The Expert Podcast

• Today, we're diving into the essential steps for filing insurance claims for your business.
• Learn how to ensure proper reimbursement for damages and explore scenarios where filing may not be the best option.

• An insurance claim is a formal notification to your insurer, usually through your agent or broker, indicating an incurred loss or damage covered under the policy.
• It involves a formal process, often assigned to an insurance adjuster, who investigates and determines payment.

• File your claim as soon as possible within the required reporting period.
• Before filing, thoroughly read your policy to understand the relevant coverage.
• Ensure an accurate representation of the loss to avoid potential denial.

• Submit comprehensive documentation showing damages and their origin.
• Overwhelm with information initially to increase the chances of full coverage.

• Be prepared to sign documents under penalty of perjury and possibly give a recorded verbal statement.
• Understand the seriousness of the process, including potential notarization requirements.

• Evaluate the financial implications, including deductibles and the potential loss of discounts.
• Strategic decisions may involve consulting with brokers or third-party experts.

• For complex claims, consider involving attorneys or specialists to streamline the process.
• Account for financial losses, such as business interruptions, with professional assistance.

• Familiarize yourself with statutory requirements for timely responses from insurers.
• Maximize coverage and streamline the process to expedite recovery for your business.