When your business suffers damage or loss, you want to return your operations to normal as quickly as possible to avoid losing income. It is tempting to try to save money by managing the commercial property insurance claim yourself rather than hiring a public adjuster to oversee it your behalf. However, the team at Chanler Agency in Geneseo and Livonia, NY, say this often ends up costing businesses more money in the long run.

Below, they explain three mistakes often made by people who try to manage their own commercial property insurance claims:

• Don’t Understand the Policy: When you handle your commercial insurance claims, you serve as your company’s advocate. However, it is often difficult for nonprofessionals to understand insurance policy jargon. Failing to thoroughly understand your policy could lead to costly mistakes, such as missing a deadline or being unaware of a policy exclusion.
• Can’t Negotiate Well: Insurance adjusters want to save their companies money by keeping claim payouts to a minimum. You must protect your interests by aggressively negotiating your settlement to ensure your compensation is full and fair. Unfortunately, many people do not negotiate well, especially since the insurance adjuster has far more experience with settlement negotiation. This is a major reason why businesses often hire public claim adjusters to handle their property insurance claims.
• Didn’t Protect Property: Business insurance policies usually stipulate that business owners must take reasonable steps to protect their property from further damage following a covered incident. This could involve time-sensitive activities, such as removing undamaged items from a flooded room to prevent them from becoming moldy. If you forget to do this—or wait too long—your insurance company could accuse you of neglecting your property and refuse your claim on these items.

When you need personal or business property insurance, enlist the help of Chanler Agency. As an independent agency, they will help you find personalized plans to meet all of your insurance needs. Call (585) 243-5520 to speak to an agency representative, or visit them online for a free home or auto insurance quote.