24 October 2016How to manage a major business claim
Sudden unforeseen shocks can knock your business for six. We outline how best to deploy your insurance at the moment of truth.
Small claims are easily dealt with. But what if it’s a major claim that’s crucial to the survival of your reputation or your business? Say your premises are severely hit by fire, flood or storm damage? It could be your IT infrastructure is compromised by a cyber attack or critical business information stolen or wiped by an unhappy employee. It could be the sudden loss of key customer contracts that leave your business dangerously exposed, product fault or contamination - even a death or serious injury in the workplace.
Some organisations may never entirely recover from such an event. Loyalty and sympathy only go so far before you face losing orders, contracts, profits, people and jobs or worse. Let’s look at the figures: in 2015, 73% of small businesses lacked a disaster recovery plan, as did 32% of mid-range organisations and 25% of corporates.
The stress of moving from incident to recompense and recovery can be intense. It pays to be prepared: as part of ongoing risk management, ensure you know how to activate the claims process quickly and confidently – plus understand what your responsibilities are as the claim progresses. The final outcome will be governed by how you work with your broker and your insurers.
In this bulletin we outline the liaison and action steps that will draw the sting when you start picking up the pieces.