The bad news? Your business has just suffered a loss. The good news? You’re covered for it. But did you realise the way your claim is managed can still have a big influence on the final outcome for your business?
While it’s undoubtedly a stressful and disruptive time, it’s worth knowing there are some key things you and your business should do – especially in the immediate aftermath of the loss occurring.
Simple steps can make a big difference.
Regardless of the type of loss or policy, taking a few basic steps can make a huge difference to the efficiency and success of most claims. Seemingly simple things can be easily overlooked in the heat of the moment. For example, promptly reporting the incident to emergency services and insurers, carefully documenting the details of what has actually happened and even just reading the ‘How to Claim’ section of your PDS can all save you a tremendous amount of time and hassle in the long run.
Gather as much detail as possible.
Take photos and videos of any damage. Get accurate contact details of witnesses and other affected parties. Write down exactly what happened as best you can. Ask for copies of any police or emergency services reports. Basically, the more information you have to help demonstrate what’s happened, the less room there will be for any confusion with your insurer and their assessors. It can also make a big difference to the length of time it takes for your claim to be processed.
Let your adviser know.
If you have an insurance adviser such as an Insurance Advisernet Authorised Representative (and we strongly recommend you do if you don’t already), one of the first things you should do is let them know what’s happened. They will be a huge asset for you at a difficult time. It’s their job to understand your policy and help you navigate the claims process relating to it. The sooner you get in touch to let them know what’s happened, the sooner they’ll be able to start guiding you through the process to ensure the best possible outcome, not to mentioned the smoothest.