BUSINESS
How to best handle claims
Make quick contact with the insurer for the best outcome by Snellings Walters Insurance Agency temporary repairs and take any other 4 Make necessary steps to protect property from
$
LIABILITY
BUSINESS INCOME
VEHICLE
Business income claims
INSURANCE CLAIMS
n
PROPERTY CLAIMS
,
WORKERS COMP
Regardless of the type of claim, policyholders are required to make contact with their insurers immediately. Whether claims involve liability, property, workers compensation or other types of insurance, policies outline
UAC MAGAZINE | WINTER 2021
the obligations of the policyholder in the event they must file a claim. Regardless of the type of claim, policyholders are required to make contact with their insurers immediately.
34
Property claims Policies have specific wording regarding the obligations of a policyholder in the event a claim must be made. The Business Owners Policy, which is also called a BOP, requires policyholders to take the following steps: Report legal violations to the police immediately. Make immediate contact with a personal insurance agent. Resume the maximum volume of regular business operations as soon as possible.
4 4 4
further damage. It's also important to save the damaged parts if they must be replaced. In some cases, the claims adjuster will want to examine them.
To establish an amount of insurance benefits for a policy that provides business income coverage, BOP holders need to keep specific business records. The following are required records: Expense and income information must reflect recent profit and loss statements and income tax forms. Historical sales records for the company must be kept. Businesses must keep a thorough record of extra expenses required to resume business operations after a covered loss is experienced. Some examples include temporary equipment rental, temporary rental space and moving expenses. Receipts or other records for damaged inventory are necessary to replace lost items. Any other business records that might assist in determining a company's projected profits if the loss hadn't occurred are also helpful.
4 4 4 4 4
Workers compensation claims For a workers compensation claim, it's important to notify the insurer immediately after an employee suffers a work-related injury. Notifying the insurer immediately is the best way to help the employee recover quickly, get through rehabilitation and return to work.
