After an incident, you may wonder how long an insurance company has to investigate your business insurance claim. Generally, insurance companies have around 30 days to complete their investigation, but this deadline is frequently extended for several reasons.
It is crucial not to allow the insurer to unreasonably extend the time deadline or delay your investigation. This is a common tactic insurers use to try to settle the claim for less than you actually deserve.
At the Saxton Law Firm, our business loss insurance attorneys work to ensure the insurance company promptly and reasonably investigates your claim. We protect your rights throughout the insurance investigation process in Kansas.
Insurance Investigations in Kansas
When you want to make a claim against your business insurance for a covered loss, it triggers an investigation phase. When your insurance company receives the claim, it will assign a representative to investigate the case. This representative is commonly known as an insurance claims adjuster.
Claims adjusters are trained to inquire into what happened, when, and make determinations about whether coverage for the damage is warranted under your insurance policy. They are also trained to look for ways to deny your claim. They often cite exclusions or exceptions to the policy in an attempt to save money for the insurance company. Speaking with an insurance adjuster without first speaking with your attorney is not recommended.
Time Limits for Insurance Investigations
Insurance investigations are restricted to around 30 days, but this timeline is far from set in stone. Insurance companies have 10 working days to consider and acknowledge your initial claim. In this time period, the insurance company must also provide you:
- Policyholder instructions
- Proof-of-loss-forms
- Other necessary paperwork to complete your claim
Within 15 working days of receiving the properly completed paperwork, the insurance company is expected to make a decision on the claim.
Factors That Impact the Length of the Investigation
While insurance companies are expected to timely investigate and resolve insurance claims, there are many factors that many impact how long it actually takes. For example, claims with especially serious property damage or physical injuries typically take longer to assess. There is a great deal more evidence to consider and this can take some time.
Another consideration is the promptness of communication between the various parties. This could include your insurance adjuster, yourself, or even a third party involved in the claims process. If someone else was responsible for the accident, their involvement could potentially slow down the investigation.
In some situations, another factor is whether the insurance company purposely delays the investigation. This is a common tactic designed to frustrate you and make the process challenging to handle. Some insurers do this in the hopes of reducing or eliminating the total payout.
What If My Claim Investigation Takes Too Long?
If your claim is taking an unreasonably long time, your business insurance attorney is ready to help. Insurers are less likely to use delay tactics when they know an attorney is involved, as there are consequences for these types of actions. Your attorney can stay on top of the matter and help you properly complete all of the paperwork.
Claim denials are also common because insurance companies want to save money. Your insurance attorney can help you negotiate a resolution or file litigation to enforce your rights under the insurance policy.
READ MORE: Commercial Property Insurance: Protecting Your Kansas Business Assets
At Saxton Law Firm, our Missouri business litigation lawyers are here for you. Our team is highly experienced in insurance investigations and protecting the timely resolution of your claim.