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Making an insurance claim for your business.

Taking the mystery out of filing a business insurance claim.

If you’ve never had to submit an insurance claim for your business before,

you might be wondering exactly how it all works. We’d like to help you get

a better understanding by taking you through the process step by step.

You’ve experienced a loss. Now what?

The most important thing to do immediately after a loss is call your insurer so the claims team can start their investigation. This way it’s easier to remember what happened and, depending on the situation, speak with any witnesses before they change their mind.

TIP: Make a detailed list of all items that were damaged or lost. If possible, include any receipts, original invoices (or other proof of ownership) along with photos or videos.

Reporting the claim

A claims handler (also called an “adjuster”) will now begin the investigation by gathering information to assess the exposure.

An insurance adjuster investigates your claim and determines the amount of loss or damages covered by your insurance policy.

Investigating your claim

They may ask for photos, police reports and other documents as well. After reviewing your policy, the handler will let you know what to do next and whether the loss is covered. Experts such as appraisers, engineers, lawyers, and accountants might help with the investigation as well.

TIP: Keep all of your documentation, correspondence, photos etc. in one place and have them handy in case you need to provide them during the investigation.

Reviewing your claim

Your claims adjuster will review your situation, the estimated costs to repair or replace damaged property and determine how much of your claim can be paid out based on your insurance policy.

TIP: Unless you need to prevent further damage or increase safety, avoid making any repairs until you’re advised to do so by your insurer.

Finding vendors

Your insurance company will likely provide you with a list of preferred vendors to help with any repairs. You’re not obligated to use these vendors – however, it can save you a lot of searching time.

TIP: Vendors chosen by your insurance company were selected based on the high quality of workmanship, their reputation and financial stability.

What if there are injuries?

If you or any of your employees, customers or vendors were injured as a result of the event, you’ll be assigned a specialist claims adjuster with expertise in medical benefits.

TIP: Be sure to fully document the incident including what happened, who was there, where and when. Take dated photos of the conditions where the injuries occurred.

What we mean by “deductible”…

There are certain expenses you need to pay out-of-pocket before you can expect payment from your insurer. These expenses are your “deductible”.

TIP: While increasing your deductible amount will lower your monthly premiums, do so with caution. If a loss occurs, you need to be sure you have the funds available to cover replacement or repair.

Let’s talk money

Once repairs have been completed and any lost or damaged items have been replaced, your insurance company will either pay any invoices on your behalf or provide you with a lump sum amount. The amount of time it takes to receive payment will depend on the complexity and severity of your situation.

TIP: Your bank (or other financial providers) may be included as a payee on your settlement. Be sure to notify your claims adjuster of any parties who might have a financial interest in your business or business property. or business property.

How will your claim affect your premium?

Whether or not your premium increases after you file a claim really depends on your insurance provider, on your specific situation, on your past claims history and any other number of factors.

The best thing to do is speak with your insurance representative.

TIP – Find tons of valuable tips on protecting your business on the Northbridge Insurance blog. http://www.nbins.com/blog/

Prevention: The key to avoiding future claims

Many business insurance claims can be avoided by having good risk and loss prevention strategies. Regular reviews of potential exposures to your business and business property, along with educating your employees on how to stay safe and prevent loss can go a long way in preventing claims from happening in the first place.

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