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