Whether a claim involves liability, property, workers' compensation or another type of insurance, policies describe the obligations of the policyholder when filing a claim. Regardless of claim type, policyholders should contact their insurer promptly after an incident.
Property Claims.
Insurance policies include specific wording about what a policyholder must do when making a property claim. The Business Owners Policy (BOP) typically requires several immediate steps.
- Report legal violations to the police immediately.
- Make immediate contact with a personal insurance agent.
- Resume the maximum volume of regular business operations as soon as possible.
- Make temporary repairs and take other necessary steps to protect property from further damage. Preserve damaged parts that may need to be examined by the claims adjuster.
For help navigating property claim steps and adjuster coordination, see Claims Management Services for Property Insurance.
Business Income Claims.
To establish benefit amounts for business income coverage under a BOP, policyholders must keep specific records that document lost income and extra expenses.
- Expense and income information such as recent profit-and-loss statements and income tax returns.
- Historical sales records for the company.
- Detailed records of extra expenses required to resume operations after the covered loss, such as temporary equipment rental, temporary rental space, or moving costs.
- Receipts or records for damaged inventory needed to replace lost items.
- Any other business records that help project profits had the loss not occurred.
For more information on compiling records and presenting a business income claim, consider resources like Claims Management Services in Property and Casualty Insurance.
Workers Compensation Claims.
If an employee suffers a work-related injury, notify the insurer immediately so the employee can access medical care and rehabilitation promptly.
Employers must cooperate with the insurer's investigation and provide requested records and documentation.
Guidance and coordinated claims handling are available through programs such as Claims Management Services & Workers' Compensation Insurance.
Liability Claims.
Contact your insurer immediately if someone threatens to file a lawsuit against the company. Report incidents that could lead to a claim even if the person has not yet sued.
Include specific details, gather witness information, and follow up as needed. Do not make payments to injured parties beyond necessary first aid without insurer approval, and cooperate with the insurer's investigation if a claim is filed.
Vehicle Claims.
If employees drive company vehicles, instruct them on how to respond after an accident and provide an accident kit in each vehicle.
Notify the police after an accident, obtain names and contact information for other parties and witnesses, and contact the insurer promptly to report the accident.
Policies often outline procedures for disputing claim handling decisions. Read your policy instructions carefully and follow required procedures, and if you need assistance, contact one of our agents to discuss your concerns.
Frequently Asked Questions
How soon should I report a claim to my insurer?
You should report a claim as soon as possible after an incident to ensure timely investigation and coverage consideration.
What records are most important for a business income claim?
Key records include recent profit-and-loss statements, tax returns, historical sales, and receipts for extra expenses incurred to resume operations.
What should employers do immediately after a workplace injury?
Seek medical care for the employee, report the injury to your insurer, and preserve records related to the incident and treatment.
Can I pay an injured person directly at the scene?
Beyond necessary first aid, avoid making payments to injured parties without consulting your insurer to prevent complications with a potential liability claim.