...and/or accountants—so prepare accordingly.
Be comprehensive and detail- oriented. Don’t expect your insurance company to immediately write a check for your claim just because you believe that’s what you’re entitled to receive.
Work with the insurance company’s representatives to agree in as many areas as possible early in the process. Try not to polarize. That will only lead to two widely separated ideas of what the loss amounts to, making subsequent negotiations more difficult.
Try to agree on the general scope of the loss early on. Find as much common ground as possible.
Request advance payments from the insurance company to ease your firms’ financial burden. Your carrier doesn’t have to perform this service, but most insurance companies will. It helps the recovery process when you are not operating from a position of financial weakness.
Once again, make sure that you understand the policy’s terminology and the claim process before you submit a claim.
Like all successful business people, you’ve worked hard to achieve and maintain the prosperity your company enjoys. You can hope that your firm never suffers a disaster that would interrupt or threaten that prosperity.
And you can try not to think of the risk of loss that is an inevitable part of doing business. But you can be sure that if such a loss does come, there will be a lot more to it than you might expect.
By no means have we been able to identify in a single article all the ways in which a company might be affected by a disaster, nor have we attempted to present every possible solution. But we hope the preceding has stimulated your thinking about what could actually happen to your company during and after a disaster, and that by considering these possibilities now or the next time your insurance program comes up for renewal, you will be better prepared to deal with the unexpected part of the unexpected.
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Ronald A. Cuccaro, SPPA
Sheila E. Salvatore
ADJUSTING TODAY is published as a public service by Adjusters International, Inc. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases.
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