Meeting with the adjuster
The insurance company may send a claim adjuster out to inspect the damage. Cooperate fully with the adjuster.
Make temporary repairs to the property if necessary. It is important to protect the damaged property from additional damage, if possible. If immediate repairs to equipment are necessary, save the damaged parts in case the claims adjuster is interested in examining them. Save receipts for what you spend on repairs so that you can submit them to your insurance company for reimbursement.
Payments for temporary repairs are, of course, a part of the total settlement of your claim.
Get at least two bids for repair/replacement of the property. The bidding helps confirm the amount of the loss. If there is a disagreement as to the amount of the loss, give more weight to your expert(s) than to the insurers.
Keep detailed records of all documentation submitted to and received from the insurance company as well as notes from any conversations with the adjuster.
If your business is forced to close temporarily or relocate, you can file a business interruption claim, if you carry that type of coverage. To receive a claim settlement, you must be able to show your business’s net income and continuing normal operating expenses incurred, including payroll, both before and after the event that disrupted your business. Your insurer may also look at your financial records over several years to determine income. Tax filings are normally considered private records and in many states do not have to be given to the insurer.
In the event of a non-property loss claim, such as a rejected tender of a defense in a case where you have been sued, contact IC immediately as set forth in this section.
If you reach a settlement with your insurer you will be asked to sign a release. Be careful. Once you sign it, it is doubtful that you can come back for more later on.