How To Lower Your Business Interruption Claim

1/29/2020 (Permalink)

Commercial mold growth due to water damage in Austin, TX

Here Are Some Tips on Lowering Your Claim

Good insurance coverage for your commercial property in Austin, TX, is an essential business expense. If flooding or some other disaster destroys your building, you may need to lean on your business interruption policy to stay afloat. You can probably keep your premiums lower, however, if you don't make large claims. Here are some tips on lowering your claim.

Quick Response

The first thing you need to do when you discover that a broken pipe has flooded a large portion of your work space is call water restoration experts. Technicians can often arrive within a few hours to start the steps of the remediation process:

• Assessment
  
• Extraction
  
• Drying
  
• Cleanup
  
• Restoration
  
  

You may not be able to avoid an interruption to your business. Your quick response, however, can lower costs by getting the cleanup started sooner. A faster restoration can also help you avoid secondary damage such as mold that often happens when large water damage is left too long.

Interruption Plan

Having a plan for what you will do if your building is damaged by flooding can help you minimize costs. Have a contingency plan in place and streamline the transition to it. For example, if you can figure out a feasible way to let employees temporarily work from home, that can help you avoid the cost of relocation while your building is being restored. Keeping the basics of your business operational can help you continue to bring in money, thus lowering the portion of the insurance claim that covers lost revenue. It can also help you remain competitive in your field if you don't have to shut your business down completely during remediation.
Preparation and action are the keys to lowering your business interruption claim. Even if your building is compromised by flooding, you may still be able to continue the work you do if you have a flexible plan. Quick and thorough remediation help you return to business as usual as soon as possible.