Your business insurance policy protects you, EXCEPT for flooding from a body of water.
Talk to your insurer to find out what compensation you’re entitled to, where applicable.
Ask for a cash advance, if needed. Keep all receipts and invoices for lodging and food expenses incurred following the loss.
Water damage can take various forms: a leak in your hot water heater, a break in the water main in front of your business, which turns your garden into a pond, or the sewer backs up in your building.
Call your insurer as soon as possible if you’ve suffered water damage. He’ll ask you to describe the exact circumstances of the loss in order to establish whether your policy covers the damages. Depending on the type and extent of the insured damage, he’ll tell you what to do.
To avoid making the damage worse or endangering your health, it’s important that you take certain measures quickly:
Close gas lines and turn off the power making sure you’re not standing in water.
Remove the water that has seeped in immediately to limit the damage and protect belongings that are not damaged.
Clean the affected areas and items exposed to water.
Make a list of the items destroyed and take photos or a video to document the loss.
Unless they’re a health hazard, don’t throw out damaged items right away. Sort through them, if applicable, outside your business.
Keep invoices and vouchers for expenses incurred.
See how you can prevent water damage.