Claiming on your business insurance policy can be nerve-racking, but there are many things you can do to have a smoother experience. Charlotte, one of our in-house claims experts, shares her top tips for making a business insurance claim.
What to do when making an insurance claim
Make sure you report your claim as soon as you can. Policies often outline time frames in which claims need to be reported – you can find these in your policy wording. If you don’t report in time, there’s a risk your claim could be declined.
For some types of claims, such as a data breach, it's a good idea to contact your insurer even if there’s only a slight indication that something has happened (even if it doesn’t necessarily result in a claim being made).
If you're insured with Superscript, the easiest way to start a claim is by logging into your customer portal. You can provide details of your claim (along with any supporting documents) and submit it for processing by our expert team.
It's best to remain neutral and avoid admitting being at fault. Don’t admit any liability to a third party unless your insurer has told you to do so.
Admitting fault without proper investigation and your insurer's go-ahead can negatively affect the outcome of your claim and work in the other party's favour.
If you ever have to make a claim, your insurer is likely to ask you for evidence. Depending on the nature of your claim, you could be asked for things such as photographic evidence of damage, proof of ownership, police reports and copies of any communications you've had with the third party.
For example, if a builder made a claim for stolen tools on their tools insurance, we would request proof of purchase (e.g. receipts or a screenshot proving you purchased the tools online) before paying for a replacement.
At Superscript, we understand that time is of the essence when you need to make a claim. We aim to process small claims within a couple of days of receiving the supporting information. More complex claims can take longer, but we’re committed to making the process as stress-free as possible.
The quicker you provide any relevant evidence, the quicker we can process your claim and pay out any settlements.
It may seem easier and more practical to just go ahead and make a payment yourself – but this isn’t a good idea and could actually have a negative impact on your claim.
Before making any claims-related payment, it’s important to hold off until you have agreement in writing from the insurer.
But it all starts with the right cover...
There's a common misconception that insurers will try to get out of paying a claim. At Superscript, we always work in our customers' interests, but there are times when we're unable to approve a claim – and this could be for a variety of reasons.
The foundation of a positive claims experience is getting cover that suits your business’ needs – and taking time to understand the fine print.
It’s easy to rush into purchasing a policy and get drawn in by a low price, but this may not always work in your favour. Without setting aside some time to understand what a policy offers, and whether it meets all of your requirements, you might have problems if a claim arises.
Here’s what to think about when purchasing a policy to ensure that any claims experience goes as smoothly as possible.
Provide accurate information
At Superscript, we strive to make sure that the cover you choose is the best fit for your business – we do this by asking a set of questions to identify the exact cover your business requires.
Whether you purchase your policy online, over the phone or through our expert tech brokers, it’s important to answer everything accurately so we can help you get the right cover.
Guessing, or providing false answers, can leave you with unsuitable cover and a policy that won’t protect you in the event of a claim. Over the past year, 9.4% of claims have been declined due to the customer having the incorrect cover!
Pay attention to exclusions
Pretty much every insurance policy contains situations in which you would be unable to make a claim. These situations are known as exclusions.
For example, some business equipment policies have an exclusion whereby your kit is only covered within your policy’s territories. If your territories included Great Britain, Northern Ireland, the Channel Islands and the Isle of Man, then your equipment was lost, damaged or stolen on a trip to the USA, there would be no scope for cover and a claim wouldn’t be successful.
You’re probably in no hurry to study your insurance policy’s small print, but making sure you make sure you read and understand the exclusions can prevent you from paying for a policy that won’t serve its purpose in your time of need. Over the past year, 5.2% of claims have been declined due to policy exclusions.
Check out our guide to reading your policy documents to find out how to locate the exclusions in your policy wording.
Keep the right records
As mentioned, you're likely to be asked for evidence to support your claim. As the specific documents you’ll need will vary depending on your cover and the nature of the claim, it’s a good idea to check your policy for any documents you may need as evidence – so you don’t throw away any information that could later prove critical for your claim.
Be prepared to pay the excess
The majority of insurance policies come with a compulsory excess, which is the amount you have to pay towards any successful claim. The amount varies depending on the type of cover you have and the nature of the claim, while a higher excess can sometimes mean a lower premium – and vice versa.
It is always worth double-checking that you’re comfortable with the amount you’ll need to contribute in the event of a claim. If you can’t pay the excess, your insurance provider won’t be able to cover the rest.
It’s also important to consider what the claim would be worth. Over the past year, 1.3% of claims have been declined due to falling within the policy excess. For example, if your excess is £250, but the value of the claim is £200, your claim would be declined.
This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.
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