When business owners endure a loss due to damage, accident, crime, or liability, they must file an insurance claim to help cover monetary losses. Insurance coverage protects businesses against common risk factors. There are various policies to file a claim against, including general liability, commercial property, workers’ compensation, and commercial auto insurance.
Business Insurance Claim Checklist
A business insurance claim informs your insurer of the loss or damage you’ve suffered and requests compensation for the loss, if it’s covered by your policy. Your insurance provider will investigate your claim and if approved, they will issue a payment to you or the affected third-party, on your behalf. Understanding how to properly file your business insurance claim can make the process of collecting your money smoother and get business operations back to normal as soon as possible.
Make a Plan
It is always best to plan ahead if you can, as being prepared can help you file a claim quicker and more accurately. Be aware of what you will be asked for in the event of an accident or disaster, such as taking photos to record damage.
Consider installing surveillance equipment to have video evidence in case theft or vandalism occurs on the business property. Ask for reporting forms from your insurer to have them handy in case you need to file a claim. Don’t forget to train employees on how to use them.
If a catastrophe takes place that requires an insurance claim, be sure to collect evidence that you can provide your insurer. Take photos that capture the damages and note those who were present to witness the incident so they can offer a testimony. Also, take a thorough inventory of everything that is now damaged, ruined or missing.
File a Report
If you’re filing a claim related to a car accident or theft, or a crime that occurred on your business’s property, contact your local police to file a police report. Many insurance companies require a police report to file a claim for a crime-related or or multi-vehicle accident.
Contact your Insurer
Reach out to your insurer to notify them of the situation and so they can discuss details of the incident you’re reporting and explain the next steps. They can assist in filling out and submitting the claims form.
Once the claim has been filed, you will likely be assigned an adjuster within a few days. This individual will investigate your claim to determine the level of liability that is agreeable and appropriate for your case. The adjuster will also require you to prove the loss and offer supporting evidence, such as photos or videos.
If it is up to you if you want to inquire about estimates for professional repairs. For instance, if your business building has been damaged by a storm or fire, you can contact a contractor to assess the damage and estimate the repair costs. Or if a work vehicle has been damaged in an accident, you can have it checked by a reputable mechanic for an estimated repair cost. It is recommended to get at least two quotes, as these services may greatly help with proving your claim.
About Thayer Innes and Freeman Bunting Insurance Agencies
At Thayer-Innes Insurance Agency and Freeman Bunting Insurance Agency, we strive to provide comprehensive insurance solutions to support Ann Arbor homeowners. Our homeowners’ policies can be tailored to meet your specific risk exposures and provides much more coverage than a traditional policy, giving you the peace of mind you deserve. For more information about our products, contact us today at (855) 395-6316.