Disasters strike without warning. A fire, flood, or sudden break-in can devastate your small business operations overnight. When the worst happens, your immediate instinct is to contact your insurance provider to get your company back on its feet as quickly as possible. Filing a commercial insurance claim requires undeniable proof of what you lost. Grabbing your smartphone and recording a detailed video walkthrough of your business can save you countless hours of frustration.
The Power of Visual Proof for Insurance Claims
Insurance companies heavily rely on hard evidence to process and approve claims. Written lists and spreadsheets are helpful starting points, but they often leave room for interpretation, doubt, and lengthy investigations. Video evidence removes that ambiguity entirely.
Speed Up the Payout Process
Having clear, high-quality video proof helps claims adjusters verify your specific losses quickly. Instead of hunting down faded receipts or arguing about the existence of specific tools, you can simply share your recorded file. Providing immediate visual evidence drastically cuts down the back-and-forth communication. This efficiency gets the settlement money into your bank account much faster, allowing you to begin repairs and reopen your doors.
Prevent Disputes Over Asset Value
Insurance adjusters frequently look at the depreciation of lost items. If you claim a high-end commercial espresso machine was destroyed, the insurer might assume it was an older, heavily worn model. A clear video showing the brand, make, model, and excellent physical condition of your equipment proves its true market value. You give the adjuster no room to unfairly devalue your essential business assets.
How to Film a Comprehensive Business Inventory
Creating an effective video inventory requires a bit of strategic planning. You want to capture enough detail so nothing is left to question by the claims department. Follow these steps to document your property accurately.
Start with the Exterior and Layout
Begin filming outside your building. Record the business signage, windows, and the overall exterior condition of the property. As you walk inside, slowly pan your camera across each room to establish the floor plan and general layout. This opening footage gives the insurance company a clear context regarding where specific items were located before the damage occurred.
Document Fixtures and Heavy Equipment
Walk directly up to your major business assets. Record the serial numbers, brand names, and model numbers of all heavy equipment, computers, and specialized machinery. Open storage cabinets, film your desk setups, and capture any custom built-in fixtures. Speak clearly into your phone's microphone while filming. Describe the items verbally, mentioning when you purchased them and roughly how much they cost. Audio commentary adds an extra layer of valuable context.
Capture Your Current Inventory
If you sell physical goods, thoroughly film your stockroom, warehouse shelves, and retail display racks. You do not need to count every single item on camera. However, you should clearly show the general volume of products you keep on hand. Open bulk boxes and pull items forward so the camera easily catches the manufacturer labels and barcodes.
Best Practices For Storing Your Video
Recording the video is only the first step of the process. You must store the digital file safely so you can easily access it immediately after a disaster. Keeping the only copy on a laptop sitting on your office desk is extremely risky. If a fire or flood destroys the building, your crucial video evidence disappears with it. Upload the video file to a secure cloud storage service right away. You should also email a copy of the video to yourself or a trusted business partner. Finally, make it a habit to update this video every six months, or whenever you purchase significant new equipment for your business.
Since 2005, Quikstone Capital Solutions has been a trusted advisor to thousands of merchants. Quikstone provides these merchants with easy, fast, and flexible working capital for all their business needs. If you need cash for your business, contact us today. We have only one goal: to help your business succeed.
