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Filing business insurance claims

When thinking about the operation of a business, understanding how to properly file an insurance claim is typically not top of mind. It is important, however, to know how to manage business losses in addition to profits.

One aspect of managing losses is filing business insurance claims. Preparing ahead of time and following these steps can help you survive this process with your sanity intact.

Before an incident occurs, make a list of all your business assets and keep it in an easily accessible place. Keep this list current, as it will provide you with a method to determine what has been damaged, lost or stolen when filing a claim.

When you experience a business loss and need to make an insurance claim, gather all evidence as soon as possible, including pictures of damages, witness statements and receipts showing the value of the property. Review your policy to make sure you understand your coverage and don't make statements to the agent that could potentially be used to deny your claim.

Keep an accurate record of all interactions with your insurance company regarding your claim, including dates, contact people and summaries of what was discussed. Doing so will help you keep organized and protected against accusations that you have caused any delays in the process.

If a third party has been injured on your property in connection with the incident, report it to the insurance company immediately. It is very important in these circumstances not to admit fault, in case of potential lawsuits.

At any point in the claims process, it may be beneficial to consult with an experienced insurance lawyer. He or she can provide useful advice, practical guidance and mitigate any difficulties that may arise.

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