Handling Property Damage to Your Business
If you have had damage to your building, property or inventory, we urge you to reach out to your insurance company and your business insurance broker right away. Chances are you have coverage for this type of damage.
Here are suggestions and tips to begin yet another road to recovery:
- First and foremost, protect your staff, yourself and your business as best you can.
- Notify your insurance agent or insurance company right away to begin the insurance claim process. Regardless of whether the damage is due to vandalism or rioting, you should be covered. But you will need to work closely with your broker and your insurance adjuster for the best possible outcome. Society Insurance covers both.
- Document the days and times you were/are unable to operate due to your business being blocked because of damage. Include your sales losses during this time too.
- Make a list of damaged items for your adjuster, building damage, personal property, POS and equipment damage. Include any cracks in walls, damage to floors, roofs and windows.
- Make a list of all missing items including food, beverages, tables, chairs, fixtures, and other items used daily to run your restaurant.
- Take photographs of the damages for the insurance company.
- Keep swatches of damaged material, such as carpeting, curtains and furniture.
- Don’t throw out any damaged property without the claims adjuster’s agreement.
- If local officials require you to dispose of damaged items for safety, photos and swatches will help.
- Keep all receipts that document the cost of the repairs or the replacement of damaged items.
- Keep track of staff hours and wages needed for cleanup and repair.