When you create a commercial liability insurance policy; you create it not because you think you will use it daily. Instead, you create it as a safety net praying to never need it. However, more often than not your safety net will pan out, and a claim is submitted. Depending on your insurance carrier there is often multiple ways to submit a claim. The easiest is to get a hold of your agent.
Many businesses create their business liability policies through an agent. Although, with the rise of the internet you can easily decide to skip the agents altogether. Insurance companies that are dependable, and respected allow you to obtain the commercial liability insurance you want off from their website. If you policy needs it; an agent is assigned to follow through on your application.
Insurance is a complex industry and it is therefore advantageous to have an expert on hand whom you can consult with. Typically an agent is licensed by the state and has a contract with one or more insurance companies, giving him/her in-depth market knowledge that you’re unlikely to acquire even after substantial research. The bonus is since an agent is paid by the insurance providers he represents, it doesn’t cost you anything to make use of this knowledge.
To report a business liability claim, you can communicate directly with the claims department of the carrier which wrote your policy, or you can submit the claims information via the company?s website. However, submitting a claim via the internet can be a difficult and time-consuming process. Indeed, submitting a general liability claim through a company?s website form can consume hours, especially if you do not have your policy documentation in hand.
In addition to supplying basic information such as your policy number, the amount of your deductible, your occurrence limits and if you have extended coverage; you’ll also have to input the personal and company identifying information that you’ve previously provided such as your company address, phone number, and other data. This, your business liability insurance agent can simplify.
Although your agent will have access to your policy number, its limits of liability and its deductibles, he will still need to ask you factual questions about the specific loss in question. However, since the agent will have an understanding of your business, even those questions will be shorter and more to the point. In fact, a professional agent with established insurance company relationships will likely be an invaluable partner for you to contact for assistance for many years to come.
It is important to note that agents are responsible for steering policy holders through the claims process and doesn’t represent the actual company when it?s time for the company to pay. For this, a claims adjuster will be assigned to your case. Generally, a claims adjuster investigates a business liability claim to determine whether the policy covers the loss and also to what extent. Further he authorizes any applicable payments. Depending on situation to situation, a case maybe either be quickly dealt with or it could take a rather long time. In the case of general commercial liability insurance claims, the individual who is allegedly injured may decide to take the issue to court and thus the adjuster will have to work with attorneys and witnesses. During this time, your agent will always be on hand to explain the situation.
Susan Reynolds is the content coordinator for a leading South African Insurance Provider who specialises in Business Insurance.
