How to File a Commercial Insurance Claim

Posted on by agentinsure

Filing a personal claim and filing a business claim differ. With a personal claim, you can pick up the phone and file a claim quickly. With a business claim, you have a multi-step process you must adhere to in order to properly file. You probably will need to file because 40 percent of businesses do at some point in their business lives. Insurance & Financial Services Inc. of Baton Rouge, LA wants to make it easy, so here is a straightforward guide to the process.

Commercial Policy Claims

Your filing process begins with determining which policy on which you need to file your claim. You need the policy number of the appropriate policy. This means you need to know whether the claim would apply to your general liability or errors and omissions or commercial property policy, etc. The business insurance claim requires a formal notification from you to your insurance company that tells them you incurred a loss or damage. It lets them know you are requesting compensation for a loss caused by a named peril in your policy. When the insurance company receives your claim, it investigates and approves or denies it.

Steps to File a Claim

The steps to file a business claim start far before the event triggering the need for the claim. The claims process begins with your business procedures.

  • Plan ahead by writing the process to follow into your business procedures.
  • As a preventative measure, install surveillance cameras to record vandalism or theft.
  • File a police report, if applicable.
  • Take photos to document the damage.
  • Make note of any witnesses present at the event.
  • Create an inventory of damaged items.
  • Complete your insurance company’s standard reporting forms.
  • Include a copy of the police report with your claim.
  • Phone your insurance agent to confirm receipt of the claim.
  • Set up an on-site visit with the insurance adjuster.
  • Provide evidence to the adjuster.
  • Obtain and complete the required proof of loss form. The adjuster provides proof of loss form.
  • Get repair quotes and estimates from local professionals. You need at least two estimates.
  • Consult an insurance lawyer, if the claim or event is complicated or a dispute arises between you and the insurance adjuster.
  • If needed, hire a forensic accountant to help document the loss.

Typically, states set legal timelines for the length of time an insurance company can take to pay out a claim. Check with Insurance & Financial Services Inc. of Baton Rouge, LA as soon as a covered peril occurs and let us help you recover your business losses.