6 ADJUSTINGTODAY.COM claim process understand and are prepared to follow your claims management plan. Have all of your communications flow through the designated claim manager. Let your claim manager interact for you. Carefully control access to the premises. Be sure to document activities on a log and maintain accurate records. Keep a separate “loss account” for loss-related expenses. After assessing the potential scope of damage, set up a postloss business plan to protect your market. (It’s surprising how fast your competitors will try to secure a better position!) Notify your customers, banks and suppliers of the loss, and prepare a public relations program to protect your market position. You’ll need to let everyone know you’re still around! Integrate your claims program with other business operations, including all temporary repair activities. Remember that property damage, business interruption and the business recovery plan are all tied together. Too many managers expect the insurance company to tell them what to do to save their business. Make decisions that are best for the survival of your business. This point cannot be emphasized enough. You must make the prudent business decisions necessary for your recovery. The insurance company is responsible for producing the financial solutions provided under your policy; it is not responsible for running your company for you. While the insurance settlement is very important, it could be many months down the road. Explore extra expense coverage with your broker. It can provide reimbursement for many business recovery expenses not normally allowed under standard business interruption coverage. Extra Evaluating Your Policy Preloss • Select a broker who understands your business. • Make sure that you understand the terminology used in the policy. • Understand the valuation clauses of your insurance policy — and don’t rely solely on historical records for valuations. • Do you need business interruption coverage? • Every two years revisit your policy to adjust for inflation and your company’s growth. • Be aware of inventories that fluctuate widely from period to period. • Consider factors associated with pollution and its cleanup. • Be aware of coinsurance requirements that lead to a penalty at the time of a loss. • Does your business need brands and labels coverage to protect against your company’s damaged goods being sold on the open market? • Who is responsible for coverage of leased items? • What is the impact beyond the insured premises — on suppliers, customers, or other business locations? • Do you need ordinance or law coverage? • Consider the services of a professional loss consultant to represent you.
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