October 28, 2021

How to Prepare for a Property Loss

Nobody wants to have a loss of course, but you need to be ready. Here are six things to do right now, while you’re safe and sound with no immediate threats out there:

  1. Anticipate the kind of loss you might sustain. Which business units are at risk, how will those units respond to an event and how they can quickly and efficiently resume operation either in place or off-site?
  2. Create a Loss Adjustment Team. Generally, it is helpful to identify the parties involved in advance of the loss. This means identifying an adjuster in advance and any other consultants that may be useful such as an engineer, construction consultant or accountant.
  3. Understand Your Coverage. Carefully look at your coverage. Then, if you have any questions or concerns, call us to review it with you as well. The time to reconcile matters like this is now, prior to a loss.
  4. Secure Important Documents: financial records, inventory records, appraisals, building drawings, etc. can all be critical to the adjustment process. If you have paper documents make sure they are properly secured in a fire-proofed location or, better yet, stored off-site. Make sure your electronic records are secure and backed-up.
  5. Identify Key Points of Contact. Who are the key players in your organization in sales, operations, accounting and finance, warehousing, and risk management? Your plan should ensure that the entire team can interact efficiently and effectively with leadership during the aftermath of the loss and with the adjuster.
  6. Contact us. We want to help.

Article Courtesy of SmartsPublishing.com