Propel provides innovative insurance solutions to thousands of companies across the country. We make it our business to know your world inside and out.
Disaster Preparedness, Insights, Risk Management
Property Claims – The Inevitable Part of Doing Business
Complex needs at the time of a property claim require planning, and this plan should direct proactive actions based on segments of disaster preparedness, such as weather patterns in areas of operations and trending of most property claims such as fire, wind, or flooding. Planned actions before, during, and after, and knowing what to do and when throughout the process can assist in avoiding common pitfalls, disrupting business, and avoiding a stall in the claims process.
Assuming it will happen and conducting risk and vulnerability assessments routinely will be the foundation of developing responsive teams and effective communication channels.
Before anything happens:
- Understand your policies and what triggers coverage for each.
- Review the disaster plan annually and make revisions for quick actions. Update the shared partner’s agreement or contact numbers.
- Review the plan for a power outage, emergency transportation, food, and water supplies.
- Back up files routinely and keep records as if there will be a claim filed.
- Take photos of all sections of operations, including grounds, structures, and details of rooms and furnishings, including all technical equipment, as routine inventory.
- Know the value of what is in place and keep receipts for any recent upgrades to the structure, laundry and kitchen equipment, or major decor changes.
- Vet some of the local vendors before you need them, and keep in mind that if a major weather event occurs in the area, vendor response may be triaged.
- Consider a contingency plan a necessity for a successful recovery of operation.
- Know how to file a claim and who to call and plan the notification and be prepared with detailed documentation of the loss.
In the event:
- Document with video or photos of damaged areas.
- Mitigate your damages if possible and make any temporary repairs necessary for business continuation.
- If water damage, turn off water to affected areas, take pictures and/or videos, and clean up excess water.
- Notify a remediation company to help extract to prevent mold.
- Keep a record of all expenses.
- Report the damage to your Propel claims team.
- Standard claims phone number 844-776-7352 or online.
- Additional Catastrophic Events guidance and resources can be found on Propel’s Catastrophic Events page.
After it is all over:
- Communicate to all essential parties any delay in operations or when completely back to business.
- Reestablish supply chains and vendor relationships if any were on hold.
- Review all expenses associated with claim’s excess operational costs.
- Learn from any missteps in the process, such as communication channels, asset records keeping, and disaster and contingency preparedness and planning.
- Review the current insurance coverages and plan for the future.
The selected resources are:
- Vulnerability Analysis Worksheet: This tool will assist with identifying high-probability events for which your business needs to be prepared.
- Guide to Navigating Commercial Property Claims: This resource is a quick reference guide that introduces the commercial property claims process, the roles of agency and carrier, and recommendations before, during, and after a loss.
- Business Continuity Planning: This template will assist in identifying the most vulnerable parts of your company and outlining a plan to recover from business interruption. It includes a Business Continuity Policy and pairs with the Business Continuity Planning Toolkit.
