Claims Advocacy Matters

The pertinent information needed by your insurance carrier to file a claim includes:

• Date of loss
• Location of loss
• General Description of the Incident, including itemized losses and information as to the extent of damage (e.g.,  square footage for damage to premises, etc.)
• An itemized list of emergency remediation costs and any mitigation efforts, if applicable. Please keep a list and retain receipts. (For property claims, please also retain physical custody of the items for inspection.)
• Relevant documentation (e.g., photographs, witness information, witness statements, incident reports, police reports, etc.)

A commercial insurance deductible is any reasonable and necessary costs incurred by the insured for any covered claim before the insurance carrier is obligated to make a payment under the policy. Review each of your policies thoroughly to determine your specific deductibles.

After filing a claim, your insurance carrier will assign a claims professional to investigate the incident, determine coverage, and manage the claim if applicable. While each claim is unique, the claims professional may request additional information, require further investigation, or an on-site evaluation if necessary.

Commercial insurance claims can vary immensely, depending on the policy type, limits, and claims process. Some are straightforward and others are complex. However, some claimants can see payouts as quickly as 15 to 30 days of the date the insurer accepts the claim, also known as the settlement date. More complex claims often take longer to process.

Several factors impact your premium, including:

• Exposures: risks being insured
• Company practices: views on safety, compliance, and risk management
• Program structure: the amount of deductible and willingness for a company to assume more risk
• Claims history: the type and amount of past claims against the company