How to prepare for a major claim

One of the most common reasons companies do not recover what they are entitled to from their insurers is because they underestimate what is required when substantiating a claim.

Below are six golden rules to help you prepare: 

1. Plan how you will deal with a loss before it happens 
2. Stress test your policy and procedures 
3. Establish a claims protocol to streamline the process and agree it with your insurers 
4. Appoint a senior, board-level sponsor with access to operational teams and information 
5. Nominate or appoint someone to review all of the information before it is submitted to the loss adjuster to ensure it does not prejudice your claim 
6. Do not be afraid to call in external experts to supplement your in-house resources.