Business Property Claim
Business property insurance responds to a commercial entities loss to both real and business personal property (tools, inventory, equipment, and machinery). In most cases the coverage is provided on an all risk basis protects. The policy covers your costs to repair or replace the damaged property subject to a deductible. If endorsed, the policy can also respond to loss of income and extra operating expenses incurred by the loss.
Business Property Claim Checklist:
Below are some helpful tips in the event you sustain a property loss.
Immediately following the loss:
- Evacuate the facility, if necessary
- Report the loss to your insurance company
- Secure the property to prevent further damage
- Notify the police, if you suspect a law has been violated
- Separate damaged from undamaged property
- Take photos of the damaged property
- Do not dispose of anything until the insurance company representative arrives
- Prepare a complete and accurate inventory of damaged goods