An interruption to your company’s normal operations—even one that is brief—can be costly. Thankfully, these setbacks can be easily mitigated with comprehensive business interruption insurance. However, even if your company has a robust policy, it is only effective if you properly submit your claim. To help ensure your claim is successful, avoid these three common mistakes that other companies have made when submitting their claims:
- Not reading your policy: It is important that you read your policy to understand what types of damage caused by an interruption are covered as well as the size of your excess. Also, read your policy so that you know how many days you have to submit your claim.
- Not properly documenting the damage: Before you even begin to clean up, you should take photographs of the damage from multiple angles to give as clear of a report as possible. In addition, it is important to keep any damaged items as evidence until your claim has been processed.
- Not providing enough information: Be as thorough as possible in your claim, and, if you are able, provide a detailed outline of how the incident occurred.
The most important piece of guidance when submitting a claim is to contact Bollington first to discuss your policy and effective business interruption strategies.