Making an insurance claim is always accompanied by the stressful, unexpected situation that gave rise to the claim. When this happens, you want your focus to be on looking after the people around you who are affected and making sure that any damage is contained.

 

The best way to prepare for a claim and make sure your experience is as smooth as possible. Keep good records of your property and assets. Maintain photos, key contact lists, recent receipts and invoices in a safe and accessible place.

This is important to help substantiate what will be covered, for example, making sure your accounting records can be accessed if you need to make a business interruption claim.

 

Having the appropriate insurance cover for your business is certainly one step – particularly if you have sufficient sums insured and business interruption cover. Many businesses are underinsured, and we would suggest that you err on the side of caution.

 

However, insurance alone isn’t enough to protect your business. Think about how you are going to communicate to your customers and let them know what’s going on with your business. Keep it simple – sometimes a basic approach, such as a sign on the door or making proactive phone calls - can make a big difference in retaining your customers.

 

Before you ever have an event or make a claim, you should make sure you think through what you can to do keep your business operating. Where could you operate your business from if your premises were closed? Could you and your employees work from home?

 

Arthur J. Gallagher can help to mitigate your risks and minimise what can be a significant financial impact on your business should the unexpected happen. If you would like to know more or discuss this further, contact the team in our Charlestown office to discover how we can help manage your risks.