What to Do After a Business Loss: Steps to Take When Filing an Insurance Claim

Handling a business loss can seem difficult or even daunting if you do not know the right steps. With the help of an experienced business insurance attorney, you can ensure you follow the correct procedure and better ensure your claim is approved. We help business clients with initial claims, denials, and litigation to help you get the most out of your business loss insurance policy.

At the Saxton Law Firm, our dedicated attorneys work hard to get you the compensation you deserve. We have decades of experience working with business clients and will put that to work for you.

Defining a Business Loss

A “business loss” is a rather broad phrase. In the context of insurance claims, it generally refers to accidents, incidents, and unexpected business costs addressed by your insurance policy. Your coverage helps handle damage related to the accident or any incidental costs. Your policy ultimately controls what is covered and what is considered a business loss for purposes of making a claim.

Common business losses covered by insurance include, but are not limited to:

• Business interruption damages
• Fires on your premises
• Appliances, inventory, machinery, and other significant assets
• Lawsuit and litigation costs
• Premises liability costs
• Theft or vandalism

These and other incidents may be covered by your business loss insurance policy. Consult your lawyer to determine what is covered and how best to make your claim.

How To Claim a Business Insurance Loss: Step by Step

Most insurance companies prescribe a certain process you should use. Following your insurance company’s process can help expedite your claim and better ensure it is accepted. Your insurer may utilize a specific set of forms, an agent, or other contact information that can help with making a business insurance loss claim.

It may be confusing what the right process is. This is sometimes purposeful by the insurance company. Many companies design the process to be difficult to help deny claims. However, by following these steps, you can better ensure your claim is filed correctly:

• File Proper Notice: File the right type of notice with your insurance company. Use their form or process to notify them about the incident or accident right away. You should report the business loss as soon as possible after it occurs. There are often tight time limits to report a claim after the incident or you could lose the right to coverage.
• Document All Damage: Take videos or photographs of any property damage or physical injuries. Do this before you begin cleanup or repairs to show the full extent of the damage.
• Create an Itemized List: Create a detailed list or spreadsheet about what was damaged. List the items, a description, a value, and any other information that may be relevant.
• Keep All Documents: Keep every document related to your loss. This could mean invoices, medical bills, estimates, email communications, or anything else possibly related to your claim.
• Mitigate Your Damages: Do what you can to limit the damage and any further harm. Insurance companies expect you to take reasonable efforts to keep further damage from happening. For example, if a company vehicle’s windshield is shattered, make sure to protect the inside of the vehicle from the weather to prevent further damage.

READ MORE: What Happens When Insurance Companies Disagree?

At Saxton Law Firm, our Missouri business loss litigation lawyers are ready to assist you. Contact Saxton Law Firm for a FREE case review!