The #1 question is “Will you make more money in the long run by getting back in business faster?” The answer is always yes. Of course, you pay for insurance to cover catastrophic events, that’s what it is for. But moving quickly and giving a little to get a little will put you back to making money the way you know how. And you might just catch a competitor slipping in the process.
The idea is simple. A catastrophie hits, let it be a tornado, hurricane, whatever. Your business is a victim. It’s a race at this point. Get on the phone with the insurance company, get the adjuster out there immediately. In business, everything is negotiable, so when the adjuster gets out there, begin the negotiations. Push the process, push the agent, and push the insurance company. The reason for all of this is your business will be back up and running while your competitor is still waiting to hear from the insurance company. Therefore, you might just grab a few of their clients since you are back up and running.
Below is an article from Risk and Insurance that tells a story of this situation.