File a Home Business Insurance Claim

Category : Insurance

All business owners who run their business out of their home should carry home business insurance. Some people mistakenly think that their homeowners insurance policy covers them in case of fire, theft or accident relating to their business, but this isn't true.

You also need to know how to file a home business insurance claim just in case something happens.

Read your home business insurance policy so that you'll know what it covers. It will also tell you what your responsibilities are after you experience a loss. Remember that if you experienced a total loss of your home, such as in a fire, you can only file for damages to your home business on your home business policy.

You need to file other damages to your home and personal belongings on your homeowners policy.

Contact your insurance agent as soon as a loss occurs regarding your home business. Report loss caused by burglary or theft to the police and your insurance company immediately. Report all other types of losses on the same day that they occur.

Make basic, temporary repairs to your property if needed to prevent further damage. If you have to repair any equipment before an adjuster can look at it, take photos and keep damaged parts. Take a video of the damage as well, if possible.

Show records of previous revenue generated by your business, in addition to any revenue generated after the loss, if you have to file a claim on your business interruption insurance as well. This will help you to recover from some of your lost earnings.

Get two different bids on the cost to replace or repair damaged or lost items.

Together, you and your insurance company can choose one. Your insurance company will either pay the contractor or give the money to you. You would then pay the contractor to perform the repairs. Follow any other instructions given by your insurance company and your adjuster.