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.
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