INSURANCECLAIMSMANAGEMENT
It does not matter if you receive a phone call or the events start to escalate around you, the shock of being involved in a catastrophe regardless of the size is staggering. You work on adrenaline, you have to make rational decisions, people are asking questions but there are so many things to think about after all it is your business your livelihood that is being affected.
Make a quick assessment of the damage and try and calculate the impact to the business, short medium or long term
Contact your insurance company either through your broker or direct and advise them of the incident
*Have book of paper or a pad available to make notes.*
Provide insurers with the broad details of what has happened and write down, who you contacted their name telephone number, extension number and a precise of what they advised.
- Request a copy of your insurance policy document and schedule if you do not have one (most people do not, it’s filed!) ask for a copy now to be sent to a forwarding address.
- Ask if the policy covers additional expenses and if so could they authorise you to set up an emergency control room immediately
It is most important that you take charge of the situation from day one.
The insurers may appoint a Loss Adjuster to act on their behalf but will have to report back to insurers at each stage. Make sure you ask the loss adjuster for timescales at all stages of the claim.
At this early stage, it is important to communicate with your clients, customers and suppliers to reassure them that you are in charge of the situation and that everything is being done not to inconvenience them. There is nothing worse than the rumour mill to ruin the reputation of a business. Most people are sympathetic and understanding.
Communication can either be by posting a message on the website, via e-mail if you have access to a computer or for the key customers, a telephone call.
Provide the loss adjuster with all the information they require at the same time keeping notes and copies of everything handed over.
Start making a list of what are required i.e. alternative premises, if your permanent premises are not serviceable, office equipment, plant & equipment, new stock, transferring telephone lines etc.
Should you have a backup of the computer data, speak to your IT consultants and ascertain the time it will take to recreate your computer system.
Contact your accountants and your bank. Both can help in such situations. The accountants can be put on notice that you may wish to make a claim for loss of revenue/profit under the Loss of Profits section of your policy. The bank may be able to provide additional funding in the short term until the insurers start to fund the recovery.
The above is part of the strategy that covers the first 24 hours of a claim and should be adapted to the particular event.
It is difficult to play catch up after the event and that is why it is so important to have a business continuity plan.
Should you require any further information or advice, please do not hesitate to contact us.