Maximising Loss Recovery Potential is a Strong Business Proposition

17/11/20 General

Commercial insurance claims have long had the potential to be protracted and complex, whatever their cause, but with large losses involving business interruption claims, the picture can be more complicated still.

Businesses suffering a fire, flood or other disaster-related incident may not have the time, knowledge or expertise to negotiate their own claim. Emotions and stress levels can run high at such times and being able to focus on an unfamiliar aspect of business may be a hurdle too far.

Yet accessing the expertise by appointing your own specialist claims management company after a claim can be expensive. Despite having expert help in the claim negotiations, the fees payable may be prohibitive and reduce the financial benefit of any larger claims settlement. The answer to the dilemma of how to afford expert help in such business interruption and larger loss scenarios, can be found in Loss Recovery insurance.

Following a claim, which can run to millions of pounds, the policyholder is provided with the prompt and extensive services of an expert Chartered Loss Adjuster, working on their behalf and not the insurer, to negotiate and settle all aspects of the claim. They can also give practical advice on things the business can do to minimise the loss, organise quotes to start remedial work, or replace damaged goods.

The Loss Adjuster assists with the processing and resolution of the claim, seeking settlement as swiftly as possible and striving for the best available offer from the insurer. The burden of dealing with the claim is removed from the business owner, allowing them to look after their usual day to day business needs, whilst the expert deals directly with the insurer on their behalf; so minimising disruption to the business by making the process more efficient.

We have access to the specialist Loss Recovery insurance provided by Lorega, who are independent of insurers and provide specialist claims assistance to aid your business’s loss recovery.

Once cover is in place, the service is available on a round-the-clock basis, in locations UK-wide with no upper limit to the value of the claim that can be processed. The premiums attached to such cover are typically more affordable and well worth considering, especially if a longer-term business interruption could jeopardise your client or supplier relationships.

The added-value that this service can provide and the ease with which the expert help can be secured following notification of a claim, can make it preferable to have such a service in place before disaster strikes, rather than trying to find professional help after the damage has been done and when there are so many other arrangements to make. Putting this type of cover in place can be a sound business strategy. Have a conversation with us to discuss this cover in more detail.