Tips For Filing A Successful Commercial Insurance Claim

Filing a successful commercial insurance claim can be a stressful situation for many. Oftentimes, businesses simply do not have the time or resources to repeatedly file for a claim that constantly gets denied. They may also be unsure of what to do next, which can result in accepting insufficient settlements. It is crucial that you understand what your policy offers and stay in contact with your adjuster. To ensure that you are filing a claim effectively, be sure to follow the tips below for a stress-free experience next time you get hit with an unexpected loss.

Reporting the Loss

Immediately after your loss, ensure that you report it as soon as possible to your insurance company. Do not touch anything that may be unsanitary or unsafe, as this could put you and your company at risk of receiving a much lower offer than you deserve. The time between a loss and when you need to report it ranges between 15 to 30 days. Therefore, it is essential to file the claim immediately to avoid any miscommunications so that you can receive your offer as soon as possible.

Relevant Documents

Depending on the loss you have experienced, different documents are required to supplement that claim that you file. In order to make sure that your claim is processed immediately, ensure that all relevant documents are in good condition and are the copy that your insurance company requires. Be sure to keep a business inventory to make the process a lot easier. Additionally, if you have purchased anything to temporarily repair your business such as a tarp for a damaged ceiling or plywood for broken windows, ensure that you take note of all your expenses to submit with your claim as well.

Check with your Insurance Company Adjuster

After you have reported your loss, an adjuster from your insurance company will inspect your business to assess any damage. To make sure that you get a fair offer for your claim, ask the adjuster about anything you may be unsure about, such as information about what you need to do next, an estimate on how long the claim would take to process, as well as any identification for verification purposes. You should also inform the adjuster about what your business will be doing next so that they will be able to provide you with estimates for the costs of any repairs that need to be done.

Denied Claims

Despite doing all of the above, your claim may still be denied. If your claim was denied, thoroughly check through the details of your insurance policy. If you disagree with the settlement, it is best to ask your insurance company for a written explanation for the reasons for the denial of your claim. If you still do not agree even after the written explanation, you may consider hiring a public adjuster instead to help with any further negotiations with your insurance company’s adjuster. As this does come with a fee, be sure that you have enough resources to engage them after your loss.