As a business owner, you are not alone if you make mistakes when filing real estate insurance claims Austin TX. Although some are innocent mistakes, they can have serious consequences. Payment can be delayed because of an error. Some claims are even denied.
Consider these three mistakes and try avoiding them if you need to file a claim.
1. Waiting to Notify Your Insurance Company
Immediately notifying your insurer after a loss or accident is very important when the event is potentially covered under your policy. Generally, insurance claims are easier to adjust when evidence to a loss or accident is fresh.
Witness memories fade over time. Physical evidence gets lost for a number of reasons. You want to make sure the insurer has everything they need to make an equitable decision on your claim.
2. Throwing Out Damaged Property
It is tempting to throw out property that gets damaged by a natural disaster or fire. You want to get back to business as quickly as possible. However, it is better to leave everything where it is until the adjuster inspects it. Otherwise, valuable evidence will get loss.
Also keep in mind that you are obligated to protect any property that is covered under a commercial property insurance policy from further damage. If a windstorm blows a hole in the roof of your commercial property, you must protect the roof from further damage. Throwing it out is not an option. Instead, you must use a tarp or something similar to cover it.
3. Accepting Fault
Do not admit liability just because a person or their property suffers damage in a building you own. It is possible that circumstances leading up to the accident are not what you think.
Another reason to hold off claiming responsibility is the injured party might decide to file a claim against you or your business. Accepting liability might hurt your insurer’s ability to defend the claim.
Your responsibility for having insurance coverage extends beyond making timely premium payments. Make sure you meet other obligations required to have successful real estate insurance claims Austin TX. Doing so improves your chances of getting a fair resolution.