Well, managing any company implies that there are always going to be certain risks to follow. On the one hand, one is running a beautiful business that is flourishing, and the other hand, an event that no one had envisaged might happen happens, and you are left struggling to salvage what is left. Enter commercial property insurance: the financial backup plan that is meant to come into play when you lose everything. Again, what if you are on the other end and you are the one to file the claim? Most business owners face this challenge and are limited in their knowledge of how to go about designing an effective process.
There is as much to learn about managing a claim as there is to know about having a policy right in the first place. Regardless, whether it is storm, theft or a fire disaster, it is important to know the procedure involved so as to address the problem squarely. In this guide you will find out all that goes into filing a commercial property insurance claim so that in case of the unforeseeable, you are ready to wrestle with calamity. So, let’s take a closer look at this important step deeper!
Understanding Your Policy
It is therefore important to fully understand your policy in relation to your Commercial Property Insurance policy. Realizing that policies may be quite different it is advisable to pay some attention to its details.
Search by parameters that may include limits of coverage and deductibles. These will define the extent to which you are covered for a loss event and the amount that you will have to cater for out of your pocket before the insurer covers the rest.
This also means that some of the general exclusions must not be taken lightly either. These policies may exclude coverage for calamities,vandalisms or breakdown of equipments. Such details are useful to you as a reader in figuring out what is possibly missing from your coverage.
As with any learning, do not afraid to ask questions if you do not understand something. Your insurance agent is always going to be in a position to explain what might look like confusing terms to you in the first instance.
Moreover, you might advise your clients to check the policy occasionally. Changes in the nature of your business mean changes to the coverage that is needed as well. It is wise to get updated to protect yourself effectively against events that may disrupt your business.
Steps to Take When Filing a Claim
Applying for a claim often times can be a daunting process but taking the broad process and making it simpler in terms of steps to take makes the whole process easy to handle. The first step is to report the incidence to the insurance company you are using. This should be done as soon as possible to start your claim process.
Then collect all information pertaining the event. This includes date, time and a description of the incidences. Laying it down here is excellent as it prepares your claim well adequately enough.
However, in case of a disaster, evaluate for physical harm or loss to your property at that stage. Listing down items affected with checklist and value placed on the items is also beneficial when documenting everything properly.
Also you I might need to contact local authorities. Orders, receipts or police reports receipts can support your case by providing the important details that insurers may need.
Always be in touch with your insurer during this phase since you might be needed to provide some information to help in the processing of your claim.
Documentation and Evidence
Documentations are very important when filing a claim of commercial property insurance. It gives its support to your case and enables adjusters to acknowledge the magnitude of one’s loss.
To begin with it is advisable to gather all the documentation known. This runs the gamut from your insurance policy, from your prior claims file, as well as any letters exchanged with your insurer.
Second, it is important to make a precise account of things that have been destroyed or which were not retrievable. The best supporting material to attach to such claims must contain descriptions, dates of purchase and estimated worth.
Photographs are vital too. Take photos of the damage from each side including the back. Such evidences can go a long way in strengthening your stall when dealing with insurers.
Receipts of purchase or invoices for repairs or replacements made after the occurrence of the mishap must also be kept. They present originals and receipts of amount spent as a result of the loss.
In this way, organizing of this information enhances the efficiency of the clams submittal and gives credible proof to the claim. It is a matter of fact that the better job you do initially, the easier things become down the track.
Submitting Your Claim
Filing your claim is another important step towards making a claim. To begin with acquire all legal records and other collectible evidence in support of the case at hand. This includes photos of the damage, bills of those repairs and any correspondences that may be deemed acceptable.
Once you have all of these, it is wise to contact your insurance company. Many firms offer you an option to make the claims online or through the use of their application which is advantageous. If you are more assertive, especially on the telephone, you might want to try contacting the claims department.
In narrating the event make sure that the information relayed is concise yet detailed. Be sure to list all the dates and times and any other information about the circumstances surrounding the damages some more. If a submission is well documented, the processing can be done much faster.
Bear with your insurer in establishing their stand about your claim, and maintain a list of record on your communications. Record names, dates and informational points that are covered in conversation done through the telephone or personal meetings. Such information might be useful if there are some questions at some stage of construction Later on in the process.
The Claims Process What to Expect
It makes claims handling a very grim affair for many people when going through the ordeal of handling a loss of property. Once the claim has been made expect to be contacted by the insurance adjuster in the insurance company. A professional of this field will evaluate the situation and supervise the filed up damages.
The time taken by an insurer to attend to your claim may take a very long time or it may take a short time. Several circumstances can be attributed to the rate at which you receive updates these include: The nature of your case, the documents that you provided together with the volume of business at the insurance company.
Throughout this period you should stay in touch with your adjuster as much as possible. It is okay to question the period the project will take or any other information needed in the process. This way, there is little chance that any issue will be overlooked or become lost in the shuffle.
Further documents may also be required at your own discretion. This will ensure that any next follow up calls from your insurer are dealt with efficiently since all records will be easy to find.
When everything has been reviewed, you’ll be given a verdict on the status of your claim: whether it has been accepted or rejected as well as any possible payment in the process. When disbursed the funds are released immediately so that you can start the repair or replacement without any necessarily delay.
This information will help one prepare for this phase and reduce anxiety when transitioning to the next phase after filing a commercial property insurance claim.
