A strategic approach to business insurance claims can help companies get back to business quickly.
Adequate commercial insurance coverage plays an important role in protecting your company against the unexpected. To make the most of such coverage, however, and to help your company return to business as usual following a loss, it’s just as important to understand the process of filing commercial insurance claims.
Here, BCH’s business insurance professionals walk you through insights every business owner and manager should know. Read on for information regarding the types of situations that might require commercial insurance claims, to the documentation needed to begin the process and where to turn for added support when it matters.
What Types of Events Warrant Submitting Business Insurance Claims?
Business or commercial insurance claims are typically filed in response to unforeseen events that disrupt business operations or result in financial loss. Here are some common scenarios that might warrant submitting a claim.
- Business Interruption: Loss of income or expenses incurred as the result of a covered event that forces your business to temporarily halt operations.
- Crime and Theft: Losses resulting from criminal activity such as burglary or theft.
- Cybersecurity Incidents: Data breaches, cyberattacks and similar incidents that compromise sensitive company data or customer information.
- Employee Dishonesty: Financial or property losses resulting from fraudulent activity or theft committed by members of your team.
- Employee-Related Claims: Work-related injuries or illnesses that lead to workers’ compensation claims, or employment practices liability claims such as accusations of wrongful termination or discrimination.
- Equipment Breakdown: Damage to machinery or equipment essential to your company’s operations due to issues such as mechanical failure.
- Liability Claims: Legal claims against your business related to bodily injury or property damage caused by your company’s products, services or operations.
- Product Liability: Claims related to injuries or damages brought on by a product manufactured, sold or distributed by your company.
- Professional Liability: Claims surrounding errors or omissions related to the professional services provided by your company.
- Property Damage: Harm to your company property brought on by events such as fires, vandalism, natural disasters or accidents such as a vehicle crashing into the building.
- Vehicular Accidents: Incidents involving company-owned vehicles which fall under your commercial auto insurance coverage, such as collisions with other vehicles or objects/structures.
How Does the Commercial Insurance Claim Process Work?
Filing a business insurance claim and seeing the process through to completion can take months or years, depending on the circumstances surrounding the loss. And, although every claim is unique, the following lays out basic steps you can expect to take.
- Immediately Following the Accident or Loss: Make an effort to avoid additional injuries or damage, and to minimize overall danger. Move vehicles out of roadways following an accident, for instance, or cut off water to stop a burst pipe from further flooding a property. If the situation calls for it, contact the relevant authorities — the police, fire department or 911. If witnesses observed the incident, gather their contact information. Their statements may be useful later on.
- Reporting the Incident: Contact your insurance provider as quickly as possible to get the business insurance claim process started. Timely reporting often aids in getting a claim approved.
- Working with an Adjuster: Your insurance company will assign your case to an adjuster who will assess damages, gather relevant information and report findings back to their company. Depending on the situation, this may require a phone call on your part, an in-person meeting where the incident occurred and/or submission of photos, videos and other relevant documentation.
- Claims Evaluation: Once your insurance company has collected the necessary information, they will evaluate your claim — and might carry out additional research — before approving or denying the claim.
- Payment or Settlement, Resolution and Recovery: Once your claim receives approval, your insurance company will determine the amount of compensation you are owed. That compensation might come in the form of a lump sum, structured settlement or payment made directly to the business providing repair services. You are then free to make repairs and take other steps required to help your company get back to business.
BCH Tip: In the event that you or an employee are in an auto accident, quick, responsible action is crucial. Our Auto Claims Quick Sheet lays out steps to help you gather the information needed and keep a clear head even amid a stressful situation. Share a copy with your team members!
How Can a Professional Firm Assist with My Business Insurance Claim?
There are a number of benefits that come with trusting your business insurance claim to a company like BCH. Because professional firms deal with such work each day, they’re well versed in the documentation and considerations needed to move your case through quickly and strategically — and can save you valuable time and stress along the way. Here are a few key ways BCH aids in the process.
- Online Claim Form Submission: The ability to submit information directly through the BCH website gives clients a quick start to their business insurance claims process.
- Claim Liaison Services: With a dedicated department staffed by licensed claims adjusters, we can help you report your claim and will provide regular updates as the process moves forward.
- Preventative Measures Moving Forward: Our risk management professionals are always here to help clients pinpoint areas of their business that might not be operating as safely or efficiently as they should be — and then helping them make adjustments as needed. If your business experiences a loss, we’ll incorporate that into your risk management strategy in an effort to help avoid such issues in the future.
Remember, your BCH team is here to help. If you have questions about business insurance claims or your commercial coverage, or if you’re interested in learning more about how BCH can keep your operations on safer ground, feel free to reach out at any time.