Using a Loss Assessor for a Commercial Insurance Claim
Fire, flood or theft can not only do serious damage to your premises, but failing to quickly get up and running again can do even greater damage to your business. Sustained downtime can cause reputational issues and allow competitors to obtain advantage, diverting business away from you.
For these reasons, it is important to have your fire, flood or theft insurance claim dealt with quickly – and get the maximum possible settlement for your insurance claim.
Appointing a commercial loss assessor gives you the best chance of getting a full settlement on your policy – and it also frees up time that would have been spent negotiating with your insurance company and loss adjusters, allowing you to focus on getting your business back to normal.
Negotiating with insurance companies isn’t just stressful, it takes years of experience and substantial knowledge to understand of the intricacies of the terms and conditions, exceptions and exemptions of various insurance policies. We all take insurance in the hope that we never have to use it, but if you do, then using the services of a loss assessor will be one of the most important business decisions you ever make.
But Doesn’t My Insurance Company Manage My Claim For Me?
Unfortunately, your insurance company’s goal is to pay the minimum possible under the terms of the policy. They may employ a loss adjuster to investigate your claim. A loss adjuster will determine the cause of the loss or damage and determine whether it is covered by your insurance policy. It is important to remember that they are hired by the insurance company and their fee is paid by them. Loss adjusters only work with you once, but they have a contract with your insurance company.
How Would A Commercial Loss Assessor Help Me With My Claim?
The main way in which a loss assessor can help you is by taking over the managing of your claim. From the moment you decide to make a claim, if you contact a loss assessor they can:
- Arrange emergency repairs to your premises, including locksmiths, drying services, glaziers.
- Review your commercial premises insurance policy to confirm the level of cover you have, and how this will be interpreted by your insurance company.
- Complete the relevant paperwork for you, including the claims forms.
- Help arrange alternative business premises (if required).
- Prepare a detailed report of all insured damage to your business premises and/or its contents.
- Arrange surveyors to provide a report on required repairs.
- Liaise with your accountant to prepare your business interruption claim.
- Meet and negotiate with the insurance company or their appointed loss adjuster, including in person and via phone or email.
What If I Have Already Started My Claim?
It’s never too late to involve a loss assessor. The first few days of any commercial property insurance claim are vital, but we can still assist you even if your claim has already started. Perhaps your claim has stalled after a month or you are having problems with your insurance company. If this is the case, a qualified loss assessor can still help by stepping in and taking over negotiations for you.
Get Back in Business
You didn’t get into business to deal with insurance companies, but we did! Get back to the reasons you started your business in the first place and let ICS take care of the entire process.