With an insurance broker in your corner, you’ll be well equipped to overcome setbacks and get back to business in the event of a claim.
In business, small setbacks all too often develop into significant, costly long-term burdens. Beyond impacting revenue, such downfalls can hinder a company’s professional reputation and threaten the livelihoods of existing employees.
By arming yourself with a suitable insurance policy, if the unexpected does happen, you’ll have the means to get back on your feet sooner.
If you find yourself in a position where you need to make a claim, there are various key steps you’ll need to take.
1. Get Advice & Get Insured
In the event of an insurance claim, you’ll be glad you invested time into finding a broker who understands your distinct business context and who, consequently, has paired you with an appropriate cover solution.
‘Insurance speak’ can be confusing to the average person; however, with a strong understanding of such jargon, your insurance professional will ensure you fully understand the implications of your policy.
By taking precautions before committing to a policy, you can rest at ease knowing that, if you do need to make a claim, the process of doing so will be relatively straightforward.
2. Manage the Event
Before lodging an insurance claim, you’ll need to manage the event at hand to prevent further damage or loss. Taking any necessary action such as evacuating the premises and assessing the causes of the issue is crucial, so long as this doesn’t jeopardise the safety of involved individuals.
3. Contact Your Insurance Professional
You’ll then need to notify your insurance broker of your circumstances and inform them that, to the best of your knowledge, such loss or damage will be covered under your policy.
Working on your behalf, your insurance professional will start taking the required measures to formally investigate and action your claim. With a strong understanding of the technicalities surrounding various policies, such as their terms and conditions or exclusions, an insurance broker can be an incredibly valuable resource for those in this position.
Those who haven’t established a relationship with an insurance broker will likely find themselves in a far more difficult situation. This is because, even if they have no prior knowledge of insurance, they will need to review their Product Disclosure Statement and assess the validity of their claim/s themselves. After doing so, if an individual believes they’re eligible, they will need to contact their insurance provider directly to pursue their claim.
4. Gather Relevant Documentation
In terms of preparing and collating relevant paperwork, your insurance broker will be invaluable.
Ensuring you have collectively completed all required paperwork to get your claim in motion, an insurance broker can speed up the overall process. They understand which information is crucial to include in an insurance claim and, because of this, can help ensure that any key details aren’t overlooked.
5. Get Your Clean-Up in Motion
If your insurance provider is locally based, they may have existing relationships with service providers who can assist you in getting back on your feet.
Whether you need help cleaning up your premises, natural disaster assistance or the like, it’s definitely worth asking your insurance broker if there’s anyone they would recommend.
6. Overcoming Financial Pressure
While your business may not be in full swing, it’s likely that numerous employees will still require wages in the weeks or months following an event. In addition to this, ongoing costs, such as bills, may place further strain on your business’ finances.
However, in some instances, your insurance broker will be in the position to organise progress payments with the insurer. This can help your business address any ongoing financial demands while your claim is being processed. Thus, it’s suggested that you confirm the conditions of your policy with your insurance broker.
7. Your Claim Has Been Processed: What Now?
Once your business is back up and running, it’s a great time to review your existing policies with your insurance broker.
If you have to make a claim, or have any queries regarding the topics discussed in this article, please with your insurance advisor.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.