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What you need to know about the claims process

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No business wants nasty surprises. So, when an adverse incident means you need to claim on your insurance policy, we will manage the process on your behalf.

Our expertise will help save you time, money, and stress. In fact, a Deloitte report found brokers/advisers save their clients on average 11 hours a year, not just with faster claims receipts, but also with practical risk advice and customising insurance policies to business needs.

Here’s a six-step overview of what happens from go to whoa once we lodge a claim for you.

Your first call

When you first call us to discuss your claim, we’ll listen to understand your perspective on what’s happened. Get in touch as soon as you can to increase your chances of a swift settlement.

We understand the fine print of your policy with insurers. That means we know the right forms to fill in and will help you collect all the evidence to support your claim.

Supporting information such as photographs, proof of ownership, and a list of damaged items, for example, is useful. This checklist gives you an insight into what we could include:

Key information to identify you, your business, and the insurance policy number
What caused the loss or damage, when and where the incident took place
Police reports for vandalism and malicious damage
Copies of incident reports
Third-party vehicle details for car accidents
Repairers’ invoices which specify damage from storms as opposed to a maintenance issue
Where water damage or burst pipes are the problems, you’ll need a receipt showing the leak has been fixed and a detailed breakdown of the plumber’s costs.

Double-check the information you send us because mistakes will delay the process.

When we receive these details from you, we can let you know if the insurer wants an assessor to verify the values.

We submit the claim on your behalf

Once we’re satisfied we’ve prepared a solid claim that gives the insurer everything they’ll need to process the claim promptly, we’ll send it to them. The insurer will contact us if they need more information.

The insurer scrutinises the claim

In some cases, the insurer may appoint a loss assessor, loss adjuster, or investigator to delve into your claim. We’ll update you on how long it will take for the insurer to do this to decide on your claim. Keep in mind, the insurer may also want to organise a different timeframe.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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With complex claims, we’ll negotiate with the insurer on your behalf. For complex or simple claims, you can rest assured we’re there to get the most benefits to which you’re entitled. We live and breathe finer detail of policies so, with our in depth knowledge and expertise, we’ll get you the best possible outcome.

Decision time! A resolution

It’s great news when your claim is accepted, and you and/or the aggrieved parties are remunerated for losses.

If you need the funds quickly, such as to make temporary repairs or you’re in financial hardship, we’ll help you fill out the proper form for help. You can find out more here about what’s regarded as financial hardship and the evidence you’ll need. If that’s your situation, we’ll ensure the insurer fast-tracks your assessment and makes an advance payment.

However, if your claim is denied, we’ll pass on the insurer’s written reasons for their decision and their complaints handling process.

Have we done a good job for you?

We advocate for your business through the claims process. Our clients appreciate our understanding, emotional support, and empathy during what can be a stressful time. According to a Deloitte report, four out of 10 small-to-medium-size businesses say their insurance claims would have been “much harder” to process without a helping hand. That’s because we work for you, not insurers.

insurance claim

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.

Tudor Insurance Australia, ABN 19 876 513 568, AFSL 243299

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