Who's Involved in an Insurance Claim?
For small business owners, dealing with an insurance claim can be a bewildering experience, especially if you have never had to make a claim before. So, it pays to know who does what when it’s time to ring your broker to let them know you’ve had an insurable event. After all, if a tree has smashed through your factory, a kitchen fire has destroyed your café, or anything in between, trying to figure out everyone’s roles will be the last thing on your mind. So, whether it’s a claim for property damage, liability or business interruption, understanding who’s involved and what each party does can help demystify the process.
The broker: your first point of contact
Your insurance broker is typically your first point of contact when a claim arises. We act as your advocate, guiding you through the claims process and liaising with the insurer on your behalf. Our role is to help present your claim accurately and assist you to receive the full benefits of your policy. We can also provide advice on how to document your loss and steps to take immediately following a loss.
The insurer: assessing and processing the claim
Once you’ve contacted your broker, the insurer steps in to assess the claim. Their job is to evaluate the situation and determine whether the claim is covered under your policy. This involves reviewing the details of the loss, examining the documentation provided and deciding on coverage and the amount of compensation. The insurer's claims adjuster may visit your business premises to assess the damage firsthand.
The loss assessor: independent evaluation
In some cases, a loss assessor may be appointed to provide an independent evaluation of the claim. Unlike the insurer’s claims adjuster, a loss assessor works on your behalf. They can be particularly helpful in complex claims where significant property damage or loss is involved. By providing an unbiased assessment, they can help you to receive a fair settlement.
The builder: executing repairs and restoration
When physical damage to your property is involved, a builder or contractor may be part of the process. They are responsible for carrying out the repairs or restoration work needed to return your business premises to its pre-loss condition. It’s crucial to work with reputable and experienced professionals who can provide quality work within the scope of the insurance approval.
Other experts: specialised input
Other experts may be called in, depending on your claim. For example, if your claim involves technical aspects like machinery breakdown or cyber incidents, specialists in those fields may be consulted to provide their input. These experts help ensure technical details are considered and addressed. Understanding who’s involved in an insurance claim and their respective roles can alleviate much of the confusion and stress associated with the process. BICS can guide you through each step of the way.
Important notice
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