Do you have a small business? Do you know when should you file an insurance claim if you need to? Are you worried that your business’s size might obstruct the prospects of filing an insurance claim?
Has your small business experienced any property damage or loss and you aren’t informed about when should you file a claim?
Fortunately for you, we are here to help. Today, we’re going to share with you when should you file a claim for your insurance in Newark.
Do You Need an Insurance Coverage?
You might think that your small business does not need insurance coverage. However, that’s not the case. Your small business requires insurance coverage. This also means that you can file a claim if you have to.
Insurance coverage isn’t restricted to the nature or size of the business; neither is the filing of the claim.
Whether you are a startup doing business in a rural town or a big company with business presence around the world, you can get an insurance coverage that qualifies you for a claim.
When to File an Insurance Claim
Your business needs to be insured before the thought of filing a claim comes up. You aren’t obviously entitled to make a claim if there’s no business insurance coverage for your small business.
If your small business has insurance coverage, there are a couple of things you have to consider to ensure your claim will be accepted. Otherwise, it will be denied.
It’s vital to keep in mind that insurance policy providers can decide whether or not they’ll accept the claim. However, if you meet these requirements, your chances of acceptance will be a lot higher.
- Aggregate Deductibles
The payment of aggregate deductibles is one requirement to ensure the eligibility of your small business for an insurance claim.
For those who don’t know, the agreed amount the policyholder has to pay to the insurance policy provider before they can ask for any type of compensation or payment is called the aggregate deductible.
You aren’t entitled to file a business insurance claim if you are yet to finish the aggregate deductible you resolved to pay your insurance provider before the incident happens.
- Liability Lawsuit
Whenever a person gets injured while in your property or business, a liability lawsuit might be filed against you. This can also be used if someone feels swindled by the services/products of your business.
You can file for a liability lawsuit claim when you’ve got lawyers at your property. This will help you in paying legal fees.
- Business Interruption
If the event caused an interruption in the activities of your business, you can file for a business interruption insurance claim.
You’re entitled to a business interruption claim if your small business had to shut down or a slowdown in operations because of a particular event.
- If You Can’t Pay for the Loss
If you can’t pay for the loss that your small business incurred during a covered event, you’re eligible for a business insurance claim.