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Commercial Loss Recovery
What is Commercial Loss Recovery?
Commercial Loss Recovery provides businesses with expert assistance and financial support in the event of a significant material damage or business interruption insurance claim.
What are the coverage areas?
It helps ensure that businesses recover swiftly by providing professional claims handling services for complex or high-value claims. This policy provides the services of a loss adjuster who works on behalf of the business, rather than the insurer, ensuring a smoother and fairer claims process.
- Provides businesses with access to an independent loss adjuster, whose role is to assess the damage, manage the claim, and liaise with the insurer on behalf of the policyholder.
- This expert ensures the business maximises its claim value and is compensated fully for any covered loss.
- Covers claims resulting from large-scale incidents, such as major property damage (fire, flood, or storm), significant theft, or business interruption.
- Assists with claims related to the interruption of business operations due to an insured event, such as a fire or flood.
- The loss adjuster helps ensure the business recovers lost profits, extra expenses incurred, and other financial losses resulting from the disruption.
- Covers claims for damage to business premises, machinery, stock, or equipment, ensuring that repairs or replacements are managed swiftly and effectively.
- The loss adjuster will help negotiate fair settlements to minimise the financial impact on the business.
Insurance With A Purpose
Key features:
Independent Loss Adjuster: The policy provides the services of a qualified, independent loss adjuster who works solely for the policyholder, not the insurer. This adjuster handles all aspects of the claim, ensuring the business’s best interests are prioritised.
Expert Negotiation: The loss adjuster negotiates with the insurer to ensure that the full extent of the loss is covered. This can be particularly beneficial in complex claims where businesses might otherwise struggle to navigate the claims process effectively.
End-to-End Claim Management: The loss adjuster oversees the claim from start to finish, managing documentation, liaising with contractors, and ensuring the claim is processed promptly and fairly. This can significantly reduce the administrative burden on the business.
Benefits:
Fair Settlement: With a dedicated loss adjuster, businesses are more likely to receive a fair and accurate settlement. This ensures that the company recovers the full amount it’s entitled to under the terms of the policy.
Reduced Stress and Time Commitment: Handling a major insurance claim can be time-consuming and stressful for business owners. Commercial Loss Recovery Insurance alleviates this burden by providing expert support, allowing business leaders to focus on operations rather than claim negotiations.
Faster Claims Resolution: An independent loss adjuster ensures the claim is processed more efficiently, avoiding unnecessary delays that can occur when managing a large claim in-house. This helps businesses return to normal operations more quickly after a loss.
Minimised Financial Impact: With the support of an expert, businesses are less likely to experience financial shortfalls due to under-settlement or errors in claim submission. The policy ensures businesses are compensated adequately, preventing significant financial strain.
Key Considerations:
Policy Limits: Ensure that the policy limits are sufficient to cover the potential size of claims your business might face. Major losses, such as those from fire or flood, can result in high-value claims, so adequate cover is essential.
Claim Thresholds: Some policies may have a claim threshold, meaning they only apply to losses above a certain value. Businesses should ensure they understand these limits and consider whether the policy aligns with their risk profile.
Policy Exclusions: Review the policy carefully for exclusions, such as certain types of damage or losses related to specific high-risk activities. Understanding what is not covered is just as important as knowing what is.
Industry-Specific Risks: Certain industries, such as construction, manufacturing, or retail, may face specific risks that require tailored coverage. Ensure the policy covers risks relevant to your industry and operations.
Choosing a Commercial Loss Recovery Insurance Provider:
Claims Expertise: Select an insurer with a strong track record in handling complex, high-value claims. This ensures you’ll have access to experienced loss adjusters who can manage even the most complicated claims.
Clear Communication: Look for a provider known for clear, consistent communication during the claims process. Prompt and transparent updates are critical when dealing with major losses, as businesses need to plan their recovery around expected payouts.
Response Time: A quick response is essential when dealing with significant losses. Choose an insurer with a reputation for swift action, ensuring that loss adjusters are assigned quickly and claims are handled efficiently.
Tailored Coverage: Each business faces different risks. Choose an insurance provider that offers flexible policy options tailored to the specific needs of your industry and the potential claims your business might face.
Speak to our Commercial Loss Recovery
Expert Advisor
We understand the importance of having easy and accessible ways to get in touch with us. That’s why we’re excited to offer you a way to connect directly with our Senior Team quickly and conveniently.
Nicola Wyatt
Senior Insurance Practitioner
