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Tips for Filing a Claim on Your Business Insurance Policy

Tips for Filing a Claim on Your Business Insurance Policy

Whether from an individual or an act of nature, your business will suffer damage and loss at some point. When that occurs, you will need to file a claim with your insurance carrier, but, because these instances are rare, you might not know just how to proceed. Here is a procedure to follow, followed by some tips to make the experience a little less stressful.

The Steps of Filing a Claim on Your Business Insurance

  • Do You Need to Call the Police?
    If it’s a matter of vandalism or theft, calling the authorities is the first thing you should do, even before calling your insurance provider. Many policies state this as a prerequisite for filing a claim, so be diligent in this. Make a list of missing or damaged items, so you can provide a complete list of your losses.
  • Contact Your Broker
    Your broker will complete the claim form with your help, which can then be submitted to your insurance company. Your broker should be able to explain the process in more detail and give you a timeline, as to when you might expect responses from the insurer.
  • Communicating with Your Insurer
    The insurance company will assign an adjuster to assess the losses suffered by your business. You will be contacted within 72 hours by the adjuster, so be prepared with thorough information. He will also want evidence of the damages and losses your business suffered. Photographs and video recordings are the best types of evidence, especially if they capture the incident in action.
  • Get Quotes for Repairs
    If you delay in this, your business may suffer. As you would with personal property damages, obtain estimates from several contractors to determine the best service for the money.
  • Hire an Attorney
    A lawyer knowledgeable about business insurance claims Miami Fl can help you expedite the process. Additionally, keeping a legal advocate apprised of the situation will help, if a dispute with your insurance provider arises.

Tips for Making a Business Insurance Claim Easier

Store a Copy of Your Policy Offsite
This is important because a fire or flooding might destroy the property, either completely or partially. By keeping a copy of your insurance policy offsite, you’ll have access to it in a time of need.

Start a File on the Claims Process
From the moment an incident occurs, start your own file in the claims process. Include copies of all documents related to the incident and your claim, as well as copies of photographic and video evidence. This will help you stay up to date on your insurer’s progress and ensure you’re aware of everything relating to your claim.

Do What You Can to Limit Damage
A temporary fix can help you mitigate the damage to your business. This will work in your favor with your insurance provider, throughout the claims process. Additionally, it will help you to keep your business operating, while you pursue more permanent fixes to the damages.

Hire a Loss Adjuster
This is another precaution that can help you in dealing with your insurance company. It’s likely that there will be disputes in regard to what is covered and how much you should be reimbursed for the damages. Someone with accounting expertise and knowledge of business insurance can help ensure you’re treated fairly.

At a time when your business has suffered damage or loss, dealing with insurance companies can be frustrating. By acting to protect your interests and retaining the services of related professionals, you can ensure you’ll be able to take full advantage of your insurance policy. After all, times like this are exactly why you pay for the insurance.

Tips for Paying Less for Auto Insurance

Tips for Paying Less for Auto Insurance

One of our biggest monthly expenses is paying our car insurance premiums and people are always looking for ways to spend less. While it may seem as though every company is offering the same rate, there are ways to get discounts, deals, and lower premiums that can help you save more money on this necessary expense.
Compare Insurance Company Rates

This involves more than just a casual glance at a quick online quote. First, keep a pen and pad close by, so you can record coverage limits and deductibles. You want to make sure you’re checking rates for the same exact coverage with each company, so you can see who really is offering a lower rate. You may not find everything you need for your comparison, so also jot down a customer service hotline for each company, as well.

Pay Attention to the Insurer’s Payment Policy

This is as important as getting a lower rate because a late payment could cost you more in late fees. Even worse, some insurers will cancel your policy as soon as a payment becomes past due. Find out how they treat late payments and how payments are accepted. Can you pay online? Or do they require you to pay at an office or via snail mail?

Make a Few Phone Calls

Even today, not all insurance companies will allow you to get a free quote online. You may have to call those companies to get answers to your questions and to get your quote. Sometimes, this can actually be faster than trying to get quotes online. Either way, make sure you have your driver’s license, vehicle information, and facts about your driving record handy. The more information you can provide to an automobile insurance company Bridgeport WV, the more accurate your quotes will be.

Always Compare Rates

Anytime your policy comes up for renewal, check for cheaper rates. While it’s rare for individuals to beat a rate they’re getting from an insurer they have been with for several years, you never know what deals other companies will offer to get your business. It can’t hurt to keep your options open.

Can You Raise Your Deductible?

One reason you may be paying so much for your auto insurance is that your deductible is set too low. If you’re generally a safe driver and haven’t had a collision in several years, it may be worth it to raise your deductible. Just remember, if you do have an accident, a higher deductible means you’ll be expected to pay more out of pocket. How much can you save? Increasing a $200 deductible to $500 can drop your monthly premiums by 15-30% and you can bring that up to 40% by boosting your deductible up to $1,000.

Check Your Coverage

There may be some items you can drop altogether. For instance, if you have access to a second vehicle or can use ridesharing services, you might want to drop your rental car reimbursement clause. Similarly, if you receive roadside assistance through another company, this is another feature you can drop to save money.

If you still feel as though you’re paying too much for your auto insurance, contact your insurance company. They may be able to offer you other suggestions for saving money on your monthly premiums.