8 Essential Steps to Take When Making an Insurance Claim

If you’re a small business owner, chances are, you have the appropriate business insurance in place.

However, you wouldn’t be alone in hoping that you’ll never actually need to use that insurance. But, with business ownership comes risk, and with risk comes the chance that you might eventually need to make an insurance claim. However, in the event something does go wrong and you do need to make a claim, working through these eight simple steps with your insurance broker will make the process a lot smoother and less stressful. In this article, we’ve outlined eight essential steps to take when making an insurance claim to make your life that little bit easier.

1. Make Sure You’re Covered with the Right Insurance Policy to Begin With

First of all, If you’re well prepared and you have the correct insurance policies in place, making an insurance claim through your broker should be a simple process. This means that the first essential step in making an insurance claim is doing the research and speaking to your insurance broker about policies. More specifically, policies that will best suit your businesses unique set of needs, long before you ever need to make a claim. Plus, it’s important for you to understand the exclusions and excesses that will be applicable for your insurance policy. So, in the event you need to make a claim, you won’t find yourself searching for the cash to cover any unexpected costs.

2. Take Charge and Handle any Events That Come Your Way

However, what if in the event something does go wrong and your business does experience a loss? Take our advice, take whatever steps are necessary to prevent any further losses or property damage (allowing it doesn’t put you or your staff at risk). This in turn, could include evacuating the premises or calling emergency services, such as the fire brigade, police or ambulance. At this critical stage, you might also need to investigate what’s happened.

3. Give Your Insurance Broker a Call

At this point, this is where having an insurance broker really comes in handy. When you need to make a claim, all you’ll have to do is notify your insurance broker that you have suffered a loss or damage and request support. From there, they’ll get the claim process started on your behalf.

4. Get Your Documentation in Order

During the claims process, you’ll need to disclose any facts related to the event and share any relevant information. This may involve a police report, any expenses incurred, invoices or any photographs of the damage and etc. Also, we recommend you keep copies of any important documentation in the cloud, so in the event of a flood or fire, you will still have access to your important paperwork.

5. Think About What Needs to be Done to Get Your Business Up and Running Again

While your insurance broker is working behind the scenes to get your business up and running again from a financial perspective, there’s a good chance you’ll also need to take some necessary ‘clean-up’ steps before business can return to normal. Now, this might involve a physical clean-up in the aftermath of a natural disaster or repairing any office equipment after a cyber attack.

6. Be Realistic About Any Resulting Financial Strain

Any set-backs can put a financial strain on your business. This could be due to staff wages needing to be paid even though they’re not working after the event. Or, from a lack of funds coming in while you work to get your business up and running again. Next, talk to your insurance broker to find out if you’re protected with business interruption insurance, or about what options are available to you in terms of receiving the money from your claim. For instance, progress payments might be available.

7. Speak to Your Broker About Any Claims Hold-Ups

Unfortunately, not all insurance claims are a straightforward matter. If there are any issues, your insurance broker will have the knowledge and connections to help escalate the matter and work towards achieving a positive outcome. If you have any concerns about the progress of your claim, let your broker know. They can help you understand the matter at hand and keep you updated on the resolution progress.

8. Get Back to Business

Once you’re back on your feet, contact your insurance broker to review your policies and make sure everything is in good order for the future. Don’t have an insurance broker? Contact F.D Beck Insurance Brokers today!