Do you own a small business and want to know how to apply for an insurance claim?
Are you skeptical that the size of your business can prevent the possibility of filing an insurance claim?
Has your small business business suffered any loss or damage to property and you are uninformed about the steps to file an insurance claim?
Congratulations already! In this article, you will find out if your small business qualifies to file an insurance claim, when to apply for one and how to make an application.
If you fell for the misconception that your small business would not have insurance coverage and it may not be eligible for an insurance claim, then we would advise you to start getting rid of these opinions.
Yes! Your small business should have insurance.
Yes! You can submit an insurance claim.
Insurance coverage is not limited to the size or character of a company, nor is the filing of an insurance claim.
Whether you are a large company with a presence in the United States and all over the world or you are a startup doing business from the comfort of your couch in your living room in a rural suburb of Pennsylvania or something in this area, you can get a insurance coverage that qualifies you for an insurance claim.
What is a Small Business Insurance and Why You Should Have One?
An insurance cover for small businesses is an insurance that helps start-ups and business owners who own small businesses to protect their businesses from losses due to property damage or personal injury.  This insurance helps small businesses to pay for the expenses they may incur in the event of loss or damage from events such as storms, robberies, thefts, fire outbreaks, etc.
It is important for your small business to have one so that events like the ones mentioned can make them vulnerable. Data from the US Bureau of Labor Statistics show that about 20% of new companies fail in the first two years of start-up, 45% in the first five years and 65% in the first ten years. Only 25% of new companies go to 15 years or more.
Small businesses are less likely to survive economic losses or property damage compared to large businesses. To increase the likelihood of survival and ensure the continuity of their business even after a fall, an owner of a small business should have an insurance policy.
When should a small business file an Insurance Claim
Before the idea of filing an insurance claim, the business must be insured. When there is no business insurance that covers your small business, you do not have the right to claim.
If your business has been insured, the following should be checked before you can be sure that your insurance claim will be accepted or rejected
It is important to note that insurers may choose to accept a claim or not. However, if these requirements are met, there is a 101% chance that your requirement will be accepted.
first If you can not pay for the loss
You are entitled to an insurance claim when you can not pay for the loss that your small business has incurred during a covered event.
If you can not compensate for the assessment of the registered loss, you should submit an insurance claim.
2nd Business interruption
You can apply for an insurance claim for business interruption if the event caused a disruption in your business.
If your small business had to slow down in business or suffer a temporary shutdown due to the loss, you are entitled to what is called a business interruption claim.
3rd Claim for damages
A claim for liability can be filed against you when someone is injured when you are in your business situation or if someone feels fraudulent about your business.
When you have lawyers at your doorstep, you can apply for a claim for liability to help you pay for legal fees. This advice has helped many independent yoga instructors go bankrupt.
4th Total Deductibles
The final requirement on our checklist to determine your small business's eligibility for insurance is the payment of total Deductions.
The term total deductible refers to the agreed amount you as a policyholder must pay to your insurance policy provider before you can request any form of payment or compensation from them.
Peradventure you have not yet completed the total deductible you have decided to pay your insurance provider before a loss event occurs, you are not entitled to submit a business insurance
When all four (4) items on our checklist are met, you continue to file an insurance claim for small business.
How to File a Small Insurance Insurance Requirement
Here is a step-by-step guide on how to apply for a small business insurance claim in the United States:
1st Documenting the loss or damage
Make sure there is a system that recorded how the event occurred. Properly document them all, registering the damage that your insurance provider will require.
2nd Obtain a Police Report
The incident that led to your company's loss or damage can be caused by robbery, burglary, vandalism or any criminal act. If this is the case, you must inform the police, note the report number and get a copy of the report from the police. If you notice any insurance fraud, report this insurance fraud in the United States.
3rd Informing Your Insurer
Don't waste time informing your insurer about the loss. The earlier you inform your insurance provider, the faster your application can be resolved.
Send a copy of the report copy you received from the police and copies of your documentation of the loss to your insurer.
Be proactive. Take steps that your policy provider may require of you. This will quickly track your claims.
According to Maureen Le-Paine, Senior Vice President, Small Business and Portfolio Underwriting, Hiscox USA, the sooner an incident is reported, the sooner the insurance documentation will be registered and the insurance company can start and complete its investigation.
4. View damaged property and damaged to your insurance provider
Do not rush to discard damaged items and bearings during the covered event. Make inventory, record information about each damaged item and show it to your insurance provider.
Discard only damaged items once they have been registered and shown to your insurance provider. To be safe, discard them only when instructed to do so by your insurance company.
Waiting for your insurer to look damaged before treating them may not be possible. In this case, correct documentation showing medical bills and medical reports is sufficient.
5th Salvage What Rest
You must ensure that items that were not damaged during the unfortunate event are kept safe. Separate the damaged goods from the good ones to prevent further damage.
The provisions on insurance policy do not cover property damage or loss after the first loss. Everything that goes wrong after the first loss will not be paid for by the business insurance company.
6th Get estimates for repairs
Get quotes from bidders on the cost of repairing damaged products or property. Compare the offer and choose the ones that offer quality products at a discount.
Your insurance provider may require you to provide information on repair costs. Get them ready before they do.
7th See the knowledge of policy provisions
Make sure you have a comprehensive and detailed understanding of the provisions in your insurance. Your business insurance broker can help you interpret the technical side of the insurance. That's why it's so important to hire the services of a commercial insurance broker in the United States.
Your business is not too small for insurance. Business insurance is not limited to a specific size or type of business. Get insurance for your small business and grow your business without worries today!