The best kind of insurance is the policy you never have to use. As the saying goes, “Better to have it and not need it than need it and not have it.”
At the end of the day, the best outcome for everyone would be never needing your insurance at all. Unfortunately, as business owners, we can’t take that risk.
In 2020 alone, fire struck over 16,000 stores and offices in the U.S., causing a tremendous $932 million in damages. But that’s just one kind of property damage.
Slips and falls, theft, and an unexpected loss of income can cripple even the strongest small businesses, to say nothing of costly litigation or workers comp.
As an entrepreneur, chances are good that you’ll need to file a claim someday, though hopefully not any time soon. When you do, use this simple guide and remember that business insurance has your back.
Filing a Business Insurance Claim in Alabama - A Pepper, Johnstone Guide
For 54 years and counting, Pepper, Johnstone & Company has been there when the worst comes for your business. As an independent insurance brokerage, we can pair your business with the right amount of coverage, including commercial auto insurance, workers comp, and just about anything else.
Step 1 - Check Your Business Insurance Policy
There are nearly as many types of business insurance as there are businesses. Additionally, every plan has its own scope.
Before filing a claim, it’s crucial that you revisit your specific coverage to ensure that the damages you’ve suffered are included. If you don’t know, can’t remember, or can’t tell, call your insurance provider and discuss your situation.
Of course, some forms of business insurance exist to cover specific situations. Commercial auto insurance protects vehicles belonging to your business, while business income insurance covers lost earnings.
The best policy for your business balances coverage with expense.
Step 2 - Document the Damage Thoroughly
Like reporting, insurance providers need answers to the five Ws – who, what, where, when, and why. The sooner your provider gets these answers, the sooner you can get back to business.
Don’t wait for the insurance adjuster to start the documentation process. Write down everything you know about what happened, including the time and other details you can remember. Then, take photos, download videos, and interview your staff.
The sooner your provider understands the situation, the sooner they can make you whole.
Step 3 - File Promptly
After checking your policy and documenting the damage, it’s time to reach out to your insurance advisor to discuss your claim and how to best proceed forward. Depending on the estimated loss costs, it may be best to not file the claim and self-insure the loss yourself from a cost-benefit standpoint. This is when having a knowledgeable insurance advisor in your corner is extremely beneficial.
Damage and injury can be jarring, but speed is a factor. Any delay in filing can have a knock-on effect, preventing you from getting back to business. Worst still, too long a wait can affect an insurance adjuster’s ability to gather evidence of their own.
Step 4 - Continue Working with Your Insurance Provider
Over the coming weeks, your insurance provider and adjuster will need your help. Transparency speeds the process along, as will any evidence you gathered in step 2. You will also have questions during the claims process and that’s when a trusted, competent insurance advisor is worth his or her weight in gold.
Any significant damage to a business can be emotionally challenging. You have employees to answer for and compensate, vendor bills to pay, and customers to alert. It’s a stressful time.
Collaborating with your insurance provider can only ease the process and get you back to a comfortable place. Good luck out there!
Do I Need Business Insurance?
Without a doubt. With hardly any exceptions, every commercial enterprise benefits from insurance. To get the right insurance for your business, speak with an independent insurance broker. They can shop from thousands of plans to find the right coverage at the right price.
What Does Business Insurance Cover?
The type of coverage depends on the type of insurance. For starters, every business should have some form of general liability insurance, which covers:
- Expenses resulting from physical injuries on your property
- Any property damage you cause
- Any personal injury you cause
- More
Depending on your specific needs, you might also benefit from:
- Commercial Auto Insurance - Protects damage to and caused by business vehicles
- Workers Comp Insurance - Covers expenses resulting from physical injuries to employees
- Commercial Property Insurance - Covers damages to your building/office and equipment, among other items
- Business Income Insurance - Covers lost earnings resulting from certain situations and damages
Of course, there are dozens of other plans and protections that may apply to your business.
Need More Business Insurance? Speak with Pepper, Johnstone & Company Today.
The risk isn’t that you don’t have business insurance at all – you’re too smart for that. The risk is that you don’t have the right plan for the right moment. It’s also important to remember that your business can outgrow your current coverage.
To learn if your coverage is adequate, call Pepper, Johnstone & Company today at 866-872-0431 in Athens, AL, or 866-872-0431 in Huntsville.
Let’s get you covered beyond doubt so that you can focus on what really matters – growth.
Safeguard Your Business with the Right Business Insurance
Don’t wait until the worst happens to discover that you’ve got bare-bones coverage. An independent insurance broker can pair you with the perfect plan for your business’s size, workforce, and goals. With half a century of protecting businesses under our belt, Pepper, Johnstone & Company is here to keep your doors open.