Unexpected occurrences like accidents and disasters often expose businesses to financial losses. Business owners can avoid such exposure by investing in insurance coverage. Commercial property insurance is among the vital policies businesses must carry to protect the enterprise’s physical assets.
Common accidents or disasters that can occur in your business include:
- Damage from bad weather like storms or hail
- Fires torching valuable business equipment and premises
- Building collapsing
- Floods destroying inventory and commercial equipment
- Vandalism resulting in ruined business property and financial loss
Accidents on your commercial property can ruin and bankrupt your business. While your commercial property coverage can prevent the situation from worsening, you should act fast in the aftermath. Here are some things you can do when there is an accident on your commercial property:
Get To Safety
Regardless of the magnitude of the disaster or accident at your business, your responsibility is to keep everyone safe. Get your employees and any patrons within the establishment to safety. This helps avoid further injury or loss of life due to the accident.
In case of falling buildings, fires, and floods, get everyone to a safe space away from danger. Other accidents like slips and falls within the building or vandalism might not require that you evacuate the building. Use your best judgment to determine the level of danger your employees and customers might be in by staying within the premises and acting accordingly.
Report the Accident
Before any rescue attempts, you should report the accident to the police and relevant enforcing authorities. Reporting accidents in commercial spaces is a legal requirement to maintain proper records of the risk and investigate its cause. The police keep a formal entry of the case facts that can help in any future cases involving insurance claims. Accident records increase your chances of winning cases since all details about the accident are captured accurately.
Besides the police, you should reach out to your insurer and inform them of the accident. Your insurer will often have someone on the ground in no time to record facts about the accident.
Seek Medical Attention Where Necessary
After reporting your accident, police and other first respondents will reach the accident scene quickly. Medical personnel are among the first respondents to help treat any injuries. On-site medical assistance involves first-aid treatment and checking up on accident victims.
The emergency medical service providers will determine whether you need additional treatment. Go for a medical check-up as soon as possible to rule out any negative effects the accident might have had on you.
Review the Terms of Your Policy
Now that everyone’s safety is accounted for, you should determine how to get compensated for your business’s commercial property damage. Your commercial property policy should cater to any repair or replacement expenses. Depending on the type of damage resulting from the accident, you might get more compensation according to your policy’s terms.
Review your policy terms with your insurer for full insight into how any losses will be covered. Determine what risk exposures are excluded from your policy and if they are covered under other policies you might have.
Common events that commercial property policies cover include:
- Natural disasters
- Criminal activity
- Accidents not attributable to owner negligence and employee errors
- Equipment breakdown
Policy terms are specific, so they will list any limits to inventory or business property values that your insurer covers. Comprehensive policies often cover business interruption, allowing you compensation for lost revenue during the period you may remain out of business.
Work With Your Insurer Throughout Inspections
Before you can get compensated, insurers send adjustors to investigate the cause of your accident. This process is a formality to rule out any negligence or errors that might have resulted in the disaster. Supporting the investigations and inspections helps hasten the process, granting you quick access to compensation.
Inspection reports help you create better measures in the future to prevent previous accidents from reoccurring. Your insurer will also advise on any other policies you might need considering emerging issues and new risks.
Get the Most Out of Your Commercial Property Insurance
Businesses require extensive cash outlay to start and maintain, so you must protect the assets from risks to prevent losses. Investing in commercial property insurance can help protect your business’s physical assets in the event of an accident. Your coverage will minimize risk exposure and keep your business running smoothly.