Mistakes to avoid when filing business insurance claims

15, Dec, 2021

Risk comes in many forms for small business owners. natural disasters, cyber breaches, and equipment failure can be devastating for your business. Commercial insurance is essential in managing your business risk and protecting your bottom line. When a disaster or damage does take place, one of the first things you should do is, reporting the damage and filing a claim with your insurance company.

Three Mistakes to avoid when filing business insurance claims

1. 1Not documenting the damages

Take pictures of all damaged equipment, goods, property, and anything else that may be covered by your insurance. When making an insurance claim, your insurer will ask for proof of the damage and without sufficient evidence, you may not get the full payout you deserve. Lack of evidence can also result in your claim being denied. Whenever you communicate with an insurance adjuster or a claims representative maintain a record of all details, and request for a transcript whenever possible. Proper documentation will help you get a fair settlement.

2. Not reporting the damages promptly

The faster you make your claim, the faster you get your payout. Contact your insurer as soon as possible after a covered loss. Most commercial insurance policies have terms in place requiring you to make your claim within a set timeframe. Failure to make your claim within this time frame may result in a reduced payout or a refusal.

3. Not knowing your insurance coverages

It is important to know your insurance policy details and exactly what is/isn't covered so that you aren't caught off guard in case of a disaster or damage. Being under-insured or finding out you do not have coverage after the damage has occurred can be disastrous for your business. Insurance policies can be complicated and difficult to understand, so consult with a licensed insurance professional for advice or clarification whenever needed and always buy your insurance from a trusted source.

The Technologists Office Protection Program

Designed specifically for Technologists, closely with ASET, the Technologists Office Protection Program (TOPP) provides comprehensive coverage in the event of damage plus a number of value-added coverages including:

• Cyber risk
• Damage to computers and electronic media
• Loss or damage to valuable documents
• Crime coverage including fraud
• Employee theft
• Umbrella coverage bodily injury, property damage, personal and advertising injury

Whether your firm rents office space or owns its own building, it's vital to have protection against possible damage to business property, as well as many other risks.

With the Office protection program, you and your business have 360° coverage. To see how the Technologists Office Protection Program can give you and your business comprehensive coverage that is designed to fit your needs, CLICK HERE.