Is my Business insurance adequate!

Submitted by Anonymous (not verified) on Fri, 08/10/2007 - 07:07

Is there any proper way to find out whether my office-insurance is adequate to protect my business or not? Will my claims history be a premium determinant? In that case how do I make my claims process faster ? Please suggest! Thanks, AK@california

Posted: 10 Aug 2007 07:46 Post Subject: your fixed equipments

Hi ak@california
Why don't you forward a list of all the business properties that you need to cover to your insurer? Don't forget to name all your fixed equipments, mobile equipments, stocks and other valuables. You're right at saying that the insurers would look at your claims history before fixing your premiums! Regards, Fatman

Posted: 10 Aug 2007 09:17 Post Subject: Business insurance

IMO have a detail discussion with your insurance agent. Your claim history may affect your premium to some extent because increasingly insurers are using CLUE to determine your insurability.

Thanks,
Carla

Posted: 10 Aug 2007 09:32 Post Subject: notes

Welcome Carla!
The claim-filing process is usually not a complex one at all!
You all should remember a couple of points as mentioned below:

  • Inform your agent immediately as soon as a mishap occurs.
    In case of any burglary or damage inform the police immediately.
    Take a planned course of action to contain the measure of your loss or damage.
    Whenever you're liable to pay a compensation convey it to your agent rather than taking up the responsibility upon your own shoulder.
    In case you receive any form letters or summons from any other party convey the matter to your agent without keeping it to yourself.
    At the same time, you also need to be careful about not repeating that unfortunate event time and again.

All the best! Evan

Posted: 10 Aug 2007 09:44 Post Subject: claims history!

Perfectly right! Thats what is gonna happen! First any insurer would offer you the quotes & then they would look through your claims history to study and see if your past claims were justified or not. Depending on this they would either increase your premium or decrease than when with your last insurer.

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