Filing a business insurance claim in Missouri can be a daunting task, especially during stressful situations like property damage or liability issues. However, understanding the process and knowing what to expect can make it much smoother. We walk you through each step, explain when and why to file a claim, highlight your insurance agent’s role, and discuss the potential implications on your business.
At the Saxton Law Firm, our Missouri business insurance attorneys are ready to step in and help with claim denials and other issues related to your claim.
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1. Assess the Situation
Before filing a claim, assess the situation to determine whether it warrants a claim. Consider the following:
- Severity of Damage or Loss: Is the damage or loss significant enough to file a claim? Small incidents might be covered out of pocket to avoid potential premium increases.
- Policy Coverage: Review your insurance policy to ensure the incident is covered. Understanding your coverage can prevent unnecessary claims and help you prepare better for the process.
- Deductible Amount: If the cost of the damage is close to or less than your deductible, filing a claim might not be financially beneficial.
2. Notify Your Insurance Agent
Once you have determined that filing a claim is the best course of action, contact your insurance agent. They will guide you through the process, provide advice, and help you gather necessary information. Your agent’s role includes:
- Explaining Coverage: Your agent will clarify what is covered under your policy and what is not.
- Assisting with Documentation: They will help you compile and submit the necessary documents.
- Advocating on Your Behalf: If needed, your agent can work with the insurance company to ensure your claim is handled fairly.
3. Document the Damage or Loss
Proper documentation is critical to a successful claim. Take the following steps:
- Photographs and Videos: Capture clear images and videos of the damage from multiple angles.
- Detailed Inventory: List all damaged or lost items with as much detail as possible, including their condition and approximate value.
- Receipts and Records: Gather any relevant receipts, invoices, and records that can support your claim. These could include purchase receipts, maintenance records, or any other documentation proving ownership and value.
4. File the Claim Promptly
Filing your claim as soon as possible is crucial. Delays can lead to complications or even denial of the claim. Here is how to do it:
- Complete the Claim Form: Your insurance provider will require you to fill out a claim form. Ensure all details are accurate and thorough.
- Submit Documentation: Attach all necessary documentation, including photos, videos, receipts, and any other relevant information.
- Follow Up: Keep track of your claim status. If you do not hear back within the expected timeframe, follow up with your agent or directly with the insurance company.
5. Work with the Claims Adjuster
After filing your claim, an insurance claims adjuster will likely be assigned to assess the damage or loss. Here is what to expect:
- Inspection: The adjuster will inspect the damage or loss and may ask for additional documentation.
- Negotiation: The adjuster will negotiate the settlement amount with you. It is essential to be prepared and have all your documentation ready.
- Settlement: Once an agreement is reached, the insurance company will issue the payment.
6. Mitigate Further Damage
Many insurance policies require you to mitigate the damage as much as possible. This might mean you need to make temporary repairs, move inventory to a new location, or take other actions that reduce the damage you suffer from the incident. Keep all receipts and records of these actions, as they can support your claim.
7. Get Multiple Bids for Repairs
Save yourself and your insurer money by getting multiple bids for repairs. This can help ensure you get a fair price and that the repairs are done correctly.
READ MORE: Steps to Take When Your Kansas City Small Business Faces an Insurance Claim Dispute
At Saxton Law Firm, our Missouri business insurance claim attorneys can help you after a denied claim. Contact Saxton Law Firm for a FREE case review!