How To File A Business Insurance Claim

Imagine your company growing and enjoying its claim-free years, but then a loss occurs unexpectedly.

How will you deal with it? Do you know anything about filing a business insurance claim for your company? Do you know how to prevent committing a mistake while claim filing?

Now, managing a business insurance claim has 3 steps you may want to have a look at:

1. Planning

The most critical part of the risk management is probably planning. Business owners must have a disaster plan to have everything in place. Employees have to be trained on how to properly report a claim.

You might want to note these tips down to help you with planning:

Cameras

Cameras can help you gather records of certain events. Even a small video or picture may help in providing the facts that were written in your claim. Try placing a camera in every company vechile you own. Also, consider giving digital cameras in the shipping and receiving department, where your managers, foreman, and clerks are. Teach your employees how or when to use them properly.

Moreover, getting security cameras placed in the entrances and exits of the building, parking areas, and other places can help in recording crimes committed by theives. If it’s possible for you, try buying cameras that hold digital record for 30 days at least.

Uniform Written Reporting Forms

For reporting major incidents and accidents, try uniform documents. You can get standard forms from an insider or agent. It would be easier for you to get them if you already know a trusted agent.

Keep the forms available to the employees, once you obtain them and teach them about using the forms carefully.

Mock Drills Test

Try testing the disaster plan through the staging mock disaster drills. It may help you a lot in your disaster plan. Although, if this option doesn't go well, you have other options as well.

Regulatory Compliance

Make sure the disaster plan has safety regulations made by federal or state agencies, even including OSHA.

2. Reporting

As a common rule, you should inform your insurer of any claims or incidents that occur – as soon as possible, to fulfill the requirements for coverage in a commercial insurance policy. Therefore, you must report incidents such as weather damage, auto accidents, third-party injuries, thefts, and fires to the insurer as soon as practicable.

Report to Law Enforcement

You should report any property incidents that occur, even including crimes to law enforcement. A lot of policies that manage commerical property or even auto physical damage state that you should report any theft losses straight to the police.

Contact Your Insurance Professional

Your broker or agent must elaborate your claim submission process. She or he will gather all the important information from you and then start preparing your claim form. The claim form is sent directly to your insurer. If you want, you can ask your agent about the timeline on your claim process. The agent will explain how to get in touch with the insurer’s claim department and how to get help from there.

Contact Your Insurer

When the isurer gets the claim form, your claim to an adjuster will be assigned. In case you're wondering who the adjuster might be, they can be an employee of your insurer or either an independent contractor. Try contacting your adjuster under 72 hours (afterwards filling the claim) for a quick check-in. Odds are, the adjuster will ask for a proof of loss from you.

After you send your adjuster the whole completed claim form, try to send any relevant videos or photos along with it as well.

Contact Professionals to Assess

You need to contact experts that can help you in repairing the damage. A lot of companies postpone repairs that are badly needed. Don't make this huge mistake. You might be able to get your business on the go, if you start the repairs on the tight time. Try getting an estimate of the overall repair cost as soon as possible. Try to get 3 or 2 estimates from successful contractors.

Contact Competent Legal Counsel

Hire a lawyer that has a vast knowledge in insurance to start preparing a claims package to show your insurer. The reason why you should hire a lawyer with experience in insurance is because they might be able to assist you in the claims process.

Contact Competent Accounting Assistance

Try getting a forensic accountant in case you're filing your business income claim. The accountant will help you in preparing the documents you want in ordered to file the claim.

 3. Follow Up

When you've reported the loss to your insurer, make sure to start doing quick follow-up calls with your adjuster that was assigned to your business’ claim. As for the information, the adjuster will keep informing you about the claim’s progress. In case weeks have gone by, and you haven't even heard a single word from the adjuster, try calling them to ask about the progress.

Consider marking the calendar to call the adjuster on certain dates, and try sticking to the schedule as much as possible. When dealing or talking to the adjuster, be kind but more assertive. If you're not okay with the adjuster’s response, ask the broker or the agent to step in and assist you. They may play an important part in helping you resolve the claim.