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The Importance of consulting an Insurance Adviser during the claims process

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If you’ve ever struggled with submitting insurance claims for yourself or your business, you’ll understand that this process can often be confusing and time-consuming. You’ll be pleased to know that assistance is available to help you next time you need to submit a claim.

The solution is to seek the help of an insurance adviser, a highly experienced professional who knows the ins and outs of the insurance industry. So instead of spending your valuable time making a claim, organising the correct paperwork, and supporting documentation, your insurance adviser will help, enabling you to focus on your business.

Let’s take a look at how your business can benefit from using an insurance adviser during the claims process and how they can further help you with the risks your business may face.

How can an insurance adviser help with the claims process?

Organising the correct paperwork and supporting documentation, your insurance adviser will help, enabling you to focus on your business.

The process can often include the following steps. First, you have to look at the insurance policy and consider if the loss or damage is covered, then your will need to contact your insurer or insurance adviser and report the incident and make a claim. Next, you need to provide as much detailed information as possible, starting with documents, invoices, or photos to prove the loss of proof of ownership or financial accounts to show your financial loss. A police or medical report may also be needed.

The insurance company may need more information, or they may appoint a loss assessor or investigator, which will lengthen the process even more.

As you can see, the claims process can be lengthy even if all your documentation is in place. Anything that can make this process faster and more streamlined is to be welcomed. If you request, your insurance adviser can assist you through each step in the process. They also:

Advise which supporting documentation or information will be required when you submit the claim, reducing the time for insurers to check your claim.
Submit your claim and keep track of its progress.
Liaise with your staff when additional information is required by the provider.
Arranging for legal representation or accounting services to be appointed, in consultation with your insurer, if required.
Arrange in cooperation with your insurer for loss assessors to be appointed, if required.
Ensure that you are kept updated on the claim’s progress.
Negotiating and advocating on your behalf to ensure that you obtain all the benefits available under your policy.
Helping interpret complex insurance policies clauses, endorsements and exclusions.

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Advise which supporting documentation or information will be required when you submit the claim, reducing the time for insurers to check your claim.
Submit your claim and keep track of its progress.
Liaise with your staff when additional information is required by the provider.
Arranging for legal representation or accounting services to be appointed, in consultation with your insurer, if required.
Arrange in cooperation with your insurer for loss assessors to be appointed, if required.
Ensure that you are kept updated on the claim’s progress.
Negotiating and advocating on your behalf to ensure that you obtain all the benefits available under your policy.
Helping interpret complex insurance policies clauses, endorsements and exclusions.

Insurance advisers often have established relationships with insurers which helps make the claims process run smoothly for both the insurers and the claimants. However, it’s not just their help during the claims process that makes insurance advisers so valuable, they have other expertise that’s just as useful.

Importance of an insurance adviser to SMEs

The importance of an insurance adviser doesn’t stop with the claims process because their expertise can also help you manage your company’s risk profile. In turn, this can be a useful management tool in assisting in the reductions, frequency and severity of your losses, which will also reduce your insurance costs. Essentially, your insurance adviser work with you to identify and manage risk, with the aim of preventing or mitigating future losses for your company.

So if you would prefer a streamlined claims process, as well as a qualified specialist who can negotiate, advocate and act on your behalf with insurance companies and help manage your risk profile, then you need to work with an experienced insurance adviser.

Find your local Insurance Advisernet adviser and talk to an insurance specialist today.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Insurance Advisernet, ABN 15 003 886 687, AFSL 240549

This article originally appeared on Insurance Advisernet and has been published here with permission.