Jack frost will arrive in the New Year with 2 to 4 inches of snow in the triad area. From putting down salt on the roads and making sure the roofs are fully insulated, most residents have prepared their homes and cars for the snow and ice damages. Home-based business owners tend to overlook the housekeeping needed to protect them from losses that could occur from the snow and ice.
Below are some key points to consider if you have a home-based business:
1. Know your “Business Owner’s Policy” – Don’t just sign the dotted line without knowing what’s covered and the exclusions. If you have an exclusion that you feel is needed, be direct with your agent and let them know you need an add-on to your policy or you may have to shop around. This will save you the headaches if you need to make a claim in the future.
2. Before the storm- Keep records of receipts of merchandise and all items needed to operate your home-based business electronically. This way if there is a claim you will have proof of purchase of what was damaged.
3. Document and video all property that is damaged due to the snow or ice. Match this up with your electronic log of receipts and you will become an insurance adjuster’s best friend.
4. Keep Away signs- If you normally have clients come to your home, make sure that you give specific warning signs or block off walk ways that look unsafe to prevent them from having an accident. Possibly, meet clients virtually instead of in person while there is snow and ice on the ground.
5. Money Blues- Have documentation ready for income loss due to the damages. This is separate from the merchandise loss expense. This is solely the profit loss you will have from damages of the snow or ice storm. An example, would be someone with an online store, and couldn’t fulfill the orders due to the damage. You would keep record of all the orders you had to cancel and present it to your insurance company to recover the income loss.