After disaster strikes, most people find themselves in a fog. They can’t believe the business they worked so hard to build has been ruined. In this state, it can be hard to focus on your next step but you have to. If you wait too long after disaster strikes, you may run out of time to claim damages.
Statute of Limitations
The statute of limitations for insurance claims can vary from state to state, but in Massachusetts it is two years. This means that if you do not file your claim within two years, you are not legally entitled to receive any compensation from your insurance company. It does not matter that you had a policy or that you made your payments on time. You will receive nothing.
What to Do Following Property Damage Incidents
Property damage can happen in many ways, with burglary, water damage, and wind damage being the most common. Regardless of the cause, after your property has been damaged, you should waste no time in taking action. Here are the steps you should take as soon as possible to ensure that you get your claim processed before the statute of limitations is up.
Contact a Public Insurance Adjuster
First, you should contact a public insurance adjuster. They are very similar to the insurance adjuster employed by your insurance company with one key difference, they’re on your side. They know all of the ins and outs of insurance claims, and will know exactly what damage you can be compensated for and for how much. They will negotiate with your insurance company to ensure that you receive as much compensation as possible. The value of hiring a public insurance adjuster can not be overstated.
Assess Your Damage
You need to assess the damage done to your property. This means everything that was damaged, no matter how small. Something that looks like a small crack could actually be thousands of dollars in structural damage. Make sure you take your time and find every single piece of damage. Anything left out of your claim will not be covered.
Contact Your Business Insurance Company
Contact your business insurance company as soon as possible. This will get the claim process started. They will ask for details about the incident and exactly what damage your business sustained during it. If you have hired a public insurance adjuster, they will handle most of the communication with your insurance company after your initial contact.
Document the Damage
Do not underestimate the value of documentation. Take high-quality pictures or videos of all damage. This will serve as indisputable proof of the damage that was caused. Having this proof will not only make the claims process easier, but also much faster. It will be hard for your insurance company to argue when you have evidence showing exactly what the damage entails. If damage was caused by vandalism or another illegal act, you should also contact the authorities. They will provide you with a report that will also document the damage.
How Long Does It Take to Receive a Claim?
Massachusetts does not have a designated time frame for settling insurance claims. However, insurance companies are required to settle claims in a reasonable and prompt manner. In general, you should expect to receive funds from your insurance within 40 days of making your claim. Of course, it can take longer if the damage is extensive or your insurance company disputes if the damage is covered under your policy. It can also take longer if your company is processing a surge in claims. With 33.2 million small businesses in the United States, it’s easy to see how insurance companies can become overwhelmed. Hiring a public insurance adjuster will go a long way towards expediting the process and receiving your claim as soon as possible.
Protecting Against Future Damage
Take the disaster you have experienced as a learning opportunity. If the damage was caused by vandalism or another illegal act, consider increasing your security measures. Better lighting and cameras in the area where it happened can go a long way in preventing future damage. If damage was caused by a natural disaster, consider making improvements to make your property more resistant. For example, installing storm shutters or reinforcing walls that were damaged by high winds. Of course, if there was any damage that was not covered in your policy, the best thing you can do is to obtain a more robust policy. This will ensure that if this damage occurs again, it will at least be covered by your insurance.
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