By UNICO GROUP A commercial property loss can come without warning. Whether a fire breaks out overnight, a storm damages the roof or a pipe bursts and floods the building, the hours immediately following a loss have an outsized effect on the outcome of any insurance claim. Missteps during this period, including premature cleanup, delayed notice and poor documentation, can slow settlements, reduce payouts or, in some cases, jeopardize coverage altogether. This article provides business owners with a clear action plan for the first 24 hours after a commercial property loss. Ensure Safety First Before assessing damage or contacting the insurer, confirm the premises are safe. If the loss involves fire, structural damage or utility hazards such as a gas leak or downed electrical lines, contact emergency services before entering the building. Allow fire, police or utility personnel to clear the property before any staff, contractors or insurance representatives conduct an assessment. If the loss involves theft or vandalism, file a police report before doing anything else. Insurers routinely require a report number to open a claim for these types of losses. Notify Your Insurer and Broker Promptly Most commercial property policies require the insured to report a loss “as soon as practicable.” Prompt notice allows the insurer to investigate the loss, assess damage and begin the claims process. Delayed notice can create coverage complications and make claims more difficult to investigate. When calling the insurer’s claims line (most carriers offer 24/7 access), have the policy number, the date and time of the loss, and a brief description of the cause ready. Stick to the facts at this stage. Avoid speculating on the extent of damage or estimating repair costs before a professional assessment is completed. What to Do in the First 24 Hours After a Commercial Property Loss 15 In Touch
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