Making an Insurance Claim

1. Suffering a Loss

1.1 Make sure that you are alerted to any losses as soon as possible.

• Give full contact details of your keyholder to your alarm company. You should also give home telephone numbers to neighbouring businesses who you know, so that they can notify you if they spot a problem.
• Ask employees to report any breakages, accidents, theft or other losses immediately.

1.2 Notify your insurance broker (or other insurance intermediary) or insurer (ie insurance company) that you have suffered a loss. Do this immediately. Keep a log of any phone calls and copies of correspondence.

• Insurers require you to take immediate steps to minimise losses, and to report any claims within set time limits. If you do not comply, your claim could be lost. Many have 24-hour helplines so you can notify them immediately and get advice on what to do next.
• In the case of theft, immediately report it to the police as well. Otherwise your claim will be severely weakened.

1.3 Keep evidence of compliance with any warranties.

• Take photographs or video footage of items such as fire extinguishers, locks and alarms.

1.4 Agree an action plan.

• Check on what you must and must not do next. For instance, you may be asked to leave flood-damaged stock where it is, pending an insurance assessment.
• Confirm when you can expect a response from your insurer. You will then know when you can start chasing your claim.
• Ask for an estimate of how long it will take your insurer to settle your claim.

1.5 Take action to prevent any further losses.

• Your policy may stipulate that you should take certain actions.
• Most insurers will have a list of 24-hour emergency repair services.
• Premises must be secured as quickly as possible in the event of damage to windows or doors, burglary, fire or flood.
• If there is water damage, clean up and dry out damaged goods, equipment or buildings (but see 1.3).

1.6 In the case of major disruption, put your disaster recovery plan into action.

This minimises disruptions to your business while your claim is being settled.

• If you cannot deliver supplies for weeks or months because you have no disaster recovery plan, your business could fail.
• If you do not have a disaster recovery plan, ask your insurance adviser and your insurer for advice on this matter. (See Managing insurance risks.)