When you take out business insurance in Perth, you can run your enterprise with the peace of mind that you will be covered in the event of an accident or other loss-causing incident.
However, when an incident does occur and it comes time to lodge an insurance claim with your provider, not understanding the correct procedures could result in you not receiving the support you need. Whether your payout is smaller than expected, or simply denied altogether, this can have serious implications on your ability to recover after an insurable event.
It is therefore important that you review the claims process prior to actually needing to make a claim. This will ensure that you are in a position to have claims accepted, meaning your business can quickly and efficiently recover from any financial losses.
To help you successfully complete the claims process, here are the four key steps you should take:
Read your policy
Prior to a claim being made, it is important that you make sure you understand your cover and are aware of what is and is not included in your policy. Most business insurance products will contain some exclusions that may affect your ability to make a claim.
If you are unsure about what your policy actually covers, you need to talk to your provider or broker as soon as possible. This will help clear up any confusion and avoid time-consuming and costly claim mistakes down the line.
Notify the authorities
When an accident occurs at your business, it is likely that you will require input from the relevant authorities. Whether it's damage caused by a natural disaster or loss due to theft, your first step should be to contact law enforcement officers, medical professionals or your legal advisors. Only once the immediate danger has passed and reports have been filed should you move on to the next step in the claims process.
Contact your insurance provider or broker
Once the relevant authorities have been called and the issues on your site have been addressed, your very next move should be to contact your insurance provider or registered insurance broker in Perth as soon as possible.
Your insurance broker can then walk you through the claims process, from filling out any necessary forms and documenting the damage, to contacting approved repair services.
Document the damage
One of the most important steps when making a claim on your business insurance is to ensure the damage caused during the incident is thoroughly documented.
It is important that you complete this step prior to any cleaning or repairs, as these documents may be used by your insurance provider to decide on the claim amount. Once you have taken photos of damage, listed any losses and received quotes for repairs and replacement, this information should be handed directly to your broker or provider.
When these four steps are completed, you can finalise your claim and begin the process of recovering from the incident. Getting through these steps as quickly and efficiently as possible will help you get your business back on track sooner rather than later.