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Relax, you made the right choice, you utilised an insurance broker to purchase your insurance policy rather than purchasing online or direct and as a result, your broker is here to assist and guide you in making a ‘claim’ on your insurance policy.

Unfortunately, when you need your insurance policy it is usually a result of an unforeseen event.  This event will most likely be emotionally draining and stressful whether it be your professional integrity being brought into question, an office break-in or the misappropriation of funds within your business.

Report the incident

Dependent upon the incident that has occurred, you may need to:

  • Report the incident – call the police and/or emergency services if a serious accident/crime has taken place
  • Not enter the business premises and risk compromising the site
  • Make contact with your insurance broker as soon as reasonably possible
  • Gather evidence
  • Submit your insurance claim as close to the event as possible to ensure details of the claimable event stay clear and ensure any time limits are not breached
  • Stay calm

Things you should take note of

It is important to note as much information as possible after the event or loss to pass onto your broker. Dependent upon the type of insurance, it is advisable to note the following:

  • The time and date of the event
  • The specific location
  • A description of what happened
  • Details of anything you have done to minimise the loss
  • An estimate of the loss
  • Eyewitness accounts and contact detail of any eyewitnesses
  • Photos – of anything you think may be relevant, particularly any damage

Read your Product Disclosure Statement (PDS)

It is a good idea to locate your insurance PDS which will detail how to go about making a claim on your insurance policy.  The PDS will note any excess you need to pay and how long you can expect for your claim to be processed.  The PDS will also note what is covered and what is excluded in a particular policy.

Reminders

  • Pay your premium otherwise, your claim will not be paid
  • Review your policy each year to ensure you are adequately insured
  • Inform your broker should any of your business details change during the policy period of insurance
  • Take photos of your assets
  • Keep copies of receipts and invoices

The purpose of insurance is to put you back into the same position had the loss not occurred.