Putting your worries aside when making a claim
Making a claim can be stressful, but it doesn't have to be. Spend less time worrying and more time getting back on track with an expert taking care of the claims process for you.
Headlines in the mainstream media often paint insurers poorly, suggesting they will try to get out of paying claims at every opportunity.
Whether you're watching A Current Affair or reading through the local newspaper, you will probably see a heartbreaking story about how an insurer has let someone down in their time of need.
But the reality is that it's relatively uncommon for claims to be knocked back. Most are paid quickly and without issue. When disaster strikes, insurers do stand behind their customers. And this is reflected in the statistics.
For instance, a recent ASIC review of the Black Summer bushfires of 2019/20 found that 99% of all claims were either paid out in full or in part.
This isn't to say that people won't encounter other problems when replacing or repairing their assets after an incident. For example, the sum insured may be insufficient in some cases, or there's a discrepancy between the policy and the risks the insurer has agreed to cover.
Insurance is complex and challenging for business owners to navigate, even while insurers try to simplify their policies. The business world is becoming more complex and so too are the risks you need to insure against.
Take cyber insurance, for example. Cybercriminals have gotten increasingly skilful, and in response to this, cyber insurance is much more commonplace than it was even five years ago.
An insurance broker stays up-to-date on emerging risks and the economic environment to help you manage the challenges thrown your way. Brokers have extensive experience with the claim process to make it as easy as possible for their clients.
If you need to make a claim, your broker liaises with the insurer and represents your best interests. It can be a huge weight off your shoulders for more complex claims, especially. They will work to get your claim sorted as soon as possible while you get on with running your business.
On the rare occassion that the insurer gets it wrong, or if there are questions about the specifics of your claim, your broker will fight on your behalf to get a suitable outcome.
A broker will raise your perspective with the insurer, and that's usually all it takes. If the situation requires, we can escalate any issues with the referee for disputed claims, known as the Australian Financial Complaints Authority. They will make a verdict that's binding on the insurer.
Research has found that when claimants have a broker, they find claims less confronting. For example, 72% of clients using a broker are satisfied with the claims process, according to Vero's annual SME Index report. This is compared to just 37% of those who try to work through it themselves. That's a significant discrepancy.
Many of us aren't often in the position to make an insurance claim. Though when we are, it's a huge relief when everything goes smoothly.
How Coverforce can help
In the event of a claim, our dedicated in-house claims team are on hand to provide advice and minimise disruption to your business. Our team will work with the insurer on your behalf to ensure you receive your full entitlement without undue delay.
For personalised risk advice and tailored, competitive insurance solutions that can help minimise your business risks our experienced brokers can assist. Get in contact with your local Coverforce Office today or call 1 3000 COVER.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Coverforce directly.
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