July 28, 2014

The Importance of Knowing Your Rights with Business Insurance Claims


The damage and loss caused by fires in commercial premises can be devastating – often resulting in a company having to cease trading due to the financial implications of such a devastating disaster. This short article will explain how a loss assessor can help you survive such a disaster and continue trading long into the future. A loss assessor’s job is to ensure the business that is the victim of a fire at a business or commercial property has the best chance of survival by securing the best financial outcome for them.

You should:

  • Know the role of the loss adjuster and how they work in conjunction with the insurance company
  • Know the role of a loss assessor and how they can help your business get a decent settlement
  • Ensure that you have all the relevant paperwork and records detailing and pertaining to your business and the insurance cover

Once your company has suffered from a fire and you are contacting your business insurance company it is advisable to contact a loss at the same time. All the documentation of a fire insurance claim will be the responsibility of you and your business. By having a loss assessor fighting your case you will ensure that all the correct information is passed on to the insurance company. Do not forget that the insurance company will operate like any other business – it is in their interest to give you as little financial settlement as possible.

Immediately after you submit your claim to the insurance company they will have a loss adjuster working on your case. Whilst the loss adjuster has to make sure you get a reasonable sum from the insurance company, it is important to remember that the loss adjuster will be working for the insurance company. The loss adjuster will go through your claim in detail and ‘adjust’ the figure you will receive accordingly. The input of a professional in this instance is crucial to securing a future for your business financially. The loss of profit associated with major disasters can be the nail in the coffin during bad economic climates.

A good insurance loss assessor will be able to handle most parts of the claim for you; from assessing the level of the insurance to completing all the necessary and relevant documentation. Their professional advice is crucial to getting the best possible outcome for your business.

One of the major benefits of employing a loss assessor is the fact that all responsibility for dealing with the claim is taken out of your hands. If you have been the unfortunate victim of fire at your business you will have enough to deal with without the added strain of filling in paperwork and answering the queries of the loss adjuster and insurance company. Another crucial benefit is the professional knowledge and understanding that they will bring to the table. They have the knowledge that you as a business owner are not likely to have – again hopefully securing more money for you in your settlement.

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