Five Keys to Strengthening Your Business Insurance Claim
March 23, 2022
Rarely if ever has a business insurance carrier offered more money for a covered loss than the policyholder has documented and submitted as part of the claim.
If you suffer a property or business interruption loss, use these five keys to strengthen your claim and recover as much as possible.
The 5 Keys to Strengthening Your Business Insurance Claim
1. Separate fact from judgment.
Understand where the gray areas may be within your claim, especially regarding what may or may not be covered and at what value. Set expectations internally.
2. Take initiative.
Document your claim and prove your losses. Don’t wait for the carrier to do it. Make the carrier respond to your submission.
3. Test viewpoints.
Before submitting your claim, argue internally about aspects and valuations contained within it. Play devil’s advocate to strengthen the claim prior to submitting it and to better prepare to argue your position.
4. Avoid surprises.
When working with adjusters, identify any controversial issues at the beginning of the process, not the end. Together, build a roadmap for resolution.
5. Resist time pressures.
Settling too soon can mean money left on the table, and trying to rush the adjusting team before they have reviewed all documentation can harm the relationship you have built.
Another key is to call your dedicated Hylant claims management specialist. As your advocate, we knowledgeably walk you through the claims process so that you understand what is happening, what to expect and who is responsible for doing what. We work with your carrier or third-party claims administrator to make sure your claim is acknowledged promptly, processed efficiently and resolved fairly.
Related Reading: What are Loss Runs?
The above information does not constitute advice. Always contact your insurance broker or trusted advisor for insurance-related questions.
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