Fires in Colorado
While it isn’t common, fire damage is a risk to be aware of as an owner of commercial property.
In Colorado, especially in the foothills and mountain areas, wildfires can claim entire properties with little warning. Human error or issues with the building’s internal systems (electrical, HVAC, etc.) can also be the culprits of building fires.
Having the right commercial insurance in place and knowing the steps to take after fire damage could save time and money for you and your business.
What to Do After Fire Damage
If your commercial property experiences fire damage, be sure to follow these steps to resolve the issue as quickly as possible:
- Assess the Damage: If it is safe to do so, assess the fire damage and take as many photos as possible to document.
- Reach Out to a Restoration Company: As an expert in the field, your insurance professional can recommend reputable restoration contractors you can contact to start the repair process.
- Contact Your Insurance Agent: The most crucial step is contacting your insurance company. Your agent will partner with you to help manage all of the following steps.
- Review Business Insurance Coverage: If your property is severely damaged, a business insurance policy will help cover any losses associated with halting company activity.
- Collect Business Records: As part of the claims process, business records that show the cost of damaged equipment, lost inventory, and income generated will help with the valuation of the property as a whole.
- Keep Track of All Expenses: Throughout the entire process, it’s crucial to keep track of all expenses associated with the damage and repair, as this will affect the claim amount.
Is Your Coverage Up to Date?
If you need clarification on your commercial property coverage or business interruption insurance, please reach out to Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont to discuss your options.
We give out $25 gift cards for referrals that become our insurance clients.
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