Avoid these common mistakes when filing a commercial insurance claim.
If you run a business, then you are bound to experience a damage or liability event that requires you to file an insurance claim. To ensure that you get enough coverage to cover the full cost of your claim, it’s important that you avoid making mistakes during the filing process. Here are some of the most common mistakes to avoid.
- Waiting Too Long to File
Following a damage or liability event, it’s important to call your insurance provider as soon as possible. This way, they can send a claims adjuster out and assess the full extent of the damage. If you wait to call until after you clean up, then you may actually be concealing how bad the situation is. This prevents the adjuster from making an accurate assessment and could prevent you from getting enough money to cover the full cost of your damage. So, rather than taking this risk, make sure the first thing you do after a claim event is call your insurer.
- Failing to Cooperate with Your Claims Adjuster
If your insurance provider sends out a claims adjuster to investigate your claim, then you should be welcoming and accommodating. If your adjuster requests documents or other information, then make sure you provide it as soon as possible. Additionally, you should help your adjuster organize interviews if they need to speak to your employees. By being cooperative, you can speed up the claims process and also avoid getting a low insurance payout as a result of your aggressive or unhelpful behavior.
- Not Appealing Low Estimates
Sometimes after assessing the damage, an insurance adjuster will come back with a coverage estimate that is too low to pay for all your repairs. Rather than getting lowballed, you should hire your own adjuster to give an estimate. If your adjuster recommends a higher coverage amount, then you may have to hire a third-party mediator to negotiate the final amount. By challenging low estimates, you can improve your chances of securing all the insurance coverage that you need.
These are some of the mistakes that you need to avoid when filing a business insurance claim. Do you have more questions about your business insurance coverage? If so, then contact the experts at Gant Insurance Agency. We are ready to assist you with all your commercial coverage needs today.