The insurance claim process is inherently difficult and complex. With so many elements involved, even the most mindful and diligent policyholders can overlook important details that impact the management and overall success of their claim. Businesses face even more complications and require even greater attention to variables, not the least of which is the protection of the brand and other assets. So, it is imperative business property owners partner with an expert claims professional when filing an insurance claim. Along with that, there are a few red flags that all policyholders must be aware of in order to best navigate the process.
Red Flag 1: The insurance company doesn’t respond back to you in a timely manner. By law, you or your public adjuster should hear back from the insurance company within 15 days after the date of receipt of notice of claim.
Red Flag 2: The insurance company demands that you use their preferred vendors for reconstruction and mitigation. You are not required to use the vendors that are recommended to you by your insurance company. Make sure to research thoroughly before hiring any vendors.
Red Flag 3: The insurance company is requesting an examination under oath. In this case, the insurer may have a suspicion that there is fraudulent activity in regard to your claim.
Red Flag 4: The insurance company takes a long time to accept or deny your claim. Any inaction from the insurer on such decisions should be addressed immediately.
Red Flag 5: The insurance company says that you don’t have coverage for items in your claim. Although this is a rare occurrence, sometimes mistakes can happen.
Partnering with a public adjuster to advocate on your behalf is the best way for you and your business to navigate through these red flags.