an impartial third-party mediator will be hired to make the final decision on how much you should be paid. Depending too heaving on the Federal Emergency Management Agency (FEMA) for help. Just ask any survivor of Hurricane Katrina how fast he or she received help from the government for his home or business after that disaster. You may be entitled to help from the government, but your private insurance will probably provide help the fastest, so you can reopen before you lose all your

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