Businesses can have problems blindside them. Insurance can help protect you from the unexpected, but there’s always the possibility of claim denial. To ensure your insurance company delivers, avoid committing any of these mistakes.
Not contacting the insurance company before performing cleanup measures. People often make the mistake of clearing the area before an insurance representative has had a chance to assess the extent of damage. This creates a confusing situation about how much the damage is really worth.
Not checking your coverage policy. It easy for businesses to get this wrong because they look at the premium first when considering what type of coverage to get for a particular asset. Sometimes, they choose a lower coverage level to reduce the premium on a property policy. Unfortunately, in the event of a natural disaster, you can’t know for sure which assets will be damaged the most, so it’s always best to get the appropriate coverage.
Not reading the fine print. People tend to assume that just because a building is insured, all possible calamities are already covered. This is not always the case; for instance, in earthquake-prone regions like Los Angeles, this coverage must be obtained via a separate policy.
There are several other avoidable mistakes, which is why you must have a lawyer review every detail before appending your signature to any insurance form.