Understanding the commercial insurance claim process
What happens throughout an insurance claim?
The process of a commercial insurance claim depends on many factors, not least, which industry the business is in and how much damage it has sustained. In order to advise business owners about the likely process they face, we recommend a free, no obligation consultation with one of our experienced commercial Loss Assessors. A commercial insurance claim is likely to involve the following elements, each of which is the responsibility of the business owner or their Loss Assessor should they choose to appoint one.
DownloadStage 1
1
Notify your insurer and landlord if you have one.
2
Appoint a Loss Assessor who will manage the whole claims process for you.
3
Emergency contractors need to make the premises safe and secure i.e. by boarding up and switching off utilities.
4
Communicate with staff, customers and other interested parties i.e. suppliers about the incident.
5
Meet with the Insurance Companies Loss Adjuster to assess the damage. Preparation for this meeting is essential. Proof of liability must be established to safeguard your business.
Stage 2
6
Mitigate your loss by resuming trade as quickly as possible. Consider alternative premises and sub-contracting to fulfil current obligations to clients. An interim claim can be submitted to cover these costs.
7
Once liability has been accepted, a Chartered Surveyor should be appointed by the individual making the buildings claim – either yourself or your landlord.
8
Detailed claim preparation should be underway for building reinstatement, replacement of machinery, trade contents, fixtures, fittings, stock, and crucially, business interruption.
9
Your surveyor will put their scope of works out to tender and the successful contractor will commerce building restoration.
10
Be prepared for regular ongoing meetings with the Loss Adjuster, surveyor and contractors throughout the process, which could take up to two years.
Stage 3
11
While building works are underway, negotiations with the Loss Adjuster will continue to restore or replace stock, fixtures, machinery etc
12
Prepare for a re-launch of your business by communicating with staff, customers and other interested parties.
13
On completion of restoration works to the premises, you can recommence trading as you were pre-incident.
14
Your business interruption claim remains ongoing until the end of the indemnity period or the company is trading at pre-incident levels again.
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