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How to Deal with the Insurance Company

August 22, 2020

Many business owners and managers encounter disputes when they work with customers. While most often, you will be able to resolve a problem rather quickly, sometimes a dispute is more challenging. When you cannot resolve a small business disagreement, you may need to file a claim with your insurance company. Other times, you need to file a claim for a business loss or other deficit. There are several things to keep in mind to make dealing with the insurance company more successful and less stressful.

Review Your Insurance Policy

Locate and review your business insurance policy. The policy provides specific details that will govern how and when they will process claims. You need to make sure that the policy covers the type of loss that you suffered. Do not rely on what the insurance representative tells you because your policy may differ. If you are unsure about the coverage, seek expert advice.

File a Timely Claim

The insurance policy typically provides a time limit to file a claim. If you do not file a claim in a timely manner, they will certainly reject or dismiss your claim in its entirety. If that happens, you will be on your own to pay the other party if they are entitled to compensation. Check the policy to verify when you must file a claim, and do not miss the deadline.

Communicate

Good communication is essential to a satisfactory resolution. You should discuss the situation with your broker and communicate on a regular basis. You will need to know what is occurring with the claim, so you must be able to get answers to your questions and expect to reach your agent to get updates and to provide input.

Gather Documentation

Good documentation is critical in proving your side of the dispute. Take the time to find all communication that pertains to the claim such as emails, receipts, text

records, and more. Keep in mind that some of the data could be lost over time, so do not delay in obtaining information and providing it to your insurance company. For example, if you suffered a major business loss, you will need to prove your losses in as much detail as possible or you could risk getting too low a payment.

Evaluate an Offer

The insurance company is in business to make money, so it will come as no surprise that they will often try to resolve a claim with as little expense as possible. You do not have to accept an offer that you feel is not adequate. Remember that once you accept a settlement check you, will not be able to take any further legal action to obtain additional funds.

Talk to an Attorney

It is often a good idea to seek legal guidance with business claims. An attorney will handle all of the legal issues and act on your behalf to negotiate with the insurance company. Your lawyer will not allow an improper resolution and will always work in your best interest. Evaluate the claim to decide whether an attorney would be beneficial in your case.

Dealing with an insurance company can be difficult and unsettling. If you need to file an insurance claim, get the legal help you need from Moen Sheehan Meyer, Ltd. Contact us today online or call us at (608) 784-8310 for a free consultation.

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