person falling in water

Blog

5 Tips That Will Help You Get the Most out of an Insurance Claim

February 5, 2018

Making an insurance claim can be stressful, especially if you’re not familiar with the process and don’t know what you need to do.

D&O Insurance exclusions

These five tips will help make the insurance claim process a lot smoother, while also increasing your chances of achieving a positive outcome.

Contact Your Insurance Broker as Soon as Possible

 

The beauty of working with an insurance broker is that you won’t have to deal directly with an insurance provider in the event you need to make a claim. All you’ll need to do is speak with your insurance broker, provide them with the necessary details and they’ll take care of the rest. This should be done as soon as possible, as it will speed the process up, and allow you to return to normal business operations quicker.

 

Take Clear Photos and Videos of Any Damage to Send to Your Insurance Broker

 

Before starting any clean-up work, always make sure you take photos or video footage of any property damage. Whether it’s flood damage, broken windows from a break-in or even damage from a fire, photographic and video evidence will enable your insurer to better assess any damage.

  

Speak to Your Insurance Broker Before Authorising Any Building Work

 

Always make sure you consult with your insurer, or your insurance broker before you authorise any repairs after you’ve made an insurance claim. Your insurer might wish to physically inspect the insured site first, or there might be a certain set of criteria that need to be met by the tradesmen performing any repair work. Many insurers also work with their own tradesmen, so you might not be able to choose who completes your repair work.

 

If your insurer is unable to visit the still damaged site, or you commence repairs with a business that’s not one of your insurer’s authorised workmen, your claim might be rejected.

  

Keep Receipts and Proof of Purchase Records for Your Big Ticket Items

 

A lot of keep receipts for electrical goods or items that come with a warranty and might break down, but what about other expensive goods like jewellery?

 

When purchasing goods, always try to keep your financial records in order, this could be a bank statement or purchase receipts that prove you did, in fact, own a particular item. If your goods are stolen or damaged during an insured event, but you don’t have purchase receipts, it’s also handy to have photos of your goods in them. This could be a photo taken purposefully for insurance purposes when the item was first purchased, or it could be team photos that show the goods in the background.

 

Having these ready in the event of a claim will help ensure a more positive outcome.

 

Don’t be Afraid to Dispute Claim Outcomes

 

Did you know that 40 per cent of consumers who make a complaint to the Financial Ombudsman about an insurance claim receive a positive outcome when the Ombudsman is called in to mediate? Like most businesses, insurance providers make mistakes, it’s also not uncommon for them to give consumers the run around or rule in favour of their bottom line, rather than the consumer’s needs.

 

This is one of the main reasons working through an insurance broker is beneficial. In instances where an insurance provider rules against your claim, your insurance broker will be able to argue your case and will be familiar with their loopholes. This allows them to achieve a more positive outcome. In the event a complaint does need to be made to the Ombudsman, your broker will be able to work as your go-between, making the situation a lot less stressful for you.

 

To ensure a positive claim outcome, you should also make sure you choose the right insurance policy, to begin with. Your insurance broker will be able to assist you with this process, ensuring your chosen policy meets all your needs and doesn’t have excessively high premiums or excesses.

 

To take the stress out of insuring your business, talk to Sydney Insurance Brokers about your insurance needs today!