In this presentation, we walk you through the process of what happens when you file an insurance claim for your business.

1. What happens when you make an insurance claim
for your business?

2. If you’ve never had to submit an insurance claim for your
business before, you might be wondering exactly how it all
works. We’d like to help you get a better understanding by
taking you through the process step by step.
Taking the mystery out of filing a
business insurance claim.

3. The most important thing to do immediately after a loss is call your
insurer so the claims team can start their investigation. This way it’s
easier to remember what happened and, depending on the situation,
speak with any witnesses before they change their mind.
You’ve experienced a loss. Now what? 1
TIP: Make a detailed list of all items that
were damaged or lost. If possible, include
any receipts, original invoices (or other
proof of ownership) along with photos or
videos.

4. A claims handler (also called an “adjuster”) will now begin the
investigation by gathering information to assess the exposure.
2Reporting the claim
An insurance adjuster investigates your
claim and determines the amount of
loss or damages covered by your
insurance policy.

5. They may ask for photos, police reports and other documents as well.
After reviewing your policy, the handler will let you know what to do
next and whether the loss is covered. Experts such as appraisers,
engineers, lawyers, and accountants might help
with the investigation as well.
3Investigating your claim
TIP: Keep all of your documentation,
correspondence, photos etc. in one place
and have them handy in case you need to
provide them during the investigation.

6. Your claims adjuster will review your situation, the estimated costs to
repair or replace damaged property and determine how much of your
claim can be paid out based on your insurance policy.
4Reviewing your claim
TIP: Unless you need to prevent further
damage or increase safety, avoid making
any repairs until you’re advised to do so
by your insurer.

7. Your insurance company will likely provide you with a list of preferred
vendors to help with any repairs. You’re not obligated to use these
vendors – however, it can save you a lot of searching time as they were
selected based on the high quality of workmanship, their reputation and
financial stability.
5Finding vendors

8. If you or any of your employees, customers or vendors were injured as a
result of the event, you’ll be assigned a specialist claims adjuster with
expertise in medical benefits.
6What if there are injuries?
TIP: Be sure to fully document the
incident including what happened, who
was there, where and when. Take dated
photos of the conditions where the
injuries occurred.

9. There are certain expenses you need to pay out-of-pocket before
you can expect payment from your insurer. These expenses are
your “deductible”.
7What we mean by “deductible”…
TIP: While increasing your deductible
amount will lower your monthly
premiums, do so with caution. If a loss
occurs, you need to be sure you have
the funds available to cover replacement
or repair.

10. Once repairs have been completed and any lost or damaged items have
been replaced, your insurance company will either pay any invoices on
your behalf or provide you with a lump sum amount. The amount of
time it takes to receive payment will depend on the complexity and
severity of your situation.
8Let’s talk money.
TIP: Your bank (or other financial
providers) may be included as a payee on
your settlement. Be sure to notify your
claims adjuster of any parties who might
have a financial interest in your business or
business property.business or business
property.

11. Whether or not your premium increases after you file a claim really
depends on your insurance provider, on your specific situation, on your
past claims history and any other number of factors.
The best thing to do is speak with your insurance representative.
9How will your claim affect your premium?

12. Many business insurance claims can be avoided by having good risk and
loss prevention strategies. Regular reviews of potential exposures to
your business and business property, along with educating your
employees on how to stay safe and prevent loss can go a long way in
preventing claims from happening in the first place.
10
Prevention: The key to avoiding
future claims.
TIP – Find tons of valuable tips on
protecting your business on the
TruShield Insurance blog.
http://www.trushieldinsurance.ca/blog/

13. Visit http://www.trushieldinsurance.ca/ to learn more.
Make sure your business is protected.