Insurance claims - tips for small businesses

Insurance claims - tips for small businesses

Whilst making a claim on your business insurance can be a straight forward process, if you are unaware of the process and don’t know what to expect, navigating your way through this can be time consuming and frustrating. This is particularly relevant if a serious incident has occurred on your premises and the police are involved. 

To alleviate any stress or concerns you may have about submitting a business claim, here are a few tips that should make the process less stressful.

Report the incident to the relevant authorities

Whether this is the police or emergency services or your insurance provider, always report the incident immediately. In the event of a serious incident, such as an explosion, release of toxic gas or dangerous fire, even theft or malicious damage, it is best to keep everyone away from the area, particularly if it is a crime scene.  

Your next step is to contact your insurance provider once the situation is under control, and report the incident. Once the claims process has been explained, you will be supported and guided through each of the different steps involved with processing the claim.  

Write down an explanation of the event and submit your claim as soon as possible following the incident (once you have the information you need to hand), as this helps you to remember the event clearly and for the claims process to be put into motion. 

Information that you need to submit to your insurer

Information that will be useful to your insurance provider include the following:

  • The time, date and location of the incident.
  • A short description of what took place, along with eye witness accounts and their contact details.
  • An estimate of the loss, along with photos of any damage and a description of any action you may have taken to minimise this loss, financial documentation to support the estimated loss.

Your insurer will need as detailed description of the incident as possible, in order to process your claim. Omitting certain facts may well negate your claim, so the best strategy is to speak early to your insurer and provide all the information about the incident.  

There are serious penalties in Australia for claims that are false or exaggerated, so to avoid being accused of insurance fraud, always tell the truth. 

Making sure your premiums are paid

Paying your premiums on time also has an impact to claims, late premium payments can negate your claim, so make sure that your payments are up to date at all times.  

Ensure you read your Policy Documentations, so that you know what is and is not covered.  Review your policies regularly to ensure that everything you need insured is covered! 

Lastly, update your insurer if your conditions change (for example, buying or selling assets, changing your business address, installing a security system, and small change can still have a big impact on your insurances), photograph all assets and keep an itemised list and receipts of all your assets.

To enquire about insurance for your business or to make sure your business insurance is suitable for your needs, talk to an insurance specialist today.

General Advice Warning
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

SME Business Insurance

SME Business Insurance

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

Find your local Insurance Adviser

Talk to your local Adviser to get advice about your insurance needs and to get a quote