If you run a business - small or large - then theft can be a worry. Most businesses assume that because they are insured they have nothing to worry about. But if you are the victim of large scale burglary you could potentially lose a large portion of you stock and rely on your insurance company to compensate you completely for your losses you could put your business in peril.
Why you shouldn't rely on your insurance company
Whenever a business puts in for a large theft insurance claim a loss adjuster will be appointed by the insurance company to ensure that the claim goes through correctly. It is, however, important to remember that the insurance company is a business like any other and needs to make money. With this in mind the loss adjuster will essentially pick through your claim with a vigorous attention to detail - trying to adjust the payment down. In addition to this you will be expected to deal with the insurance claim yourself - whilst this is all within the confines of the law, it seems like the balance may be swayed a little in the favour of the insurance company. So what can you do about it?
Appoint a loss assessor
Whilst the loss adjuster will be working with the insurance companies needs in mind - the insurance loss assessor on the other hand will be working directly for you (a lot of the time on a no win no fee basis) so they will trying to get the best possible financial outcome for you and your business. They will also bring to the table years of experience and knowledge that you would never have been able to contribute as the owner of the business.
Your insurance loss assessor will ensure that the playing field is levelled out and you should receive a more comprehensive claim with their input. You owe it to your business to help it move into the future following a burglary at your premises.
Your insurance loss assessor will be able to:
Check with your insures the level of your theft insurance
Complete all the necessary paperwork in relation to your theft insurance claim
Negotiate on your behalf
Advise on the most appropriate type of settlement
Author : Wayne Barker works for Harris Balcombe, the premier insurance loss assessors in the UK. They specialise in all types of business interruption insurance claims
