Around the globe, occurrences of natural disasters like fires and floods are rising. Devastating weather events can wreak havoc with people’s lives and businesses, and rebuilding in their wake is expensive.
From the Southern United States in places like Florida to Canada’s West Coast, flooding is becoming tragically more common. Climate change is accelerating the rate of these catastrophic weather events to the point where, depending on where you live, storms that used to be once in a generation are more common and expected.
Businesses Need Flood Insurance
When disasters strike, they may damage key infrastructure, homes, and businesses. That means that even if the business’ headquarters or stores were not somehow damaged, they couldn’t operate normally. Insurance has always been important, but the precise type you have has never been more essential.
Businesses can’t make the mistake of assuming they are covered for every type of damage. For example, some insurance covers you from water damage, but this usually only applies to things like flooding from leaky pipes, not rising water levels.
Insurance money covers the replacement costs for lost equipment, inventory, and even lost business income. Consider that if one business is filing a claim during a natural disaster, there are likely to be many more claimants, meaning the insurance company will be busy and may suffer backlogs.
Knowing your insurance policy in depth helps ensure you get all the coverage you’re entitled to quickly.
Insurance Lawyers
Many businesses rely on insurance lawyers to ensure they get maximum coverage and that filing a claim is swift and smooth. The paperwork involved can be considerable and confusing, and you’ll never have less will and concentration to do it than right after a major flood.
Hiring insurance claims lawyers gives you an experienced expert on your side who knows the limitations and arguments that insurance companies may use to reduce their payouts. They can negotiate a better settlement for you so you can cover all expenses related to salaries, debt obligations, damaged equipment, lost sales, and more.
Keep bankruptcy at bay and streamline the process by hiring insurance lawyers.
Be Prompt and Thorough
Filing a claim can be a long and difficult process, but you do not want to delay the process if there is no legitimate reason to. The sooner you make the claim, and the more thorough it is, the better chance of recouping all that’s owed.
Your memory will be fresher in the immediate aftermath of the disaster. Plus, the longer the window between the disaster and the claim, the easier it will be for the insurance provider to deny or reduce their payout. Notice of loss or damage should be immediate or at least within 48 hours. Insurance companies will be suspicious of circumstances the longer you wait to notify them of the loss.
Finally, be very thorough when documenting the damage. Photograph any damage and keep records of all written and verbal correspondence with your insurance provider.
Natural disasters have always been a major threat, but they have never been more common. The insurance industry is adjusting to their increased frequency, and businesses must respond in kind.
