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Lower Your Business Interruption Insurance Loss After Flooding

8/20/2020 (Permalink)

Financial concept meaning Business Interruption Insurance with sign on the piece of paper. Business interruption insurance will help you cover the costs of your business being closed
If the worst has happened and your business in Mission Bay, FL, has to temporarily close because of flooding, there are some steps you can take to minimize the damage. It was the responsible choice when you opened your business to purchase business interruption insurance, but it can take more time than you might expect for your policy to payout. Worse, if you don't spend that time fixing the large water damage, you may be closed for longer and incur even more losses.

Steps For a Quick Recovery

You want to get back on your feet as soon as possible after flooding has occurred. Business interruption insurance will help you cover the costs of your business being closed, but it is important to take care of large water damage as soon as possible.

1. Have an expert on hand. It is tough to know the full extent of water damage without consulting an expert. Consider outlining in your business plan a trusted expert you know you can call in case of emergency to make a full survey of damages.

2. Determine the costs of recovery. The goal is to lower your losses after your insurance pays out. Getting a clear picture of the costs involved will allow you to make a plan and greatly speed up the recovery process.

3. Get a professional to fix major issues. In the event of a major issue like a broken pipe, put your trust in a trained professional to fix it. Cutting corners will only hurt you in the long run when more issues arise.

4. Know what is necessary to fix before resuming business. You are the expert on your business, so you need to know what is necessary before business can resume. Make sure clear recovery goals are defined and met before opening again.
Water damage can be difficult to deal with, but if you tackle the problem head-on with a plan you can reopen your business quickly and minimize your losses.

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