Large Loss & Business: How to Get Your Company Running Again
What exactly is a large loss? For the most part, it is exactly what it sounds like. A large loss is a term used by insurance companies to describe significant damage done to your business. These damages are often caused by fires, floods, earthquakes, or any kind of unforeseen disaster.
After experiencing a large loss, many business owners may not even know where to begin when starting up their company again. While large losses are uncommon they still happen, and even though they may be devastating, we are here to tell you that there is still hope. At Rapid Restoration, we have a properly trained emergency response team that can help you and your business. For more information, give us a call and we’ll happily answer any questions you may have.
What’s Considered a Large Loss
Large losses are determined by your insurance company. Insurance companies each have their own exact qualifying conditions that determine what a large loss is. But generally, their guidelines are as follows:
- Significant damage across a large area
- Majority of structures needs to be replaced
- Business has to be halted due to significant damage
- Complex techniques are needed for repair
If you have recently experienced a large loss, it is important to remember to call your insurance as soon as you can and begin building a plan on how to recover. In the next few paragraphs we’ll walk you through parts of the process, but it can vary on a case-by-case basis. Give us a call and our experienced team can help you with any questions you may have.
Insurance Claims
One of the first things you’ll need to do after suffering a large loss is inform your insurance company. A large loss claim is typically considered a complex insurance claim. These types of claims usually require multiple different experts, and typically have four phases:
- Prompt Need
- Information Gathered
- Investigate Loss
- Settlement
Large loss claims are more complicated than your average claim and can typically take anywhere from 9 to 12 months before you receive any kind of settlement. Coordinatingwith your insurance is the best way to achieve a successful claim.
What Does Insurance Cover
What your insurance covers depend on your insurance. When it comes to large losses they will typically cover the repair of buildings when damaged by things like fires, hurricanes, or lighting. If you aren’t exactly sure what your insurance covers, it’s always a good idea to give them a call and find out.
Here at Rapid Restoration, we can help you through the insurance process. We understand how confusing insurance can be and we want to be able to make it as easy as possible. If you don’t want to go through the trouble of dealing with the insurance company, we’d be happy to do it for you instead. All you need to do is file the claim and we can take it from there. Contact us with any questions, and we’ll be happy to help!
The Clean Up
Large losses typically mean substantial damage or complete destruction to your building, with that comes a lot of debris. The debris must be cleaned up before you can even start to consider any kind of repairs. Debris removal can be costly, especially if it has been contaminated with a hazardous substance. But fortunately, most commercial property will cover these costs if within the property limits.
If damages were caused by a fire or harsh windstorms, it’s possible that the debris may be hazardous. Examples of hazardous debris include:
- Paint
- Asbestos
- Insaulation
- Pesticides
- Gasoline
Multiple states have laws on how to clean up and dispose of hazardous debris and may require special handling. If you’re curious about what Minnesota’s laws are check out their rules here. It is important to remember to let both your insurance and the company you hire for clean up know if you think any of the debris might be hazardous.
Reconstruction
Once the debris is cleared, you can then begin to start reconstruction. When beginning to plan the reconstruction of your business, you would typically call a restoration company. Since your business is important you want to be sure to call a company with a good reputation and experience.
Here at Rapid Restoration, we have both. We understand the hassle of having to deal with insurance, clean-up crews, and reconstruction companies so that’s why we do it all! From start to finish we’ll be there to help. Our emergency response team has been thoroughly trained in proper restoration techniques and we take pride in having the experience needed to get your business back up and running again.
We understand how devastating a large loss can be, so we want to make it as painless as possible. Contact us with any questions you may have and request an estimate today!
