As much as we’d like it to be, life isn’t very predictable. Every now and then, chance decides to throw us a fast one and whisks our plans and routines into the air! This is why insurance exists. While no one wants to have to claim on their business insurance, it’s a distinct possibility you have to be prepared for. Here are a few tips to make sure you come out in the best way possible, no matter what life throws at your company.
Before the Loss
Long before there’s any kind of trouble which could constitute an insurance claim, there are certain steps you can take to ensure your claims process goes smoothly. If it’s been a while, dig out your policy, and go through it thoroughly, familiarizing yourself with everything that you’re covered for and every scenario where you’ll be on your own. You may find that you’re not covered for something you really should be, or that you’re paying for insurance you’ll probably never need. It’s also important to create a copy of the policy and store it in an off-site, secure location. This will give you a safety net in case of a fire, server crash or another disaster.
When Disaster Strikes
Regardless of the nature of the loss, you need to address it as soon as possible, as even minor delays can drag the claims process out horribly. If you’re the victim of theft, cybercrime, or any other illegal activity, get in contact with the police immediately and file a report. With most other scenarios, such as needing to file a commercial hail insurance claim to compensate for property damage, you’ll be fine to go straight to your insurer and start the claim process. If your claiming for damage to your business premises or any other property, it’s also essential that you take clear photos as soon as possible, and certainly before you interfere with it at all. It’s also important to keep your own claims file, and avoid leaning too heavily on your insurer for maintaining records. Finally, shop around and get multiple bids for replacing or repairing your losses. This will give you a guideline for what’s fair in the way of compensation.
After you’ve filed the claim and got a response, you’re not quite out of the woods. You still need to talk to your insurer to ensure you get everything you’re entitled to. If you’ve got interruption coverage, and your business has been out of action for a long period of time due to the incident, then it’s important to look into the claims process for recovering any income you lost during your downtime. If you need repairs and replacements to happen immediately, a lot of insurers will recognize this need, and will be happy to provide an advance so you can get things back to normal. Just make sure that what you’re getting really is an advance, and not a final settlement.
With solid preparation, and a careful, proactive approach to claims, your insurance solutions will really work for you.