Time Magazine estimates that Hurricane Sandy cost the Garden State some $25 billion in lost business activity. Countless companies across the state suffered immense losses of property, assets, revenue and profits due to the widespread devastation. Many business owners have insurance to protect themselves against such losses, but they may be unfamiliar with how to file a claim in the wake of a natural disaster. Though you can undertake the claim process by yourself, it is advisable to have a Monmouth County business attorney on your side if you are making a disaster insurance claim.
Recovery from Hurricane Sandy is ongoing. If your business is still suffering from the effects of the storm, or has been affected by another disaster, you can get assistance when you contact our office.
What You Need to Know to File a Disaster Insurance Claim
To receive your business insurance benefits, there are specific steps you must take after the disaster occurred. There are also certain actions you should undertake to derive the most possible benefit from your insurance policy. They include:
- Contacting your insurance company as soon as possible. Simply put, if your business has suffered a disaster, there is no time to waste when starting the claims process. Many insurance companies have a time limit on making claims after a disaster.
- Collecting and organizing any relevant business records. These records include statements of business income, tax returns, contracts, budgets, bank statements and any invoices that indicate the value of equipment and inventory.
- Keeping a close record of any expenses you incur while repairing your business.
- Documenting any damage that has occurred.
- Make a note of any evacuation orders, weather advisories and actions by emergency personnel in regard your business.
Many insurance companies allow you to submit your claim and any accompanying documentation online or through a smartphone app. If your business is dangerous to occupy in the wake of the disaster, it will be necessary to let your insurance company know where they can reach you, whether it’s at home or on your personal or business cell phone.
In most cases, a visit by a claims adjuster is inevitable. Multiple visits may be necessary if your business used any specialized equipment, as insurance companies often have different adjusters that examine different kinds of damage.
A Monmouth County business attorney can provide essential legal counsel to help you navigate the insurance claims process, as well as any business law and employment issues you may face in the wake of the disaster.
If You Need Assistance Filing a Disaster Insurance Claim
You cannot undo the damage your business may have suffered, but you can take steps to ensure that you receive the benefits you need to rebuild. Contact our office today to speak with an experienced Monmouth County business attorney.