A wide range of incidents can lead to a claim on your commercial insurance policy, such as a fire, an auto accident, or a lawsuit against your small business.
For incidents such as car accidents and fires, the first step is to secure the safety of everyone involved. Data breaches also require quick action to mitigate the damage, such as notifying your IT department and isolating the affected systems.
Once that's accomplished, it's time to file a claim. That means telling your insurer exactly what happened so you can be reimbursed for any losses. If you have an insurance agent, they'll also be able to assist you.
Here's an overview of the process:
Make sure to include every detail of the incident when you report a claim, including the contact information of anyone involved. This is especially important in the event of a general liability lawsuit or a claim on your professional liability or errors and omissions (E&O) insurance.
It's important to get in touch with your insurance company or agent as soon as possible.
The faster you report an incident, the faster your insurance company can get to work gathering evidence, investigating the claim, and resolving the issue. Early intervention and communication with everyone involved can help you clear up a dispute, or even avoid a lawsuit.
You can find your insurer's contact information in your policy documents. When you contact your insurance provider or agent, be prepared with the following information:
At a minimum, you'll need to report the claim before the statute of limitations expires to collect on it.
If you bought a policy from one of Insureon's partners, it's easy to place a claim. We work with 40+ insurance companies, all industry leaders trusted for their financial stability, reliability, and customer service.
Your insurance company's website will tell you the best way to report a claim, or you can call them directly. If you need assistance, Insureon's agents can also provide advice and details about what you need to do.
Report a business insurance claim online with one of our top carriers:
If you call your company, they'll put you in touch with the right person to place a claim. Make sure to get the contact information of the agent who helps you.
Now, it's time to find out if your policy will cover the claim. Different business insurance policies cover different claims, and not every incident is covered.
You can find details about exclusions, endorsements, and which perils are covered in your policy documents, or you can ask your agent or insurer. They will help answer questions about your policy, and will let you know if your claim is covered.
Find out more about the claims process for a specific type of business insurance:
Throughout, it's important to document all details about the incident and every step of the claims process. That includes any communications you have with third parties that are involved with the claim.
Keep records of every form of communication, including:
For incidents that end up in court, this is doubly important. The result of a lawsuit might come down to who said what, which is why you need supporting evidence such as emails or transcripts of phone calls.
Some claims are straightforward, but other times you'll need to make some hard decisions. You might need to hire a lawyer to defend yourself against accusations related to the claim, or to protect your own interests in a dispute.
If your insurance company has the right of subrogation, they might provide your business with legal representation. For example, they might try and recoup the amount they paid you for a car accident claim by pursuing the driver of the other vehicle in court.
Your insurer might provide other assistance as well, such as an investigation into the cause of a data breach or customer accident.
In the event of a lawsuit, there are several possible outcomes:
A lawyer can help you negotiate the process and give advice about how to respond to a suit.
If you run into any issues during the claims process, you can contact an Insureon agent who can help you find your policy information or answer any questions you have. We can also help you get a certificate of insurance whenever you need one.
To get free quotes for small business insurance from top-rated providers, complete Insureon’s easy online application today. We work only with trusted, A-rated carriers, which means you can depend on them when it's time to make a claim on your policy.