Value the insurance asset
This consists of looking at all available limits of your policies
and determining where the loss fits within all your policies.
This comes in handy in the case of a policy buy-back offer. To
determine if that is the best business decision, you need to know
if the value of the insurance asset is just the value of the policy or,
for example, if you should consider defense costs.
Set the target/demand
You need to have a goal in mind from the beginning of the
process. Are there any circumstances in which you’re willing to
compromise regarding the amount you receive? If so, let your
insurance company know from the start and it may increase the
chances that you receive that amount in a more timely fashion.
Negotiate the claim
It’s easy to feel like David fighting Goliath. Goliath being
an insurance company with an arsenal to fight claims. But you’re
dealing with business people and you can use relationships to
help negotiate. Perhaps your broker can help apply leverage.
Access every person and resource at your disposal, identifying key
pressure points and using them to your advantage.
Don’t
give up
Filing or fighting a claim can seem
like a daunting task—especially with the relentless requests for information while you’re working to keep your
business running and, potentially, even tangibly recovering from
the loss. But challenge your rights. If you simply accept an initial
denial, you’re only making it easier for insurance companies to
continue to push the boundaries of coverage.
And while this isn’t an official tip, as a general rule, it’s wise
to remain professional during all aspects of filing a claim. Hans
recommends always rising above the fray and wearing the “white
hat.”When dealing with something as personal as the business
you have worked so hard to build, it can be easy to lose your cool,
but you’ll come off looking better and perhaps be in a better spot
to leverage your business position if you remained kind and courteous throughout the process. G
800-247-3251
www.uri-online.com
26145 1st St. Westlake, OH 44145
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