How to stop worrying when you make a claim
It’s simple. Get the experts to sort it out for you. And we’re experts.
But going by some of the headlines you read in the mainstream media, you could be forgiven for thinking that insurers will try to weasel out of paying claims at every opportunity.
Barely a week goes by without someone telling a sob story to their local newspaper or TV programs like A Current Affair about how an insurer has let them down in their hour of need.
The truth is that very few claims are knocked back. The vast majority are paid promptly and with very little or no issues. Our industry does stand behind its customers when disaster strikes, and the statistics prove it.
For example, a recent ASIC review of the Black Summer bushfires of 2019/20 found that 99% of claims were paid out in full or in part.
Where people do run into trouble is when the policy doesn’t match the risks the insurer has agreed to cover, or the sum insured is inadequate to replace or repair the asset.
Let’s face it, no matter how much insurers attempt to simplify their policies, insurance remains complex and challenging for business owners. And as the business world becomes more complex, the risks you need to insure against have become more varied.
As your insurance broker, we spend a lot of time researching and learning about emerging risks and the economic environment so we know how to deal with all the challenges that come your way. What we should also highlight is our expertise in dealing with any claims you have to make.
At claims time we stand by our customers and represent them to the insurer. The more complex the claim, the more you’ll value our services. It’s our job to get that claim sorted as quickly as possible, while you get on with running your business.
On those rare occasions where insurers do get it wrong, or there’s queries about details, we’ll be there to fight your corner and make sure your claim is dealt with properly.
We can help put your point of view clearly to the insurer, and usually that’s where it stops. If necessary, the Australian Financial Complaints Authority – the referee for disputed claims – will make a decision that’s binding on the insurer.
And research shows that claimants who have a broker to help them through the process find the whole thing less confronting.
Vero’s annual SME Index research shows that 72% of clients using a broker are satisfied with the claims process, compared to just 37% of those who try to navigate it themselves. That’s a pretty stark difference.
You won’t make an insurance claim very often – but when you do, it’s vital that everything goes as smoothly as possible.
So don’t be put off insurance when you read those claim horror stories in the press. They often don’t tell the full story and there are sometimes legitimate reasons why a claim hasn’t been paid.
But do let us help you to sort out the circumstances you are covered for, and to help you through the claims process should the unthinkable become reality.
This article originally appeared on Adroit Insurance & Risk Blog and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Adroit Insurance & Risk.