How To Submit A Business Insurance Claim
Dan Levenson February 17, 2020
If you’re a business owner or manager, understanding how to submit an insurance claim is crucial. This can be the difference between getting the money you need to get your business back on track and having your claim denied.
Although the process may vary from one insurer to another, there are certain steps that can expedite your claim and keep your business running as soon as possible. In this blog post, we will outline these steps in detail and mention a few mistakes to avoid.
Steps To Take When Submitting A Business Insurance Claim
It’s difficult to face a situation that interrupts or sets back your business. For example, if:
- A burglary results in the vandalism or stealing of specialized equipment or merchandise
- A customer or an employee gets injured on your business premise
- Hurricane, flood and other disasters render your business inaccessible.
- Electrical fire destroys your inventory, offices or equipment.
Fortunately, you can recover from these events if you’re adequately insured. So if an insured risk occurs, respond to any immediate emergency on-site then take the following steps:
File A Police Report If Necessary
If your claims incident entails criminal activity like vandalism, break-in or robbery, file a police report immediately. Record the report number and get a copy if possible.
Contact Your Insurer Immediately
It’s extremely important to contact your insurer immediately. Provide the representative with the police report number or a copy of the report.
Don’t clean up any damage before the representative from your insurer visits the site. Cleaning up can create confusion about how things really were. Fortunately, most insurance companies have a quick-response team.
Take inventory of damaged property. Create a list of the items including their model, purchase date, location, and price. Take a photo of each item and make copies to file. Don’t discard damaged items until an adjuster has inspected them.
Get Bids For Replacements And Repairs
Request bids for any replacements or repairs that you will need. Be sure to get several bids to compare pricing and quality. Ask each bidder to offer a written estimate so that you can give them to your claim adjuster.
Review Your Policy
As mentioned earlier, different companies may have different processes for submitting business insurance claims. Therefore, familiarize yourself with your insurer’s policy coverage and endorsements.
And as you do so, expect a visit from your adjuster. Make sure you have everything he/she will ask. For example, you will need a list of your inventory, copies of supporting documents like warranties, police reports, and receipts.
When your claim adjuster finally arrives, give him/her a detailed account of the incident. Tell them everything including information that you may not think is important.
After submitting your claim to your insurance company, keep copies of all the documents you provided. Remember to also store any document provided by your insurer. Also, record the names and contact details of everyone you’re in touch with throughout the claim process.
Now that you know the steps to take when submitting a business insurance claim, here are a few mistakes to avoid if you want it processed as fast as possible.
Mistakes To Avoid When Submitting A Business Insurance Claim
- Failing to contact your insurer immediately
- Not documenting the original scene before making immediate repairs to prevent further damage.
- Not storing damaged goods
- Not appealing your insurer’s damage estimate if it’s too low
- Not reading and reviewing your policy
- Offering false information
For any insurance policy, claim time is when the rubber meets the road. And knowing how to submit your claim can make the entire process smooth and stress-free. To learn more, please contact Insure Your Company to speak with one of our business insurance claim expert.