Have you ever involved in an accident? Do you any idea that you could file insurance for the accident you experienced? Did you know that your business can be protected by business insurance?
When filing for a business insurance claim, where do you begin? Here are the do’s and don’ts of the commercial insurance claim process.
Following these suggestions will give you the peace of mind you need amidst problem
DO’s
1. Plan ahead
The plan for business insurance claims must include the procedures for documenting damage for insurance purposes. For example, in a natural disaster, designate specific employees to document damage in each affected area.
In order to do this, the company should train the employees on what to capture during these events. There should be a uniform incident report form when it’s to document – it should be detailed as much as possible. The disaster preparedness-training regimen should include as well the proper use of document reports.
2. Document the incident carefully and thoroughly
The documentation must contain all necessary information as well as photographs as evidence. Ensure to have a list of all damaged equipment and leave the incident scene as intact as possible. Any compromised items and stuff should be kept on hand until any representative from an insurance company conducted an inspection.
After that, you should create a claim form file containing all of the photographs, communications with the insurer and other supporting materials. Make double or triple copies you submit.
3. Notify your insurance company
Do this as soon as is possible – right after an accident. If you fail to inform the insurance company in a timely manner, it could be a ground for denial of your claim. You can have a good chance of getting your claim if you inform the insurance company about the details of what happened.
4. Ask for an advance
A lot of business insurance companies write an advance check to help the start of any repairs or assist the injured staff on the property, minimizing the consequences along the way. Ensure that both sides understand that there’s an advance being granted on the eventual settlement. And it should be out in writing.
5. Gather the contact information of other people involved in the incident
These contact information include name, complete address, active telephone number, email address and insurance information. The people involved may include the driver, witnesses, and other people involved in the accident.
6. Consult a professional lawyer
The best chance to get a business insurance claim you deserve is to consult a lawyer. You should talk to professional and experienced personal injury lawyer so that he or she can handle the claims properly.
7. Read and understand the insurance policy
It’s vital to know the policy from start to end. In doing this, you will be aware of what your policy do and don’t cover.
DON’TS
1. Admitting fault
After the incident, you may be in shock or confused about what happened. You may think you know everything but keep in mind that further investigation can uncover the more and different set of details.
Admitting your fault right away is a bad thing because you could be wrong after all. You may also cost yourself the chance at a claim for compensation when the investigation is over and the injuries were caused by someone else.
2. Postponing the response
It’s vital to report any incident leading to insurance claims right away. Your insurance company must be notified as soon as possible to avoid a negative impact on the processing of your claim. Keep the insurance company in the loop.
3. Negotiating directly with people involved in the incident
An individual who is involved in an incident is not capable of giving proper value to the claim. As someone who is under a bad situation, you must submit your claim to the insurance company. There are governing laws that should be followed when undergoing the claim process.
You will get the claim you deserve when you cooperate with the insurance company compared to dealing directly with the person who caused the incident. But most of all, it’s best to have your lawyer do the negotiations on your behalf.
4. Accept verbal promises or assurances
Verbal communication including assurances from the person who caused the problem should not be accepted. All details pertaining to the incident must be on paper. In this way, you can get a favourable settlement as quickly as possible.
5. Signing any settlement documents without consulting a lawyer first
If you sign a settlement or cash a check, it means that it will be the end of your claim without knowing that you could have more. So, it’s important to talk to your lawyer before signing anything.
Your lawyer helps in finding out whether the settlement offer is fair and whether you might have a claim for additional expenses.
