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:
- Plan how you will deal with a loss before it happens
- Stress test your policy and procedures
- Establish a claims protocol to streamline the process and agree it with your insurers
- Appoint a senior, board-level sponsor with access to operational teams and information
- 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
- Do not be afraid to call in external experts to supplement your in-house resources.