When the phone rings in the middle of the night, it’s rarely good news. And that is especially true when the call involves your business. Take a few deep breaths, listen to the caller and evaluate the situation.
The most common events that occur after-hours at businesses are fires and break-ins. And both of these would necessitate a call to the owner. If you have a monitored alarm system, the call might come from the alarm company. The first thing to do is verify that the appropriate authorities have been notified. Once the necessary professionals are on site, you can determine your next move.
Locate your insurance policy. It should include instructions on what to do in the event of a loss, such as who to contact and what steps to take to secure your property. You may not be able to contact the company until normal business hours, so make sure to leave a message on their after-hours voicemail or contact them first thing in the morning.
Nothing can totally prepare you for a property loss, but knowing what to expect can ease the trauma and eliminate stumbling blocks.
In the meantime, there are things you should do right away. An insurance policy typically contains a clause that describes your duties in the event of loss or damage. First, if a law may have been broken (as in the case of a break-in), the police must be notified. Second, you must contact the insurance company as promptly as possible. Third, you must protect the property from further loss or damage. We have already discussed the first two items. So, let’s move on to the third.
What can/should you do to protect your property? The answer to that will be determined by the type and severity of event that occurred. Take pictures of the scene and start these processes as soon as is practical. Many restoration companies are on call 24 hours a day (be sure to keep all receipts for restoration work). Once you’ve done everything you can to protect your property from further damage, you can begin to gather records or receipts for items that were lost or damaged. If you rent the space you occupy, a copy of your lease may be needed. If your business is going to be closed for a period of time due to the loss, begin gathering your income records. You will not need these items to report your claim, but they will be required as the claim process moves forward.
Suffering a property loss is never easy; it affects you emotionally, physically and economically. Having a plan of attack will keep you focused on solving the challenges and assist in getting your business back to normal. Nothing can totally prepare you, but knowing what to do can ease the trauma and eliminate stumbling blocks.
If you have any questions on what to do after a loss occurs, contact your specialized insurance agent. Hopefully, you won’t ever need to employ these steps – but it’s always best to be prepared. ■
