Knowing When to File an Insurance Claim for Your Small Business


Small businesses deal with a lot of different situations and, if you’re trying to work out the details of what it is that you need to accomplish, you will find that there are a lot of ways that you can work things out. How can you be sure that you’re going about it in a way that makes sense and that will benefit you in the long run?

Knowing When to File a Small Business Insurance Claim is a big deal and you want to be sure that you’re going about it the right way so that you can get the most for your efforts. When should you file a claim? Here are some guidelines that you want to try and stay within.

When the Cost of Taking Care of the Issue Exceeds Your Deductible

If you have a deductable that you’re going to have to pay before your insurance claim would kick in, you want to be aware of what that cash amount is going to be. A small claim that would end up costing you less than your deductable is not worth claiming at all, and you may as well just cover it out of pocket. Larger claims that include multiple issues and problems are better to claim – you will likely still have to pay the deductible, but the rest of the issue will be covered by the insurance policy and the company that you’re working with.

If the Business Needs to Relocate Temporarily During Repairs

When to File a Small Business Insurance ClaimTemporary relocation

Temporary relocation is common when a lot of damage has been sustained in or around your business location.  If you need to relocate, the costs can be astronomical, especially if you need to rent or deal with storage. Relocation due to damage should be covered by your insurance, and so you want to be sure to file a claim so that you can get some help with it.

When You’re Dealing with Any Revenue Loss

Revenue loss is a big deal for a business, and it could be what brings it down entirely. If you’re losing any amount of money as a result of the damages sustained at your business, you may be eligible to get a claim to make up for some of it. Insurance companies want to be sure that you stay in business, because it helps them to stay in business as well.

Take a look at what it is that you may need to do and work out details with your insurance company. As you determine what your next steps are and if a claim is necessary, you will notice that there really are a lot of things that you want to be sure that you keep in mind here. Look closely at what you want to do and work out the information that makes the most sense for your circumstances. When all is said and done, you can make a solid choice and keep moving forward.