Any kind of disaster at you work premises can have a disastrous and catastrophic effect on your business but fire can be absolutely devastating – but what can you do to ensure the financial impact on your business is minimized? The obvious answer is to ensure that you have adequate insurance in place. Most people would think this would be enough and that you would get adequate financial compensation for your losses – unfortunately this is not always the case.
Following a fire at your business premises there are going to be a multitude of problems to address – the fire may have damaged, stock and premises. There is going to be an immense amount of work in putting all the necessary plans into action, all of this alongside the fire insurance claim. Many businesses assume that the insurance company will take control of the all the issue surrounding the claim, but in actuality this is something you will be dealing with yourself.
The insurance company will appoint a loss adjuster to deal with your claim – but like their name suggest they are there to adjust the claim. The insurance company is a business like any other and making money is paramount on their mind. The loss adjuster (whilst working in line with the law) will try and ensure that the insurance company pays out as little as possible.
So how can you combat this when you have little knowledge or expertise in the area of insurance claims?
When the phrases insurance loss assessor is thrown around it is usually in the same breath as loss adjuster which results in may people thinking that they are one and the same – that they carry out the same job. In fact the insurance loss assessor will be employed by your company to act on your behalf and they will carry out all the tasks that you would have had to take on if you were dealing the fire insurance claim. Because the insurance loss assessor is working for you they will have your interests in mind and will be working with the loss adjuster and insurance company to ensure that you get the best possible financial outcome.
The expertise that an insurance loss assessor brings the table is crucial for giving your business a stable future – many businesses fold within the first year and a half after a major disaster at the workplace, be it fire, flood, earthquake or similar. You owe it to your company and your employees that this doesn’t happen to you.