You hope it never happens, but sometimes things go wrong. You’ve been hit with a loss.
What’s next? Who do you reach out to first? What are your obligations? Losses are stressful, but they shouldn’t be confusing. You have your claims professionals to lean on as you regroup and recover your business operations. They can walk you through the crucial steps that follow.
It’s important to know how to file insurance claims so that your business isn't caught paying for damages it would otherwise be insured for.
Disasters can sometimes hit your business. Here are some things to remember the next time you’re caught filing an insurance claim, to ensure your business receives all the coverage it needs.
Reporting insurance claims after too much time has passed allows room for additional damages to be incurred on your property, which may not be related to the incident you’re reporting, which is what your insurance company will be willing to pay . The faster you report your incident, the faster your insurance paperwork will be filed, the insurance company can begin and finish its investigation, and the police can evaluate the situation if needed. Additionally, if your delay prejudices the insurance company’s review, the company may be able to deny your claim outright.
It can be tempting to pick up a hammer and make some quick repairs to your workspace so that you can get back to work. Before you take any steps to repair the damage to your property, make sure to photograph the evidence of these damages, so that you can use it as proof to back up your claim at a later date.
Make a list of damaged inventory and equipment, repair costs and lost hours of work time that occurred as a result of the incident. When applicable, have an outside authority audit the damages to your property to be used as further support for your insurance claim.
Insurance policies are not all made equal – be sure to examine yours to make sure you’re aware of any conditions, requirements, loopholes or clauses that could potentially limit the amount of coverage you receive.
Stay in contact with your claims adjuster, so that you can shoot him any questions you have as you go through the process of filing your claim and make the best and most informed decisions you can in your situation.
Remember, damage can happen to any business owner. The best thing you can do to prepare your business is to have an insurance policy that covers potential future expenses and the know-how to use those policies to your advantage.
Every claim is different, and although the claims process can vary slightly according to the situation, your adjuster will devote the time and attention it takes to resolve your particular case.
Forum Insurance is committed to ensuring every claim is handled as fairly, professionally and as carefully as possible. If you run into questions or concerns during the claims process, you can always contact us on our website or by phone on 0208 909 2899 to get the answers you’re looking for.