Insurance Claims

Insurance Claims tips for small business owners

Insurance Claims tips for small business owners

When you’re put in a position of having to make a claim on your insurance, it can be traumatic. It’s not the claims process itself that is traumatic — in fact, making a claim is usually quite simple — but whatever event has happened to make you need to make an insurance claim is typically unpleasant and can often carry with it significant emotion and stress.

As such, it can be helpful to know what to expect and how to go about making a claim. When you are armed with this knowledge, it can make an often painful and frustrating event that little bit easier to deal with.

Report the incident

This might seem obvious, but call the police and emergency services if a serious accident has taken place or if your business is essentially a crime scene — for example, if a robbery, some other kind of theft, malicious damage or vandalism has been committed. If the safety of your business premises has been compromised, do not enter and instead act on the advice of police or other emergency services personnel.

This may seem less obvious, but one of the best things you can do in the event you need to make a claim is to advise your insurance company or broker of the situation as soon as possible. Even if you don’t have all the information necessary, it’s good to chat to your insurer about what’s happened ASAP. They can then explain the claims process for you and clue you in to any steps you may need to take or evidence you’ll need to gather.

Chatting to your insurer or broker immediately after a claimable event has taken place can also be quite calming. You’ll typically find that claims personnel and brokers are quite understanding in times of trauma or accidents. They are there to help you, so you should certainly make the most of the advice they can offer.

In general, it is best to submit your insurance claim as close to the event as possible. Doing so will ensure that the details of the claimable event do not become fuzzy or difficult to corroborate, and it will also ensure any time limits will not be breached.

Things you should take note of

As soon as you can after a loss or event, it is important that you note as much information as possible about what’s happened so that you can pass these details on to your insurer.

Obviously, the relevant details here will vary depending on what type of insurance policy you have, but in general, these are some things you should try to take note of/do as soon as possible:

  • The time and date of the event
  • The specific location
  • A description of what happened
  • Details of anything you have done to minimise the loss
  • An estimate of the loss
  • Eyewitness accounts and contact details of any eyewitnesses
  • Photos — take photos of anything you think might be relevant, but particularly any damage

 

Read your PDS

If you’re unsure about how the claims process works or what you need to do, locate your insurance PDS. Insurers will always detail how to go about making a claim in this document. The PDS will also note any excesses you need to pay and how long you can expect to wait before your claim is processed. If you use a broker, give them a call.

Tell the truth

While it might be easier to gloss over some of the detail or leave pieces of information out of your claim, this is never a good idea. Leaving things out tends to come back to bite you where insurance claims are concerned. Even if you are concerned that your claim will be denied, you must still tell the truth and include any details that are relevant for the insurer to know.

Some pre-claim tips

The claims process will typically be a lot swifter and smoother for you if you have done the following prior to entering into an insurance contract or throughout the duration of your insurance contract:

  • Read the PDS — we know we mentioned this above, but you should take note of what’s covered and what’s excluded in any potential policy to ensure you don’t go through the claims process only to find what you’re claiming for isn’t actually covered.
  • Pay your premium — it might seem like a no-brainer, but if you don’t pay your premium, your claim will be denied.
  • Review your policy each year at renewal to make sure you’re still covered for everything you need to be covered for.
  • Update your insurer or broker if any of your business’s details change.
  • Take photos of your assets.
  • Make sure there is a system in place, such as saving to an external cloud, whereby you can access computer logs.
  • Keep copies of all receipts and invoices — you never know when your insurer will need you to produce them.

Source: knowrisk.com.au

Public liability comparisons

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

 

Publiclaibiltycomparison.com.au is brought to you by Insure 247 to assist Australian business compare Public Liability Insurance quotes from leading Australian Business Insurers :

Insure 247 Pty Ltd ACN 612944215 an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433.

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Claims Rating

Public Liability Insurers Claims Ratings

Public liability insurers claims ratings

Public Liability Insurers Claims Ratings

Public Liability Insurers Claims Ratings by LMI.

How does your Insurer compare?

LMI ClaimsComparison have relied upon a range of data to rate the claims service of each of the listed Australian Public Liability Insurers Claims Ratings

PUBLIC LIABILITY INSURERS CLAIMS RATINGSClaims RatingClaim Contact Details
AIG Australia

AIG Public Liability Insurance Claim Comparison

starstarstarstar03 9522 4000
Allianz

Allianz Public Liability Insurance

starstarstarstar-half13 26 64
Brooklyn Underwriting

Brooklyn

starstarstarstar-half02 8274 8177
Calibre

Calibre Public Liability Insurance

starstarstarstar1300 880 037
CGU Insurance Limited

CGU Public Liability Insurance

starstarstarstar-half13 24 81
Chubb

Chubb liability insurance

starstarstarstar(02) 9273 0100
QBE

QBE Public Liability Insurance

starstarstarstar 133 723
Vero

Vero Public Liability Insurance

starstarstarstar-half 1300 888 073
Zurich

zurich-public-liability

starstarstarstar-half 132 687

 

Source: www.claimscomparison.com

To see how we rate, please visit www.claimscomparison.com/HowWeRate.aspx

Last updated: 16th July 2016

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

1300-Insure

Public Liability Compared

 

PUBLIC LIABILITY INSURANCE

At Publicliabilitycomparison.com.au we quote broadform liability cover, this covers your business against claims for personal injury to another person (other than employees) or damage to property owned or controlled by someone else, or advertising liability. Property damage, personal injury or advertising liability which gives rise to legal liability must happen during the period of insurance and be caused by an occurrence in connection with your business activities, Broadform also cover product liability.

General Advice

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Sub-contractors

Does Public Liability Cover Sub-contractors

Does Public Liability Cover Sub-contractors

Tradies have been urged to check their public liability policy if they engage subcontractors, with some insurers not offering cover to companies that have more than 30% of their income derived through subcontractors.

Some insurers offer cover for your subcontractors others will explicitly exclude them.

Its also important for any company engaging subcontractors to check their certificate of currency to avoid exposure to your business, if you’re unsure check with your insurance broker. Insurance brokers advice is based on years of training and experience, a qualified broker can can tailor your advice.

GET YOUR PUBLIC LIABILITY INSURANCE QUOTE CLICK HERE OR

Liability Insurance

Public liability comparisons

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Publiclaibiltycomparison.com.au is brought to you by Insure 247 to assist Australian business compare Public Liability Insurance quotes from leading Australian Business Insurers :

Insure 247 Pty Ltd ACN 612944215 an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433.

top10Insure 247

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification.