We know when something goes wrong, making an insurance claim can feel like one extra hassle.
As a business owner we also know your priority is usually getting things back to normal or continuing to run with as little disruption as possible.
However, what you do after an incident can affect how smoothly your claim is handled.
As your insurance advisor, we are here to help guide you through the claims process. Here are five of the most common mistakes that can make a claim more difficult.
1. Waiting too long to notify us
One of the most common mistakes we see is waiting too long to report an incident.
You may think the damage is minor or you want to look into all details of what happened before contacting us.
However, it is best to let us know as soon as possible.
Early notification gives us the chance to understand what has happened and help you take the right steps.
Your policy may also have rules about when and how you need to report a claim.
Our advice: If something happens that could lead to a claim, contact us as soon as possible. Even if you are unsure whether you want to make a claim, we can help you understand your options.
2. Not keeping evidence
Good records can make a big difference during a claim.
Where it is safe to do so, take photos and videos of the damage. Keep receipts, invoices, repair quotes and other records linked to the incident.
It is also useful to keep emails and other messages about the incident. This may include conversations with contractors, suppliers or other people involved.
The more information we have, the easier it can be to understand what happened and assess the loss.
Our advice: Keep records of the incident, the damage and any costs. Don’t rely on memory alone.
3. Starting repairs too soon
We understand that when your business is damaged, you want to fix the problem straight away.
In some cases, urgent action is needed to make the area safe or stop the damage from getting worse.
However, starting non-urgent repairs before speaking with us may make it harder to assess the damage. The insurer may need to inspect the property or arrange an assessment before repairs begin.
Our advice: Contact us before starting non-urgent repairs. If urgent work is needed, take photos first where it is safe to do so and keep records of the work and costs.
4. Assuming something is covered
It is easy to think that if you have insurance, your loss must be covered.
But insurance policies can be complex. They can include different terms, conditions, exclusions, limits and excesses.
Cover can also depend on what happened and how the loss occurred.
Rather than making assumptions, talk to us about your policy and the situation. We can help explain what your cover may respond to and what steps you should take next.
Our advice: Don’t guess. If you are unsure whether something is covered, ask us before making decisions.
5. Not understanding your excess
Your excess is the amount you may need to pay towards a claim.
The amount can vary depending on your policy and the type of claim. Some policies may also have different excesses for certain events.
Knowing your excess before you need to make a claim can help you understand the possible cost to your business.
Our advice: Make sure you know what excesses apply to your policies. If you are unsure, we’re happy to explain them.
What should you do if something goes wrong?
EvEvery claim is different, but there are some simple steps you can take.
- Make the area safe. Put the safety of your employees, customers and others first.
- Prevent further damage. Take reasonable steps to protect your property where it is safe to do so.
- Document the incident. Take photos and videos and write down what happened.
- Contact us. Let your broker know as soon as possible.
- Keep your records. Save invoices, receipts, quotes and other documents.
Importantly we are here to help, ask questions. If you are unsure what to do, speak with us before taking action.
The best time to review your insurance is before a claim
A claim can highlight whether your insurance still matches your business needs.
Your business may have changed since your policy was first arranged. You may have bought new equipment, increased your stock, moved premises, hired more employees or changed how you operate.
That’s why regular insurance reviews are important.
At East West Insurance Brokers, we work with you to understand your business and help you make informed decisions about your insurance.
If your business has changed, speak with your broker. We can review your cover and help make sure it still suits your needs.
Because the best time to find a gap in your insurance is before you need to make a claim.