Insurance claims process for small businesses

How you handle your claim from the beginning can have a significant impact on how quickly it is handled and whether it is accepted.

INITIATE THE CLAIM

To warrant the best possible outcome, make sure you notify your broker as soon as an insurable event occurs.
You can notify them via telephone, email, their website or phone app.

The notification can be short and you can start by sending:

– the date of loss/ damage
– a brief description of what happened
– location or address of the loss or damage

***if there is a leak in your roof or your door has been broken off, the insurer can organise an immediate urgent “make-safe” (temporary repair) to secure the property and prevent further damage.

COLLECT THE EVIDENCE AND PROVIDE ALL THE NECESSARY INFORMATION

The more information you can provide the smoother the process.
Supporting evidence such photographs, videos, proof of purchase/ receipts, quotations and police reports are vital bits of information, and help a claims manager make a decision on your claim.
If your fence has been brought down by a severe storm for example, you may want to take photos of the damage and also provide quotations to repair/replace the fence to make a claims process faster.

AWAIT YOUR SETTLEMENT

Once a claim has been lodged, your insurer will determine if your claim has been approved and a settlement offer will be provided.  Your insurance provider may also assign a loss adjustor to further assess the damage or loss.

ACCEPT YOUR SETTLEMENT OFFER

Settlement can either be: 

• Repairing your property – the insurer may appoint their licensed repairers to fix your property and mend the damage or
• The insurer may choose to Reimburse you financially for your loss based on quotations you have provided or
• Offer a Cash settlement.  

Any excesses applicable on your policy will be considered and deducted from the final settlement.
Once you accept your settlement, the claim will progress to be finalised and the claim file closed.

CONTEST THE SETTLEMENT

If your claim is not accepted and/or you are not happy with your settlement, you can lodge an initial complaint with your insurers “Internal Dispute Resolution” (IDR) team.  If you are still unhappy with the IDR decision, you can lodge the matter further with “AFCA” the (Australian Financial Complaints Authority).

Your insurance broker will help you make the claim less stressful and time consuming.

This article does not consider your specific objectives, financial situation or needs.
Insurance policies have deductibles, exclusions, and limits. The coverage offered by insurance can vary.