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​How to simplify a business insurance claim

  • Blog
  • 05 April 2017

Business insurance is essential for peace of mind. It’s a matter of better to have and not need, than to need and not have.

Of course we hope that we will never need our insurance. If we do, however, making a claim can cause more stress than the actual incident.

Whether it’s for a breakage or business interruption, these general guidelines could help alleviate the panic of dealing with both the situation giving rise to the claim, and the actual claims process.

How to simplify an insurance claim

Make an assessment

Review the damage. Document damaged equipment and lost productivity hours. Get an independent assessment done by an outside agency if you feel it’s necessary, and get an initial or full assessment of the repair costs.

You also need to consider if the excess and possible increase in the cost of your insurance premium will make it worth the claim. Unless it’s a vehicular accident that requires you, by law, to report the accident, if the cost of making the repair is less that the potential costs of a claim, you might decide to forego claiming.

Act quickly

Make sure that everyone in your business know to report anything that could require you to claim to you immediately or as soon as reasonably possible.

Check that the incident is covered by your policy and ensure that you comply with any specific conditions set out in the policy terms. Don’t be tempted to make any alterations to the situation order to allow work to continue. Leave everything as it is, if it is safe to do so. If the incident needs to be reported to the police, do so immediately.

Report the claim to your insurance company immediately. Leaving too much time between the incident and reporting leaves room for additional damage which could affect your claim. The sooner you kick off the process the quicker the wheels will begin turning to get the situation resolved.

Manage the situation

Check with your insurance company what you can do to minimise loss, and make sure that they approve of any emergency action you take.

Document the evidence and keep thorough records of the claim, including any communication that occurs after the incident, between yourself and your insurer or anyone else involved.

Make sure you complete the claim form as thoroughly as possible. While the insurance company will ask for further information if needed to help their assessment, it’s best to have everything as complete and accurate as you are able to make it. If the insurance company asks for more details or additional information, try and comply as quickly as you can to speed up the process.

The claim

Make sure that you claim for the full scale of the loss, including temporary emergency repairs, cleaning, replacement of equipment etc.

When you submit the claim, ask your insurer for an estimate of how long the claim process will take. Be prepared to negotiate and if needs be, get independent advice along the way. This might take extra time and energy but may well be worth your while, especially for more complex claims.

Take stock

Keep a record as you go along. Review this and adjust your own procedures accordingly to prevent a similar situation occurring in future. Make sure you keep track of all the entire claims process, including all relevant paperwork.

To find out more about how you could benefit from FSB Insurance Service, get in touch with a member of the team or visit our FSB Insurance Service page.

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