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business insurance claim

How to File a Business Insurance Claim

Being a small business owners is challenging. Even the best laid plans often go awry. And when they do your insurance policies are there to help protect you. It may be unfortunate if someone gets hurt, you fall victim to a cyber attack, or your property gets flooded. Having the right insurance coverage is the first step in helping to protect all of your hard work. But, when accidents do happen, what do you do? When should you file a claim? How do you file a claim? While it may seem simple, it’s not always obvious.

The Most Common Claims

These are some of the most incidents that result in a claim. They are:

  • Burglary and Theft
  • Water and freezing damage
  • Wind and hail damage
  • Customer slips and falls
  • Fires

When to File a Claim

You should file a claim as soon as possible after the incident. When the claim is not filed right away, you may experience a delay in receiving funds. You should also contact law enforcement as soon as you can, if applicable.

How the Claims Process Works:

  1. Contact law enforcement or other emergency services

It may seem obvious, but if someone is injured or there is danger around, call you emergency services. The first thing is to make sure everyone is safe.

  1. Contact your insurance agent

You will need them to provide details to the situation to support your claim. Your insurance agent will help you get any paperwork in order to start the claims process.

  1. Work with the Adjuster

An adjuster is someone who is assigned by the insurance company to assess the claim. They will verify what happened and help settle the situation. They may also provide advice on what to do next.

  1. Repair the Damage

Don’t delays critical repairs to your business! These can often prevent further damage and business interruption. Get a few repair cost quotes before proceeding on repairs. That way you can compare your options.

  1. Take measures to make the workplace safer

Taking precaution and installing safety measures may prevent loss in the first place. However, after you file a claim, it’s a good idea to reassess your company’s safety features and protocol. You should inform your employees of best safety practices. These are a few examples on ways to boost office safety:

  • Install video surveillance cameras
  • Practice evacuation plans
  • Practice consistent reporting and thorough documentation
  • Adhere to laws and regulations

 

When Not to File a Claim

There may be a situation where you may not to file a claim with your insurance. Here are a few reasons why you may wish to withhold filing a claim:

  • The damage of the incident is less than the cost of your deductible.
  • The claim could increase your insurance rates.

If you make too many claims and they occur too frequently, you could be seen as a liability

  • The incident occurred because of your own negligence.

For instance, if you were supposed to maintain a piece of equipment, but you did not and it causes damage, your insurance may not cover it. That

Before you decide against filing a claim, talk to your insurance agent. They can guide you in the right direction. Though filing a claim might be a tedious task, it could end up saving your business!

 

Taking precaution before an incident happens is always the best solution. But not all incidents are preventable. These are the basic steps to filing a business insurance claim. Having the right coverage could mean life or death of your business.

Call an Encharter agent today at 888.754.8299 to discuss claims and your business!

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