do
this...don’t do that Be Smart When Filing a Business Insurance Claim J
ason Kranitz, owner of Kingpin Car & Marine Audio in Wilson- ville, Ore., experienced something he wouldn’t hope on the lowliest transhipping retailer: filing an insurance claim due to a flood in his store. “Insurance companies will not
give you any detail guide what you can and cannot do,” he said. “ Tey are trying to min- imize payouts.” Here are his tips on getting through the process. DON’T sell damaged goods. If water has
touched a box with product, you cannot sell them as new even if the contents are not damaged. DO calculate all your costs, and get a
second opinion. Be sure to add shipping to the total for replacement product, and get a second opinion using your accountant for all calculations regarding loss of income. DON’T just go with the “insurance preferred contractor.” AL-
WAYS interview contractors and get at least three bids to look at. Decide which personality and quality job you want. DO protect your inventory. Insurance will pay for the costs of
moving and storing items in your facility while work is being per- formed by contractors.
DON’T let contractors set the times they want to do the work.
If you need them to come in after hours to not interrupt your busi- ness, insurance will pay the additional costs associated, since it will lower their loss of income payout. DO value YOUR time. Ask your insurance
about covering your personal time dealing with contractors, extra hours spent, and work you perform getting the space back together. As the owner you can recoup your time spent on the project. DON’T forget about marketing. Tis is a
great opportunity to pound the phones and make contact with past clients to let them know of the situation and inform them when you will be back up. You will find a large per- centage will want to purchase audio once to help out once you’re up and running.
DO ask … just to ask. Ask your insurance company about adver-
tising money to kick-start business, as well as reimbursement for employee wages in helping put the place back together. Te worst thing that could happen is you are told no.
14 Mobile Electronics January 2014
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