Avoid the Common Pitfalls to Make Sure Your Business Insurance Claim is Successful

Posted on May 13, 2024 | by | Posted in Insurance

Filing a claim on your business insurance might not seem like an easy task. With the additional stress most people are under in such situations, thoughts of paperwork and getting all the details right can be off-putting for many people. However, it is important to understand the key parts of the process, so that you know how to simply and easily file a claim should the need arise. If you ever have to make a business insurance claim, you will want to make sure that you have done everything you need to do from your side to receive any compensation due as soon as possible. From reviewing your policy to liaising with your insurance company, this guide will break down all you need to know to make sure your insurance claim is successful. 

Important Things to Remember for a  Smooth and Simple Insurance Claim

1 – Time is of the Essence

Most insurance companies have strict time limits on when the insured party must file a claim after an incident occurs. It is important to contact your insurance company as soon as possible to initiate the claims process. When you contact your insurance provider, you should make sure you have the following information to hand. You will need to have your policy number, the effective start date of your cover, and any other relevant information specific to your policy. Whilst contacting your insurance company in good time starts the ball rolling, it is important to consider the following points that will help your claim to be processed efficiently. The better prepared you are when you deal with your insurance company, the smoother the process will be from start to finish.

2 – Document Everything

When filing a successful insurance claim, documenting evidence is an integral part of claiming what is owed to you.  Video and photographic evidence relating to aspects of your claim will help provide the details your insurance company needs to assess everything. As well as photos and videos, it is also important to keep a record of any expenses incurred concerning your claim. These can be receipts showing anything that you have had to pay out concerning your claim. If applicable to your claim, a police report will also be strong supporting evidence to support the situation. Ensuring you have as much documentation as possible can help avoid any potential discrepancies with your insurance provider. 

3 – Understand Your Policy

Insurance policy documents are often lengthy and complicated. It is important to know what is in your policy to ensure you get the compensation you are entitled to. If you need to file a claim, reviewing your insurance policy is an important step. The better you understand your policy and what you are covered for, the more straightforward the claims process will be. Enlisting the services of a reputable insurance broker can help you make sense of your insurance policy quickly and easily. Matrix Insurance Services, a leading Perth-based insurance broker that covers the whole of Australia, can help you understand all aspects of your policy and give you clear and impartial advice to make your claim a success.

4 – Cooperating with Your Insurance Company 

For many people, it may feel like it is ‘us and them’ when thinking about having to deal with insurance companies. That old cliché that insurance companies will do everything they can to not pay out is not true in most cases. Your insurance company has a duty to check if the claim is legitimate, and you have a duty to show that you are making a valid claim for the compensation you are owed.  Even if you have already provided the company with plenty of documentation, they may still require more to deal with your claim. Ensure that you send any further documents or evidence they request and answer any questions they have so that they can process your claim sooner rather than later.  

5 – The Outcome of Your Claim

Once your claim is approved, the settlement process will begin. Depending on your specific insurance policy terms and conditions, you may have different options when it comes to how your insurance company will compensate you. An insurance broker can help you understand the choices available to you, and make sure that you get the best outcome based on your insurance policy. When your claim has been approved, you will receive an estimated timeframe for when it will be resolved along with when any payments will be received. Should your claim be denied by your insurance company, you will be given an explanation with the reasons why. In this case, most insurance providers will advise you of the next steps you may take to dispute the outcome. If you are unhappy with the decision, you can request your insurance company to carry out an internal review regarding the outcome.

Make Sure Your Business Insurance Claim is Hassle-Free

Following the above advice, from timely contact with your insurance company to providing relevant documented evidence, will help speed up the claims process. Filing any kind of insurance claim can be a complicated and stressful time. It can seem like there is a lot of responsibility on your side; when all you want to do is receive what you are owed. After all, that is the point of taking out an insurance policy in the first place. Making errors along the way when filing a business insurance claim can hold up receiving any payment you are due. In worst-case scenarios, your insurance claim may be denied if you fail to fulfil your obligations. To ensure any insurance claim you file is a success, Matrix Insurance is here to help you every step of the way. We are 100% Australian-owned and operated, and our dedicated team are experts in business insurance. Contact us today to find out how we can help you with all your business insurance needs.