We all take out insurance for one reason or another – perhaps to satisfy investors, for potential contracts, as a legal requirement, or just for peace of mind that if the worst were to happen there would be insurance in place to reimburse the costs.
When taking out an insurance product for any risk, we not only want to ensure that if a claim occurs you are fully covered, but that the policy in place responds quickly to put you back in the same position you were before the loss. I mean after all, that is the whole point of insurance in the first place!
That’s why we’ve used our knowledge of the industry and claims processes to bring you a “cheat-sheet” for insurance claims – to give you a head start in getting your claim settled and your business back on its feet. We’ll give you guidance on what the insurers are (generally) looking for when a claim is made so you can know what to provide for the claim to be dealt with as efficiently as possible.
Property & Equipment
Whether it’s a leak in the office or you’ve left your laptop on the tube rushing from one meeting to another, here’s a list of what you are likely to be asked for and some tips to get a quick response from your insurers:
- Date of incident
- Address where the incident occurred
- Circumstances of the loss
- Evidence of the loss – photos & videos / damage reports / Police reports
- Evidence of ownership if lost or stolen
- Repair & replacement costs
- Details of any other involved parties (leasing companies)
- VAT status
Business Interruption
When an accident happens, be it from your premises or elsewhere, the world can feel like it stops spinning. You may be able to get back on your feet in a day or a week, but that could have left a large gap in your turnover that shouldn’t have happened. However, by making the following available as soon as possible can get your cashflow turned back on!
- Date of incident
- Cause of loss (may be linked to property claim)
- Evidence of financial loss (current and previous years account)
- Gross rate of profit
Top tips
• Remember to take photographs of any damage as evidence to support your claim
Keep receipts or evidence of ownership for your items, especially the valuable ones!
If Lost or stolen, report to the police!
Liability Claims
Be it damage to a person or their property, allegations of damage made against you can be daunting! The last thing you want is to be seen as the “bad guy” after all – even more so if these allegations come from your own staff. This is why we have noted what your insurers will likely ask for if these claims are received, so you can give them the best opportunity to review and respond to these allegations, before the claim and associated costs spiral out of control.
- Name of the person making a claim against you and their contact details if you have them
- Description of the incident
- Whether the person making a claim against you has appointed a solicitor
- Supporting documentation,
- Photographs taken after the accident
- Invoices
- Contracts
- Correspondence
- Accident record and internal incident report
- Report to the health and safety executive – this can be submitted online at http://www.riddor.gov.uk
- Statements from any witnesses
- Relevant risk assessments
- Maintenance records
- Employee training and personal protective equipment
- Wage details (for employers liability) for thirteen weeks prior to accident
Top Tips
- Talk to us about a potential claim as soon as you can. Don’t wait for a formal letter from a solicitor or court proceedings to be issued.
- Don’t admit liability. You shouldn’t accept an issue has arisen due to something you did or didn’t do.
- Don’t enter negotiations or make settlement offers before speaking to us. Get our written approval for any correspondence or settlement offers.
- Any letters received in connection with an incident should be sent straight to us, without response.
- Any legal proceedings should be emailed to us immediately, as these have tight legal deadlines.
Motor Claims
Should it be a small bump in a car park to a multi-car collision, no-one wants to be without their vehicle for long! You also do not want to fall victim to “crash for cash” schemes from gangs. Making sure you get the following as soon as the incident occurs will help speed up the claim process and protect you from fraudulent claims.
- Date of accident
- Vehicle registration
- Full driver details
- Third party details and vehicle registration
- Witness contact details
- Photographs of damage to your vehicle, if applicable
- Photographs of damage to any other vehicles involved and of the scene of the accident, if applicable and available
Theft
If your vehicle has been stolen, please report it to the Police within 24 hours, and advise your insurer of your Crime Reference Number.
Third party claims
If you are contacted by a third party representative, please advise us immediately. Make sure to send us any correspondence you receive unanswered.
Non fault loss recovery
For accidents where you are not at fault and the third party has accepted blame, your insurers will seek recovery of your losses. If you have opted for Motor Legal Expenses insurance, legal fees resulting from this action will be covered by your policy.
Dashcams are a great way to evidence how a collision occurred and have been used countless times to give strong evidence in court for who is really at fault for an accident and who was involved.
If it is possible that your vehicle has made a total loss, try and find the same vehicle being sold online of the same specification and mileage for your vehicle. This will help ensure you get a fair offer for your claim.
Freight Claims
With so many using online retailers and suppliers for all things business, it’s important to make sure that if things go wrong, you can work with your Insurers to get back to work as quickly as possible and ensure that you deliver a first class service to your customers!
- Date of incident
- Details of how the loss occurred
- Location of the goods
- Evidence of costs and impact on business
- Other parties involved
- Transit documents
- Photos of the damage
- Commercial invoice including weight of consignment
- Any correspondence you have received from other parties involved
Top tips
- Prompt notification will help us to control the costs of any claim and ensure deadlines are not missed
- Early notification of any incidents involving damage to goods will allow your insurers to fully investigate matters and address claims early
Travel
It could be a business meeting, training abroad, or a romantic city break away – cancellations and curtailment can happen any day for any reason. So, make sure to be prepared so that your travel disruptions can be resolved quickly!
- Completed claims form
- Copies of travel documents: tickets, invoices, or boarding passes
- Receipts for any costs incurred
- Crime reference in the event of theft or loss of belongings
- Copies of purchase invoices for items lost or stolen
- Airline report in the event of lost luggage
Financial Claims
In the world of business, it is sometimes difficult to make sure you have dotted all of the I’s and crossed all the t’s and being humans, we all make mistakes and can easily miss small print. However, it is missing the little things that can have a big impact on us, not only in terms of reputation, but financially. Therefore, make sure you’re prepared from all angles with your coverage and for allegations to be responded to quickly.
What policies do financial claims fall under?
- Directors and officers
- Professional indemnity
- Legal expenses insurance
- Management liability
- Employment practices liability insurance
Due to the nature of this type of insurance, these policies react on a claims-made basis. This means that no matter what the date is of an alleged incident, your current policy will be used in the claims process. Please get in touch with your usual contact as soon as possible. They will direct you to your dedicated claims handler, who will guide you through the claims process.
Under the terms of your policy you are required to notify any claims including any allegations, disputes or grievances raised which may rise to a claim against you.
Examples of things to report:
- HSE/HMRC investigations
- Grievance raised by an employee
- Allegations of professional negligence
What information will you need?
- Claimants details
- Date you first became aware of the circumstance which may give rise to claim
- Background information/brief chronology of events
- Details of the circumstances together with your comments on liability
- Potential claim value
Top tips
- Some policies have a time frame of only a few days for notification, therefore please notify us as soon as you become aware of any claim or circumstance
- It is vital to inform us prior to undertaking any legal action or incurring any legal fees or representation costs
There you have it – our guidance on what you can do before the worst happens to ensure you get the best results from your Insurance, when you need it most.
Team Fuelled.
If you need to make a claim with Fuelled, please complete our claims form found here!
