Insurance Claims Management Tips for Businesses

So, you’ve been tasked with managing an insurance claim for your business, now what? Unless you are part of a large company’s dedicated legal or insurance team, managing a business insurance claim may be new to you. While you may welcome the change of pace, you’ll soon find that dealing with insurance adjusters, contractors, inspectors, and others involved in your claim is more time-consuming than you bargained for.

Use the tips below to better manage the entire claims process:

  • Treat it like a project – Invite everyone involved to your online project or task management software so that you have a centralized repository for claim related documents as well as collaboration and scheduling tools.
  • Learn about the commercial claims process – You have a lot to learn including: your company’s business insurance coverage, insurance terminology, claims procedures, how to document damage, your company’s responsibilities, additional coverage that may apply (such as business interruption coverage), commercial construction, and more.
  • Take a proactive approach, diligently looking after your business needs – Every day your business is down translates into thousands of dollars lost. Not only that, a great deal of money is at stake in the form of hidden or unclaimed losses. Remember, you are representing your business’s best interests while your insurance claims adjuster is looking after the insurance company’s best interests. Keep this in mind at all times and provide the insurance company with the facts it needs to pay your company’s claim in full.

Finally, consider working with a public insurance adjuster rather than relying solely on your insurance company’s representative. We manage the entire claim, allowing you to focus on performing your job while we pursue the highest settlement possible.

What to Do After a Storm Damages Your Home

Every year, storms and severe weather events cause billions of dollars of property damage. Just last year, property owners in Georgia bore the brunt of numerous storms — to the tune of more than $151 million dollars. It’s devastating to realize that your home or business has been damaged, and you may not know what to do. Here are the most important steps to take right away:

  1. Do not enter your storm damaged home until authorities have determined it safe to enter.
  2. Notify your insurance company as soon as possible.
  3. Take appropriate measures to secure the home to protect it and your belongings from additional damage. Depending on the nature of the damage, this may be as simple as boarding up broken windows. You may need to hire a contractor for emergency repairs.
  4. Take photos, photos, and more photos. Go room to room, documenting everything from a variety of angles. Take close-ups of identifying tags and serial numbers to help ensure you are properly compensated.
  5. Do not throw away damaged property until your insurance company has inventoried it and authorized its disposal. This is evidence, after all. You need it to support your claim!
  6. Keep all of your receipts for expenses incurred after the loss. For example, you could be entitled to compensation for temporary living arrangements and meals — but only if you have receipts.
  7. Get organized. It’s going to be a long haul with claims forms, correspondence, estimates, inventories, and more. Get a file box, folders, labels, and other office supplies to help you keep everything neat, organized, and readily accessible.
  8. Seek professional help. Public insurance adjusters help policyholders like you settle property damage claims. Tap into our insurance claim expertise and let us handle all aspects of your claim. We work hard to ensure that you get every penny that your insurance company owes you.

Contact a public adjuster today to learn more.

Property Damage in the United States

The National Weather Service released its Natural Hazard Statistics Report for 2013 earlier this summer. In all, extreme weather events caused over $12.7 billion in property and crop damage in 2013, down significantly from 2012’s $38.7 billion. Of the $12.7 billion, property damage accounted for $8.8 billion in losses.

DSCN1670

Costliest Types of Property Damage

What caused the most property damage last year?

  • Tornadoes – $3.6 billion
  • Flash and river flooding – $2.2 billion
  • Thunderstorms / high winds – $1.2 billion

At a more local level, Georgia had over $151 million in property damage in 2013; Florida came in at just over $64 million; North Carolina had over $48 million in property damage while its neighbor to the south, South Carolina, received over $18 million in property damage.

What does all of this mean to you, the property owner in the southeastern United States? Severe weather events are a fact of life in the coastal Atlantic states, and we still have many weeks left in 2014. As the hurricane season winds down, we’ll soon be bracing ourselves for winter storms.

What to Do Now

We’d like to take this opportunity to remind everyone that the best time to prepare is now, before a weather event wreaks havoc on your property. Make sure to get your home ready for winter by clearing out your gutters, checking slopes for proper drainage, sealing windows and doors, inspecting storm shutters, and stocking your emergency disaster kit. We also recommend reviewing your insurance policy to ensure you have sufficient insurance (and that it keeps up with inflation).

While you’re at it, get out your smartphone and take lots of photos of your home and your belongings. Having a complete home inventory along with documented proof of your home’s pre-loss condition can save you a lot of heartache and work should your property become severely damaged.

What to Do If Your Property Becomes Damaged

Know this: You don’t have to file your insurance claim on your own. Contact us as soon as it is practical for a free consultation.

Source:

http://www.nws.noaa.gov/om/hazstats.shtml

Public Adjusters Verses Other Adjusters?

anim Fire - Accredited Public Adjusters

 

Knowing the difference:

It is in your best interest to know the difference!

There are three types of adjusters licensed by the State of Florida:

  1. Company Adjuster – is employed by the Insurance Company to represent the company in dealing with your loss and damages. The Company Adjusters main responsibility is to protect the interests of the Insurance Company.
  2. Independent Adjuster – is hired by the Insurance Company to represent the company in dealing with your loss and damages. The Independent Adjusters main responsibility is to protect the interests of the Insurance Company.
  3. Public Adjuster – is the only Adjuster specifically licensed by the State of Florida to represent you, the Insured. The Public Adjusters main responsibility is to protect you and your interests in claims against a loss with the Insurance Company.

Why Hire a Public Adjuster?

If you have just suffered an insurance loss, from a fire, hurricane or some other traumatic event, you may not feel confident in representing yourself and your interests before an Insurance Company. Consider these three points.

  • 1. It is up to you to prove the extent of your loss to the Insurance Company. A typical insurance policy is dozens of pages long and contains numerous provisions and stipulations written in technical and legal terms. Additionally, it contains various forms and endorsements which are constantly changing from year to year. Most Insured’s have difficulty in understanding all of them. To be compensated for your loss, there are certain conditions which must be satisfied Failure to do so could reduce your settlement amount or even cause your claim to be denied.
  • 2. No matter how organized you and your documentation is, filing and receiving payment on a claim can be a time consuming and tedious process.

If you are not sufficiently organized and your loss documented, you may not realize the compensation you have paid for and are entitled to receive.

  • 3. A Public Adjuster has the experience, knowledge and expertise to obtain your maximum entitlements under your policy. 

Remember that the Insurance Company Adjuster is representing the insurance company. It is not uncommon for the Insurance Company to misinterpret their own insurance policy or forget to apply case law or Florida Statutes which supersede their own policy. A Public Adjuster will know current laws as they affect insurance losses and how to best represent you. A Public Adjuster has resources to help you through the maze of estimating, documenting, and filing your insurance claims.