Commercial Claims Checklist You just suffered serious damage to your business and you are wondering what to do next.

Knowing everything you possibly can about the “fine print” of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. What you say to your insurance company’s adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results.

Review the bullet points below. Make sure you fully understand the meaning of each one before you move forward.

Feel free to reach out to us for a no-cost discussion of your claim.

• Is there coinsurance in your policy?
  • If there is, what does it mean?
  • If there is, did your insurance adjuster tell you? If not, why not?
  • How is coinsurance calculated: on replacement cost or actual cash value?
  • Properly managing coinsurance can prevent disaster. Not properly managing coinsurance can put you out of business!
• What is your broker/agent’s role?
  • Will he/she be adjusting the claim?
  • How many claims has he/she handled?
  • Will his/her role be active or passive?
  • When faced with supporting your position or the insurance company’s, where will he/she stand?
• Know what these forms/practices are and what their request/issuance is telegraphing:
  • Request for a Proof of Loss.
  • Reservation of Rights letter.
  • Request for an Examination Under Oath.
  • A Subrogation Agreement
  • A Salvage Agreement
• Are you entitled to an advance from the insurance company? How much is reasonable?
• Replacement properties. Lease purchase strategy. Is it good for you?
• How is actual cash value determined? Why should you care?.
• Asbestos and lead containing materials can have a major impact on your claim. Make sure they are addressed properly to avoid future liability issues.
• Is it always beneficial for your building/property to be considered a “total loss?” If not, why not?
• Is the insurance company using an independent building or equipment consultant to prepare a bid? Who are these consultants? Who are they working for? Do they only work for insurance companies?
• Can you do the repairs yourself?
  • Are you entitled to the profit that a contractor would typically charge?
  • Are you entitled to the overhead that a contractor would typically charge?
• Replacing your building versus cashing out. What are the benefits? The pitfalls?
• Do you have to replace on the same site? Can you buy or build elsewhere?
• Can you collect code coverage allowances if you build elsewhere?
• How quickly can you get started rebuilding?
• Equipment warranties: How do repairs affect them? Do repairs shorten the anticipated life of your machinery? Can you get compensated?
• What is the difference between a schedule of values and a schedule of coverages?
• Peak season endorsements and/or extensions. How they really work.
• Salvage. Who gets paid? Who gets the salvage?
• How is the deductible applied?
• If you have multiple polices, how is the claim adjusted?
• Does the insurance company pay for professionals necessary to evaluate your claim?
• Will the insurance company pay for a construction manager?
• Is there coverage for your employees’ personal property?
• Is there coverage for your customers’ property?
• Hazardous materials such as asbestos and lead can be expensive to address. You want to make sure your insurance carrier does not cut corners when addressing this issue.
• Warranties and Protective Safeguard requirements. What do they mean? What if you are not in full compliance? Can you still collect?
• Code Upgrade coverage is very important when rebuilding after a fire. How does your coverage address code coverage? Green building upgrades? If your coverage is limited, is there anything you can do about it?
• The insurance company is engaging a forensic accountant.
  • What is his/her role?
  • Why you can’t just have your accountant prepare your claim.
  • What is the harm in sharing your financial statements?
  • Are you required to produce your tax returns?
  • Can you recast your financial statements? If so, why?
• What are expediting expenses? How do they differ from extra expenses?
• What are extra expenses? What can be in included?
• How do you project lost sales? What about new products? Sales declines?
• Developing a game plan that allows your business to partially resume at another location, and having the insurance company indemnify you for the cost of the move and any additional expenses to outfit the new location.

For decades, business owners facing property damage have turned to Great Plains Adjusters International to help them rebuild their businesses. As public adjusters, we work for you, advocating on your behalf, and never for insurance companies.

Would you go to court without a lawyer? Or run a business without an accountant? Recovering from a disaster can be difficult and overwhelming. Add to this a complex insurance policy with vague language, coverage questions, and the need to prove every detail of your loss to the insurance company. It soon becomes clear that you could use experts at your side.

Public adjusters are the only category of insurance adjuster who work exclusively for you, the policyholder. With a staff that includes licensed public adjusters, building estimators, inventory specialists, attorneys and accountants, we have the resources and expertise to help you get everything you are owed under the terms of your insurance policy. We bring local knowledge and a strong commitment to personalized client service to each and every property insurance claim.