Making A Successful Business Interruption Insurance Claim
For those businesses who did have business interruption insurance included as part of their policy most would or are naturally thinking of making a claim following the impact of the pandemic.
Although making a claim may seem straight forward many have struggled to get a pay out from their insurer. In this blog we would like to highlight things to do to make claiming easier and increase your chances of a positive outcome.
Tip One – Pay close attention to the wording of individual policies.
Paying attention to the detail within individual policies is essential. Our expert legal advisers based in Manchester can provide businesses with valuable support around analysing their policies and weigh up the chances of making a successful claim. One important factor to keep in mind is whether the policy classifies COVID-19 as a “notifiable disease”. Policies without this wording are more likely to lead to unsuccessful claim outcomes.
Tip Two – Gather information periodically
Once you have established that there are grounds to make a claim on your insurance it is important to start collecting the right supporting evidence. Insurance brokers and accountants can help to gather documents in relation to your finances and predictions in relation to ongoing profits/ losses and expenses. Ensure that you take account and keep a record of your finances at regular intervals so that if you decide to make a claim in the future your documents are already prepared and comprehensive.
Tip Three – Get familiar with your insurer’s claims process
When collating documents in relation to your claim the key is to provide the information that is required. It may seem tempting to give your insurer as much as possible to support your claim however this additional information will either be disregarded or may provide information to the insurer that will impact the outcome of your claim negatively.
Tip Four – Follow your insurance policy guidelines
Paying close attention to the correct formatting and timings provided as part of the claims process is also key – by adhering to the stated process to the letter, businesses can avoid becoming tripped up as claims move through the system.
If you have submitted a claim and it was rejected there are still a number of options which your businesses can take. If you feel your insurer has reached the wrong decision, you are part way through making a claim or just about to begin our expert team can help.
We have a team of specialist dispute resolution lawyers based in Manchester and can evaluate your policy and take legal action against your insurer if they are withholding payments that should be made.
We operate on a no win/no fee basis so you have nothing to lose. If we are successful, we will deduct an agreed percentage (up to but no more than 25%) from any damages recovered.
Fill out our form to sign up with us and start the process by clicking here.
Got more questions? Check out our FAQ’s on the link above or call us on 0161 249 5087.