Frustration rings out and tension is mounting for those affected by the Oil disaster in the Gulf of Mexico. Industries have halted and hands are reaching out, ready to recoup their losses. Do you blame them? BP has already guaranteed the Federal Government $20 billion dollars to compensate businesses affected and to fund the environmental cleanup.But how accessible is that money to the local fisherman who is trying to find a way to feed his family? What do governments and business owners need to provide to receive their claim?
The state of Florida has received $17 million dollars in property claims so far and volunteers are emerging to assist business owners with this process. However, this is only the beginning. Many small business owners along the coast of Florida currently may not have oil in direct sight, nor do they have tourists in sight, slowly bringing some businesses to a close.
The oil spill is having a "multiplier effect" on vacation property owners, charter boats, and restaurant owners among others, with customers canceling contracts, says Carmen Sunda, the director of the Louisiana Small Business Development Center in the Greater New Orleans area. Also, local and state government agencies are experiencing an increasing overflow of documents in relation to the BP oil spill. This unfortunate disaster could be worsened if businesses and local and state officials do not implement the proper document storage and record keeping strategies.
The Challenge
Depending on your industry, in order to file a claim to BP, you must provide accurate documentation. In some cases, there may be years that go by until processed claims are complete, and the reimbursement distributed. It is quite possible this process could require years of tracking invoices, financial documents, and stringent record keeping, depending on how long it takes BP to process your claim. With all of these important documents to hang on to, you must find an effective method to manage these documents and keep them immediately accessible for when you need them.
Where can businesses begin?
Take advantage of online document management systems. You have already encountered the worst environmental disaster in history, be sure to avoid what could potentially become the worst claim and reimbursement process in history.
Due to poor record keeping and the loss of supporting documents, BP may not approve your claim. So far, BP is doing their part in setting up claim offices and contact centers for those directly affected. BP will most likely pay most of the claims, but clear, visible, well organized documentation must be provided.
Don’t let time and memory interfere with your claim. Use an easy and affordable tool that will provide a single, secure online location to store and manage documents providing fast access and easy retrieval when you need it.
Contact DocuVantage for assistance on how you can begin tracking your claim documentation. Call (866) 367-3467 ext. 1.