Making an Insurance Claim

6. Once the Claim is Settled

An insurance claim may have repercussions for the way you do business.

6.1 Establish how you can prevent further losses in the future.

• Your insurance company may undertake a post-loss survey to re-evaluate the risks your business faces. It will then recommend ways to reduce future potential losses.

6.2 Your insurer may impose additional policy terms and conditions.

• For example, if your shop windows have been broken more than once, your insurer may insist on metal grilles or special glass to lessen the risk of further claims. Check that your local authority will give approval.
• Or your insurer may insist on better security equipment after a burglary.

6.3 An insurance claim can push up future insurance costs.

• As well as a possible increase in your premiums, your insurer or adviser may insist on a higher policy excess (see 4.4).

6.4 A poor claims record can lead to your insurer refusing to renew your policy.