What is Business Interruption Insurance and Should You Have It?

10/5/2022 (Permalink)

Business interruption insurance (BI) is a type of insurance that covers your business when it’s unable to operate due to a covered event.

What is Business Interruption Insurance and Should You Have It?

It doesn't matter how large or small your business is, you always want to be prepared for the worst-case scenario when it comes to a fire in your business. When it comes to fire damage in your business, there's no telling what kind of financial impact it will have on your bottom line. Before fire even breaks out, you should consider business interruption insurance. 

Business Interruption Insurance Coverage

Business interruption insurance (BI) is a type of insurance that covers your business when it’s unable to operate due to a covered event. Business interruption coverage typically only applies after the initial phase of damage repair and may include:

• Losses that occur during the time period when the insured is not able to conduct business activities at their normal location because of fire, vandalism, or another insured peril that causes physical damage to premises;
• Losses resulting from loss of use, rental income, lost profits, and additional expenses incurred as a result of relocation for an extended period; and
• Costs associated with maintaining employees’ jobs during the temporary closure.

You Need Business Interruption Insurance

As a business owner, you are probably aware that your company has certain risks. You need to take precautions and make sure that you have coverage in case something goes wrong. Business interruption insurance is a policy that covers revenue loss due to fire, natural disasters, and other events that can damage your property or shut down operations for an extended period of time.

If you have fire damage on your property and your business location has been rendered unusable, this type of coverage will help pay expenses like temporary space rental until repairs are made at your original location or lost revenue if it becomes necessary to close permanently until repairs are made.

Fire damage is a terrible thing for any business owner. It can be hard to keep things going when all of your equipment and products have been destroyed. That’s why it’s important that you have business interruption insurance. With this kind of insurance, you can pay someone else to take care of your business while you recover from the loss caused by fire damage or other disasters. Whether it’s rebuilding or just getting back on track, having coverage will help ease some of the stress associated with these situations so that you can focus on what really matters: rebuilding your livelihood!

After Disaster, Call SERVPRO of Tri Cities West/Franklin County

Call SERVPRO of Tri Cities West/Franklin County for fire, water, or storm damage restoration in your business. We are the best choice for restoration work in your area, and we work with all major insurance carriers.

SERVPRO has been helping families and businesses handle the effects of fire, water, and storm damage for years, so you can trust that we'll be able to help you handle your claim from start to finish. Our experts have extensive experience working with a variety of claims, so no matter what kind of loss you've experienced, we will be able to handle it quickly and efficiently.

As soon as we get your call, we'll dispatch a team with specialized equipment and training to begin working on cleaning up your fire damage problems immediately. The sooner this happens after your incident, the less likely that there will be further damage or complications down the line (which could lead to additional costs).

5 Things To Consider When Choosing a Restoration Company

5/16/2022 (Permalink)

SERVPRO is available 24 /7 to respond quickly to your emergency, including Fire damage Restoration. Call us!

5 Things To Think About When Selecting A Restoration Company

After the smoke has cleared and the soot is clean, that doesn’t necessarily mean that your Richland, WA, has received proper fire damage restoration. Lingering smokey odors, hidden mold growth and potential structural issues could still be lurking. Proper cleanup requires a professional fire restoration company. Instead of just guessing if you have picked the right one, there are five key components that are essential to making an informed decision.

1. 24/7 Availability

Fires and other disasters can happen at any time. Unfortunately, that means the unexpected may happen outside of business hours. Knowing that interruption means additional losses, ensure the service provider is always available to get the cleanup process started.

2. Licensed and Insured for Fire Damage Restoration

While a quick search may bring up many companies, not all are created equal. A professional company will gladly tout that is licensed and insured to perform the work.

3. Open Dialogue About Cleanup Processes

After a commercial fire, you deserve to have a complete understanding of how the restoration process will work, especially if it may require closing the doors during the process. The right restoration company will provide a detailed report that includes the assessed damage, and all the steps involved in getting your business back to how it was, including smoke cleanup.

4. Proven Understanding of Insurance Claims

Fire damage alone is a headache. The last thing you need is added pressure from having to juggle the cleanup and claim. An experienced cleanup provider will have a solid understanding of the insurance process. Many also have already built long-lasting relationships with insurers, helping to ensure the claims process goes faster and smoother.

5. A Solid Reputation

As a business owner, you know how important reputation is. The same should apply to any contractor hired to complete a job.

Getting your business back on track after a fire means having the fire damage restoration done by a professional. The five elements are key ways to tell if you have picked the right one.

How To Expedite the Fire Insurance Claims Process

5/6/2022 (Permalink)

If smoke and flames harm your business, filing a fire claim can get your company back up and running.

How To Quickly Handle Fire Insurance Claims

If a blaze damages your commercial property in Kennewick, WA, you will need to work hard to keep your business running. You will be busy checking inventory, calling your suppliers and updating your customers. You thus do not want to spend all of your time dealing with your insurance company as you make a fire claim. Here are some tips to expedite the claims process.

1. Secure the Premises

A fire can cause additional harm to the property once the blaze is extinguished. If the flames burned a hole in the roof, rainwater could then enter the premises and destroy your equipment. While fire restoration professionals should handle the bulk of the cleanup, you should take basic steps to cover any openings in the property and secure the windows and doors. This will mitigate further damage and reduce the remediation time.

2. Collect Records

The more quickly you provide damages estimates to your insurance provider, the earlier your fire claim will be settled. Gather any records that demonstrate how much each piece of destroyed property was worth. If you have business interruption insurance, you will also need to show proof of your company's income. You will thus need to collect financial statements and tax returns.

3. Take Photos

Ideally, you should keep all destroyed items on the premises until the insurance adjuster has had a chance to survey the fire damage. Sometimes, however, you may have to dispose of certain things in the building. Before you throw out those assets, take photos or videos of them. You can then submit these images online or give them directly to the adjuster.

If smoke and flames harm your business, filing a fire claim can get your company back up and running. The above tips should help you get reimbursed more quickly, allowing you to quickly re-open your business' doors.

3 Damage Mitigation Tips for Commercial Roof Leaks

4/6/2022 (Permalink)

A commercial roof leak can ruin insulation and lead to interior damage within a matter of hours or days.

3 Commercial Roof Leak Damage Mitigation Tips

A commercial roof leak can ruin insulation and lead to interior damage within a matter of hours or days. These mitigation tips are helpful for any leak that occurs at a building in Kennewick, WA, whether roof damage is minor or major.

1. Collect Dripping Water

A leaking roof can introduce gallons of water into a structure. Depending on the size of the breach in the roof and rapidity of flow, this accumulation may take place over time or occur suddenly. Protect the interior of a structure that is experiencing a rapid roof leak by collecting water in one or more containers. Mop buckets or trash cans that have wheels can be easier to maneuver for the purpose of extraction or dumping.

2. Tarp Over Damage

The owner of a property should contact a commercial roofing company and have an expert determine the source of a leak. If it is not possible to repair a roof leak immediately, an area with missing shingles or other damage should be tarped over until repairs take place. In addition to laying out tarp to cover the entirety of the damaged area, it is also necessary to use anchor boards to secure the covering.

3. Schedule Roof Repair

It is a good idea to repair a damaged roof sooner rather than later. Mitigation measures may temporarily serve to reduce some of the urgency, but high winds or another storm may undermine tarps and allow a leak to resume. Once the roof has been repaired, storm damage restoration can get underway in the interior of a structure rather than merely pursuing mitigation to limit the severity of damage.

It is important to act quickly and pursue mitigation as soon as a roof leak becomes apparent. Commercial building managers or owners may want to check for signs of roof damage after severe weather in [City, State].

How Restoration Companies Improve Fire Restoration Efforts

3/7/2022 (Permalink)

If your emergency occurs in the middle of the night, you need a company that is there for you. You need a company that has 24/7 services like SERVPRO.

How Restoration Companies Can Enhance Fire Restoration Efforts

In minutes, sparks can fly, quickly consuming most if not all of a commercial building. Fire crews battle the flames, attempting to control the situation and salvage what they can for owners. What happens, though, when the smoke clears and blaze dissipates? Proprietors in Kennewick, WA must face the destruction and hazards, swiftly working to secure and restore the premises. A fire restoration company is pivotal in easing the stress and burden of fire cleanup. The establishment is a customer's one-stop-shop for repair and insurance aid.

1. Around the Clock Response

Like much in life, disasters happen at the worst times, usually when most people are home sleeping. Commercial owners cannot afford to sit and wait for help with a fire rebuild; instead, they require assistance at the moment, even if it's in the middle of the night. Vendors such as SERVPRO understand this need, so they maintain a call line and an emergency crew, capable of working with proprietors at any point in the day and any day of the week.

2. Project Management From Start to Finish

Returning the space to normal isn't simple. It's a complex process that involves numerous parties and efforts. A fire restoration crew has a project manager that coordinates everything. Proprietors won't have to keep up with multiple numbers and companies. Insurers rely on one place to provide information and documentation.

During fire cleanup, this relationship is invaluable. Owners and insurers must expect to take care of all of the following stages:

• Board up windows, doors and holes
• Tarp weak areas of the roof
• Extract moisture left from the fire hose
• Eliminate smoke odor
• Assess for mold and mildew
• Tear out structurally damaged materials
• Clean the air units
• Scrub walls and floors
• Perform content cleaning
• Replace ruined structures

3. Invaluable Experience

Because so much is looked at with rebuilding services, owners and insurers benefit from collaborating with knowledgeable staff. With IICRC certification to meet national standards, both parties can feel good about sanitizing the property.

Fire restoration is a sophisticated, systematic effort. With the assistance of a professional group, owners are reassured that issues are handled correctly and timely.

What You Should Know About Flood Damage as a Tenant

2/8/2022 (Permalink)

The tenant is responsible for any personal items that were damaged in a flood, but renter’s insurance will cover the cost of replacing those items.

As A Tenant, Here's What You Should Know About Flood Damage

When a storm or flood affects the home you’re renting in Kennewick, WA, it’s easy to feel overwhelmed. However, knowing what renter’s insurance will and will not cover can help to eliminate some of the stress that comes with the restoration process.

1. Landlords Can Help Prepare for Floods

Mitigating the amount of damage that a flood can cause can help to protect your home. Before a storm or flood occurs, the landlord of a property can often take steps to prevent major damage from occurring, such as using tarps on roofs and boarding up windows. Additionally, your landlord can provide you with important information about how to evacuate if it becomes unsafe to stay in your home.

2. Tenants Cover Property Losses

Although it’s helpful to move important items, such as legal documents or items of sentimental value, in waterproof containers before a storm or flood, you may not have much warning before a flood occurs. As a result, valuable items may become damaged. The tenant is responsible for any personal items that were damaged in a flood, but renter’s insurance will cover the cost of replacing those items. It can be helpful to document the damage so your insurance company can give you fair compensation.

3. Landlords Cover Structural Damage

While the tenants’ insurance coverage will cover the cost of personal property damage, the landlord is responsible for fixing any structural damage that occurs as the result of a storm or flood. Structural damage can include damage to your home’s roof, pipes and more. However, if your items become damaged as a result of structural damage, you as the tenant are still responsible for replacing those personal belongings.

As a tenant, it can be useful to know that landlords can help to prepare you and your home for floods and storms; it’s also useful to know what your renter’s insurance will and won’t cover. If your home has been affected by flooding, it may be helpful to contact water damage restoration experts.