3 Steps for Estimating the Cost of a Fire at Your Business

11/1/2021 (Permalink)

3 Steps for Estimating the Cost of a Business Fire

When your Slaughterville, OK, commercial building is affected by a fire, taking the first steps toward assessing the damage can be difficult. From structural issues to lost equipment and inventory, creating a repair and restoration estimate often includes many factors. However, there are a few steps you can take to approximate the total cost of the damage so you can begin the process of rebuilding your business.

1. Get Help From Your Insurance Company

Contacting your insurance company as soon as possible after a commercial fire can not only be key in getting your claim processed efficiently, it may also help you with your cost estimation. Agents, inspectors, and adjusters have the experience and tools to help you calculate the value of your property and equipment, the extent of the destruction, and what it might cost to hire a fire damage and restoration company to repair your building. This support may help you estimate expenses more efficiently.

2. Include Inventory Losses

If you own a retail shop and much of your inventory was lost in the blaze, it is important to add the total value of these items to your estimation. This includes both stored and displayed stock, so you may want to review your records before you add the sum to the cost of the damage. If some of your inventory can be restored for resale, you can include this expense in your estimated cost as well.

3. Calculate Mitigation and Repair Costs

Once a commercial fire is out, you may be facing mitigation costs that include the hiring of a tarp service to cover a damaged roof and retaining a plumber to repair water lines destroyed in the blaze. Mitigation may prevent further problems with the building, but you may want to discuss the cost of these services with company representatives beforehand.

Creating a damage estimate after a fire at your Slaughterville, OK, business can be a stressful experience. However, knowing which costs to include and how to calculate them may give you peace of mind and help you take the first steps toward rebuilding your company.