Business Insurance Claims: How To File Claims And Get Paid Out Faster
When a small business experiences a loss due to damage, accidents, crime or liability, the business owner must file an insurance claim to help cover the financial losses. insurance coverage protects your business against common risk factors. There are multiple insurance policies that you might need to file a claim against, including general liability, commercial property, workers’ compensation, and commercial auto insurance. Understanding the proper way to file your business insurance claim can help you get your money back faster so you can get your business operations back on track as soon as possible.
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Explore these topics to learn how to file business insurance claims and get paid quickly:
Reading: How do business insurance claims work
what are commercial insurance claims?
how to file a business insurance claim
How long do insurance claims take?
what are commercial insurance claims?
A commercial insurance claim is a formal notice sent to your insurance company alerting them to the loss or damage you have suffered and requesting compensation for the loss, if it is covered by your insurance policy. your insurance policy will cover you for certain risks and if the loss is related to a covered risk in your policy, you must file a claim.
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Your insurance provider will investigate your claim once it is received and, if approved, the company will issue a payment to you or a third party affected by the claim, on your behalf.
learn about the different insurance policies recommended for small businesses.
how to file a business insurance claim
It’s important for small business owners to know how to properly file an insurance claim, as 40% of small businesses end up filing claims against their insurance policies. Follow these steps to file a business insurance claim the right way:
plan ahead
It’s best to plan ahead in case you ever have to file an insurance claim. Hopefully, you’ll never have to use your plan, but being prepared can help you file a claim quickly and accurately. know what to do in the event of an accident or disaster, such as taking pictures to record the damage. Consider installing surveillance equipment to provide video evidence in the event of theft or vandalism in your business building. Obtain standard reporting forms from your insurer to have on hand in case you need to file a claim. be sure to train employees on how to use the forms.
gather evidence
After your business experiences a catastrophe that requires an insurance claim, be sure to collect evidence to give to the insurance company. take photos after accidents or disasters to record the damage. make a note of the people who were present to witness the event so that they can be called upon to give testimony, or ask them to write down what they saw on the spot, while memory is still fresh. take an inventory of anything damaged, blighted, or missing.
file a police report, if necessary
If you are filing a claim related to a car accident or theft, or a crime that occurred on your business property, call your local police to file a police report. Many insurance companies require a police report in the event of a crime or multi-vehicle accident.
contact your insurance broker
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Contact your insurance agent or broker to inform them of the situation. they will be able to explain the complaint process and ask you questions about the incident you are reporting. They will help you fill out the claim form and submit it to the insurance company.
talk to your insurance adjuster
Once you file your insurance claim, an adjuster should be assigned to you within a few days. The adjuster will investigate your claim and determine how much liability the insurer has in your case. The adjuster will ask for a proof of loss form, as well as access to any supporting evidence, such as photos or videos.
get reviews from a professional
Get quotes and quotes from professionals for repairs below. If a building owned by your business has been damaged by a storm or fire, call a contractor to assess the damage and estimate repair costs. try to get at least two estimates. If a work vehicle has been damaged in an accident, have it checked out by a trusted mechanic for an estimate of the cost of repairs. you will have to pay for their services, but it could help prove your claim.
Consider speaking to an attorney
Depending on the size of the claim, you may want to consult an insurance attorney for legal advice. An insurance attorney can help you gather claim documentation and guide you through the claims process. They can also help resolve any disputes that arise with the insurance adjuster.
get accounting help
Consider hiring a forensic accountant to help you properly file your business insurance claim. In complex cases, a forensic accountant can help accurately assess losses and what the insurance company should cover.
how long do insurance claims take?
The amount of time it takes for an insurer to pay an insurance claim depends on the complexity of the case, whether there are disputes over the claim, and what state your business is in. Most states set statutory deadlines that describe how long an insurance company has to pay a claim. For example, in California, insurers must acknowledge a claim within 15 days after it is filed. they then have 40 days to accept or reject the claim. if the claim is accepted, the insurer must pay the claim within 30 days of the settlement date.
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