From helping you develop a business continuity plan, cover gaps and mitigate risk to ensuring you have business interruption insurance and other pertinent tools, an insurance broker is an important partner before a crisis or event happens. But what happens when a fire, break-in, cyberattack or employee lawsuit strikes and your coverage is put to the test with a claim?
While no one wants to imagine a future in which your business is facing an event or crisis that causes you to call on your insurance coverage, it’s a good idea to know what you need to do if, and when, that happens. Though you may be aware of the advantages of working with an insurance broker to help secure coverage tailored to the needs of your business, an insurance broker can also be a huge benefit to your business after coverage is secured with the claims process.
Here's a breakdown of how an insurance broker can help you after coverage is secured through the claims process.
Assessment and Submission
When disaster strikes, it can be overwhelming to your business — you’re likely scrambling to get operations back up and running. Your insurance broker should be one of the first calls you make post-incident. A broker can help you review incidents and report new claims as soon as possible. As someone who knows your coverage in and out, your broker can help you identify potential points of overlapping coverage and place all applicable policies on notice. They can also help you work with insurance carriers to quickly set up and assign claims.
Monitoring the Claim
Once you’ve submitted your claim and documentation, an insurance broker can be helpful in monitoring its progress. A partner through the claims process monitors the progression of claims through close contact with assigned adjusters and through using insurance carrier/third-party administrator risk management information systems. Your insurance broker should be your liaison between you and the carrier.
Reviewing Letters of Coverage
When the decision has been made on your claim, the insurance broker can help break down what that means for your business. If a claim falls below the policy deductible, that means making sure it is evaluated and handled appropriately. Your broker should be your advocate to the carrier, reviewing letters of coverage, declination and reservation of rights to maximize your coverage.
Claims Analytics and Audits
An insurance broker can monitor and review the performance of your insurance carrier/third-party administrator by completing a broker claims audit, when needed, to evaluate compliance with claims handling instructions and best practices. A successful audit measures overall compliance and provides a comprehensive overview of:
- Initial and ongoing contact
- Claim investigation
- Payments
- Accurate and timely reserving
- Return to work (workers’ compensation)
- Medical management (workers’ compensation)
- Action plans
- Subrogation
- Settlement
- Litigation
- Claim supervision
A Partner Through It All
From navigating the right coverage to final claim settlement, an insurance partner’s role doesn’t stop once a policy is written. Rather, this key relationship continues to help you maximize your outcome in the event of a claim and beyond.
Need help finding the right coverage or want to be sure you’re prepared? Contact us to learn how our extensive technical knowledge, proactive oversight and top-to-bottom service can make the difference in your claims program.
