When you purchase small business insurance, you hope to never need to file a claim. However, if a disaster strikes Wellesley, or just your business, do you know how to file a claim and receive your benefits when you need them most? Being prepared for this situation will help you get your business back on its feet as quickly as possible.

Using Your Small Business Insurance in a Crisis in Wellesley and Beyond

Whether it’s a devastating fire, a tornado, or a cyber attack, there are many ways your business could be destroyed. Hopefully you already have small business insurance in place to help you restore your property and keep your business open while you’re making repairs. However, if you don’t know how to use your insurance, you could be mired in paperwork and claims for months before you finally receive the payments that will allow you to move forward.

1. Know your policy.

Part of using your policy is knowing what it does – and does not – cover. You should have already discussed with your local agent what the most common risks to your business in the Wellesley area are, and have the policy written to cover these risks. Being familiar with your coverage can save you a lot of headaches when disaster strikes.

2. Take inventory.

The more proof you have of your property and its value, the faster claims can be processed. Regularly inventory all major equipment, including serial numbers. Keep receipts for major purchases. Photographs of your property, office space, and equipment are also helpful.

3. Store a copy of your small business insurance policy offsite.

If your entire office is destroyed by fire, you don’t want your only copy of your policy and property records to be in the building. In a broader sense, if Wellesley is hit by a tornado, you may have the bad luck to have your office and a local offsite location (such as the local bank) both be hit at the same time. You should always keep a copy of your information in another location, preferably one unlikely to hit by the same disaster. Cloud storage for electronic records can provide access anywhere.

4. Know your agent’s number.

When a disaster strikes, your local insurance agent is there to help you file a claim for prompt payment. Your agent can guide you through the process to ensure everything is done correctly the first time. Make sure that the agent’s number is readily available in your phone, whether you are able to access the office or not.

5. Document the damage.

Before you even begin to clean up after a disaster, make sure all the damage is documented. This will allow the insurance company to examine the evidence without you having to wait to start salvaging what you can.

6. Keep your policy up to date.

The best defense is a good offense. Set up regular meetings with your insurance agent to go over any changes to your business so that your policy stays up to date. The sooner you fill coverage gaps that arise, the more prepared and protected you will be in case a disaster strikes.

You pay for your small business insurance policy so that when something happens you can quickly get your business on the road to recover. However, if you’re not prepared when a disaster strikes the Wellesley area in general, or your business in particular, you may have trouble filing your claim and getting the insurance benefits you’re entitled to. Advance preparation is key to getting the most out of your insurance when you need it.

This material is for informational purposes only.  All statements herein are subject to the provision, exclusions and conditions of the applicable policy.  For an actual description of all coverages, terms and conditions, refer to the insurance policy.