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Protecting your business should always be a top priority, so purchasing commercial insurance is necessary. Although the objective is to prevent damage to your company and employees or visitors, having the policy could save you money, time, and stress. The purpose is to remain in business, benefit from your investment, and not go bankrupt from claims. Once you select the best commercial policy for your business, you need to learn more about it, including the most appropriate times to file claims.
Injured Employees
Business injury rates increase yearly, making commercial insurance necessary for most companies. Although some accidents can result in few or no issues, including injuries, more significant incidents can lead to injured employees and other damages. Illnesses can also occur due to the working environment, resulting in sick workers who need financial assistance for healthcare and recovery time off.
To avoid lawsuits and various liabilities, you should provide the ill or injured worker with a claim form as soon as you’re informed of the incident. Afterward, reach out to your insurance company to learn about the next appropriate steps.
Fires & Damaging Weather Conditions
Thunderstorms, fires, and other conditions could damage essential equipment or cause your building to shut down, preventing continuing operations. When this happens, you must file a business insurance claim immediately. However, the terms of your policy typically determine if and when the interruption coverage will go into effect for the business and how long it will last. Regardless, having business insurance coverage and filing a claim are necessary in the event there are large losses and significant business interruption.
Theft
Trespasses and forced entries often lead to more extensive business claims than most people would expect. This is because burglaries frequently involve more than stolen items or money from commercial properties. In many cases, the thieves break windows, locks, and doors to gain entry, preventing the business from locking up properly and resulting in the need for new doors and other modes of access.
Stolen items from the robbery could also stop or limit your company from performing daily work, leading you to shut down the business until the damage is fixed. Filing a claim is the best step to getting your company up and running safely and securely.
Water Damage
This issue can lead to severe commercial property destruction and stop your company’s operations. Water damage could result from leaking roofs, overflowing toilets, faulty water heaters, an improperly working HVAC system, sewer backups, or defective machinery.
The type of incident typically determines the damage and the amount of claims filed. For example, roof and toilet issues are generally responsible for more business insurance claims than sewer damage. Monitoring the equipment, pipelines, and other systems and assets in your building could lower the risk of water damage and prevent you from filing an insurance claim in the future.
Business owners need to make sure they protect their companies and employees by purchasing the right insurance coverage. For affordable, reliable business insurance as well as homeowners, renters, motorcycle, and auto insurance San Diego, residents should call on the trustworthy professionals at Altra Insurance Services. Reach out to us today at (619) 404-6311 to learn how we can satisfy all your insurance needs.