Did you know that Nebraska, Colorado, and Wyoming are known to have the most hailstorms? Did you also know that hail causes an average of nearly $1.3 billion in property damage each year, plus tens of millions of dollars in crop damage? Hence, regardless of whether your business is in the high-risk hail zones or not, you should still protect your business with commercial hail insurance. After all, hailstones can cause devastation to your business in just a few minutes. Hence, here is a guide to help you with commercial hail insurance claims for your business.
Understand Your Commercial Hail Insurance
The first step to maximizing your commercial hail claim is to understand your insurance policy. As every commercial hail insurance differs from each other, you need to know how exactly how hail losses are covered for your policy and what particular steps you need to follow next. If you are unsure, check with your commercial hail insurance provider and ask all the questions you need.
Getting an Independent Assessment
While your commercial hail insurance company may provide you with their personnel for estimates and assessments of your hail damages, you should still get an independent assessment. After all, it is possible that your commercial hail insurance will quote you a lower price to save claim costs. Thus, get an independent assessment to ensure that all the damages to your business are thoroughly and professionally assessed and recorded.
Document All Your Business’ Losses
While this may sound obvious now, it is a common mistake that you may find yourself unconsciously making. After all, you are likely to be so stressed and worried about the damages of hail that you are unable to properly document all your losses. Thus, you should remind yourself to document all your business losses in an organized manner, to ensure you do not miss anything out. How can you do so? First, take pictures of all your damaged items. Next, organize them in an itemized spreadsheet of each item, and include their price, date of purchase, and serial number. In addition, take a walkthrough video of your business property to show insurers the extent of the damage at-a-glance.
Reporting Hail Damage Promptly
One common mistake people make is reporting hail damages too late. When they do so, they can significantly slow down the claiming process, and can even cause them to be unable to claim for certain damages. Hence, now that you have fully documented every loss, you need to report these hail damages promptly. While you do not have to file a claim immediately, it is recommended for you to notify your insurer of storm damage within the first day or two. In addition, check with your insurer if they need a physical or written copy of the claim for your records.