How you navigate the claims process may have a potential influence on the outcome. Understanding each step involved can help streamline the process. This guide provides a detailed overview of the business claims process, from incident reporting to claim resolution.
Your policy is a legal contract and some terms and conditions can be complex to navigate when making a claim. At Gallagher, we have a dedicated claims team, so when needed we can allocate a claims specialist to liaise with your insurer to ensure that you receive your full entitlements under your insurance policy or policies.
Step 1: Incident reporting
The first step in the claims process is to report the incident to your insurance provider or broker as soon as possible. Prompt reporting can help with getting your claim processed efficiently. Here's what you need to do to file a claim report.
- Document the incident: Gather all relevant information about the incident, including the date, time, location and a detailed description of what happened. Take photographs or videos if possible.
- Notify authorities: If the incident involves theft, vandalism or any criminal activity, report it to the police and request the police report number.
- Contact your insurer: Contact your insurance provider or broker through their designated claims reporting channels (phone, email or online portal). Provide them with the details of your loss. Often completing a claim form is the easiest way to collect the necessary information.
Step 2: Initial assessment
Once you have reported the incident your insurer will conduct an initial assessment to determine the validity of the claim and the extent of your insurance cover in regard to the loss. Typically, this involves the following steps.
- Claim acknowledgement: Your insurer confirms that your claim has been received.
- Preliminary review: Your insurer conducts a preliminary review of the information provided and may request additional documentation or evidence.
- Assignment of a claims adjuster: A claims adjuster may be assigned to your case.
Step 3: Documentation and evidence collection
To support your claim, you will need to provide comprehensive documentation and evidence. This may include these items.
- Incident report: A detailed report of the incident, including any witness statements.
- Proof of loss: Documentation of the damages or losses incurred, such as repair or replacement estimates, medical reports or inventory lists.
- Financial records: Relevant financial records, such as receipts, invoices and accounting statements, to substantiate the value of the claim.
Step 4: Claims investigation
Your insurer will seek to verify the details of the claim and assess the extent of the damages or losses. This process may include all or some of the following.
- Site inspection: A representative may visit the site of the incident to inspect the damages firsthand.
- Interviews: An investigation might include interviews with witnesses, employees or other relevant parties to gather additional information.
- Expert consultation: In some cases, the insurer may consult with experts, such as engineers or medical professionals, to evaluate the claim.
Step 5: Evaluation and determination
After completing the investigation, your insurer evaluates the findings and determines the coverage and compensation applicable. These steps are involved.
- Coverage analysis: The insurer reviews your policy to determine the extent of coverage for the claim.
- Damage assessment: The insurer assesses the total value of the damages or losses.
- Settlement offer: Based on the evaluation, the insurer may offer repair or replace lost or damaged items or make a settlement offer for the compensation amount.
Step 6: Claim resolution
The final step in the claims process is the resolution of the claim.
- Reviewing the settlement offer: Carefully review the settlement and if you have any questions or concerns, discuss them with your broker.
- Negotiation (if necessary): If you believe the settlement offer is insufficient, your broker or our claims advocacy team can support you in negotiating to reach a fair resolution.
- Acceptance and payment: Once you accept the settlement offer, the insurer authorises the repair or replacement or processes the payment within an agreed timeframe.
We pride ourselves on our claims service
Part of our commitment to building business confidence is advocating for a fair outcome and supporting clients through claims is one of the key pillars of our business.
Through our network of contacts and relationships with insurers Gallagher is well placed to ensure that our clients receive their full entitlements under the applicable policy.
Our claims advocacy specialists are here to help if a dispute arises, to assist our clients obtain an optimal outcome.
