How to File a Business Insurance Claim

Last updated on: September 14, 2022

There are many different types of insurance claims that businesses can file to cover the costs related to an accident or disaster. Learning the different types of claims and the best way to file them can save you and your business time in the event of an accident or financial loss. 

Determine What Type of Business Insurance Claim to File

The most common types of insurance claims are as follows:

  • Burglary and theft: Victims can claim any damages associated with the theft, including the cost of any damaged property or stolen merchandise.
  • Water and freezing damage: For these claims, your insurance may be able to cover the cost of damage from burst pipes, flooding, or natural disasters, including expenses related to fixing any structural issues.
  • Wind and hail damage: Your insurance policy may be able to compensate you for any damages incurred from structural damage and broken windows and roofs.
  • Fire: Your insurance policy may be able to cover any financial loss related to a fire, including fixing buildings or replacing damaged equipment.
  • Customer slip and falls: Your general liability insurance policy may cover your business from the financial losses caused by a customer slipping and falling on your commercial property.
  • Customer injury and property damage: Similar to “Customer slip and falls,” your general liability insurance policy may also cover any accidents that caused personal injury or property damage to a customer. 
  • Product liability: General liability insurance and product liability insurance policies can prevent your business from going bankrupt if a product that your company manufactured is faulty.
  • Falling objects: In many states, businesses are required to purchase workers compensation insurance to guarantee employee protection. 
  • Reputational harm: These types of claims are most common in technology and media organizations. Professional liability insurance policies may be able to protect your business against these risks.
  • Automobile accident: Auto accidents are common. A commercial automobile insurance policy may help protect your company’s vehicles and employees if your company’s vehicle is involved in an accident.

Gather Evidence

Business owners are usually responsible for proving their losses to their insurance company. Fortunately, proving your business’s losses can be simple if you begin documenting immediately after the accident.

There are many different types of documentation that you can use to prove your damages. Business owners should present the following types of documentation, if available, to their insurance company immediately following an incident:

  • Police reports
  • Incident reports
  • Internal accident reports
  • Photographs
  • Medical evaluations
  • Medical bills
  • Internal notes
  • Communications
  • Videos
  • Witness statements
  • Repair costs
  • Projected expenses

Contact Your Insurance Provider

Right after an accident, policyholders should carefully review their policies. Most policies have specific language that lays out the extent of the policy’s coverage and contain a section outlining which damages and events trigger or exclude coverage. 

Typically, business owner responsibilities are also included in the plain language of these insurance policies. Unbeknownst to many, some policies impose additional obligations onto holders. Thus, policyholders should be aware of their particular policy’s limits and requirements to avoid additional issues later down the road.

Typically, policyholders are required to contact their insurance provider as soon as it is practical to do so. Many companies offer online claim management platforms that may make the filing process even easier.

After completing the provided forms, you should do your best to attach all relevant documentation to the claim. Most insurance companies provide specific sections to attach additional documentation. If you fail to provide the appropriate information, you may delay the progress of your claim.

Prepare for Inspection

Prior to scheduling a meeting with a claims adjuster, you should prepare for the inspection and avoid altering the scene of the accident. Notably, many policies contain a duty to defend clause, which requires your insurer to defend you in all claims, even when the claims are without merit. This language allows the insurer to take control of the litigation and settlement process. 

Meet with an Insurance Adjuster

After filing your initial claim, you should work with a claims adjuster to ensure that all of your expenses are adequately included in your claim. Business owners may be required to allow the adjuster onto their property to evaluate the damages firsthand. Your claim adjuster may also contact any witnesses for statements of the event.

Frequently Asked Questions

How Do Business Insurance Claims Work?

When your business suffers a loss or damage, you can send a business insurance claim to your insurance company to inform it of the loss and request compensation. Once your insurance company receives your request, it investigates the claim and issues a payment if it accepts the claim. 

How Long Does a Business Insurance Claim Take?

The length of time it takes to settle a business insurance claim can vary case by case. Factors such as the state in which your business is located and the complexity of the case can make the process longer or shorter. 

However, the insurance company usually has about a month to process the claim and another deadline for the insurance company to pay the settlement amount. For example, Texas gives the insurance company thirty days to process the claim and five days to issue the payment. 

What Can I Do in Advance To Make the Process Easier?

Depending on the type of business insurance claim you need to file, you may be required to provide different types of evidence or documentation. Knowing what type of insurance claim applies to your situation may help your company save time and money when approaching the filing process. It may be beneficial to contact an insurance claim attorney who may be able to help you navigate the filing process more efficiently.

Need Help With a Claim? Contact Zinda Law Group Today

At Zinda Law Group, we have the knowledge and resources necessary to help you pursue the highest compensation possible. Zinda Law Group may be able to provide you with personalized and quality consultation about the specifics of your legal claim. The sooner you contact our office, the better we may be able to serve you.

If your business was recently damaged or involved in an accident, call Zinda Law Group at (888) 241-6071 for a free consultation with one of our insurance claim lawyers. You don’t owe us anything unless we win your case. That’s our No Win, No Fee Guarantee.

Meetings with attorneys are available by appointment only.