When you deal with a fire or a burst pipe at your business you probably want the insurance claims process to go as smoothly and as quickly as possible so No More Mistakes With Professional Claims Assistance would be a real achievement. The reality is that the reason the claims process is sometimes difficult or long are several common mistakes claimants make.
Among the many possible insurance claims mistakes out there, under insurance is probably the one that costs the most money. According to ABI, a quarter (28%) of households do not have home contents insurance and professional policies sometimes do not fare much better, especially among small businesses. In this instance, if a fire consumed their belongings, they would have to replace all of them themselves. What seems like saving money on an insurance policy then ends up costing the claimant many times more. However, not anymore thanks to Professional Claims assistance provided by Loss Assessors such as Oakleafe Claims.
Professional Claims Assistance with Under Insurance
Underinsurance means the risk of recovering much less than your actual loss. For instance, having business property insurance without a contents policy would cover any structural damage to the property but not cover any costs of contents damaged during a fire or flood. Things do not have to have high value to add up very quickly and if you’re a coffee lover who loves to buy a cup on the way to work, you probably already know this. Office supplies add up just as quickly.
According to Professional Claims Assistance, another way that a property can be underinsured is if the value contained in the policy is less than the property is worth. For example, let’s say your business is insured for £100,000 and your damages after a fire is £50,000. The insurance company’s loss adjuster upon inspection discovers that the property value is £200,000. In that case, you are underinsured by 50% and your claim for the fire loss is now worth only £25,000.
To avoid this, you can get your property surveyed on a regular basis, for example when it’s time to renew your insurance. This way you will always know true rebuilding costs which are important because they fluctuate. It’s also important to keep in mind that rebuilding costs can sometimes be more than the original value of damaged property.
Professional Claims Assistance Helping Avoid Common Mistakes
Filing a professional claim can be a difficult process without Professional Claims Assistance and documentation of damage is often the most important issue. The most common business insurance claims are for theft, fire and weather-related incidents. Whatever the incident is it must figure in your insurance policy as a covered event otherwise your claim is likely to be denied. You also must comply with the insurer’s requests for information when filing a professional claim and to make documentation available you need to first have it.
Therefore, photographing damage after any incident is essential and why storing documents such as receipts in a safe place can make a difference in the success of professional claims.
Some other professional claims mistakes are not filing on time and eliminating evidence. Filing on time is essential because the insurance company can deny your claim for an unreasonable delay. Eliminating evidence means throwing away any damaged items, after a flood or a fire for instance, before they were itemized, and the insurance loss adjuster has had time to verify the resulting damage.
Professional Claims Assistance In The Business World
Almost half of all business owners will have a need to file a professional commercial claim at some point, so the risks are quite high. Most business insurance policies cover public and employers’ liability, professional indemnity, commercial property damage, and business interruption. Currently, professional liability claims are quite high. Professional indemnity insurance is the one that protects a business against claims by clients who allege that the service provider has caused them financial loss.
The key to a smooth process in professional commercial claims is to never admit liability and to file on time. Admitting liability can be a reason for the insurance company to deny your claim and secondly not all facts are immediately apparent so this is something no one should ever do. Hiring a loss assessor to help with filing your professional claim can greatly contribute to its smooth processing and seriously shorten the time it takes for your claim to settle. Commercial property damage can usually be resolved fairly quickly but other incidents, such as theft, cybercrime or injury require an investigation, which may extend the time for the claim to settle.
Getting the Right Professional Claims Assistance
Hiring a Loss Assessor such as Oakleafe Claims for professional claims can go a long way in eliminating the common mistakes mentioned earlier because the Loss Assessor, such as Oakleafe Claims, deal with the insurer and make sure all their requirements are satisfied properly. One of the most important things a loss assessor does is to make sure your policy reflects correct values. This is crucial because the insurance loss adjuster works for the insurance company and cares about the benefit to them and not you.
People sometimes tend to undervalue their property to save on policy costs and this is a serious mistake since these savings will pale in comparison to what they will lose if they only receive half of their claim at a time when they will need it most. Accurate assessment of the value in both home and professional claims can mean the difference between having a successful claim that settles fast and having a claim rejected or drag on for months in order to correct inaccuracies.
No More Mistakes with Professional Claims Assistance will translate into smooth processing of professional claims every time. The best way to avoid some common professional claims mistakes is to hire a loss assessor and let those professionals guide you through the insurance complexities no one has time for.
What you want is to get your business up and running again instead of trying to understand insurance small print speak so that you can avoid some crucial mistake which might cause your claim to be rejected or undervalued. The services of a loss assessor will give you much more than an expedited claim – it will provide peace of mind.