Filing a Commercial Insurance Policy Claim
In the face of unexpected incidents, it's crucial for small business owners to be prepared. Here's a guide to understanding the various types of insurance available and the steps to take when making a claim with RACV Business Insurance.
RACV Business Insurance: Your First Line of Defense
When disaster strikes, whether it's a flood, storm, or fire, remember to call Triple Zero (000) for emergency help or the State Emergency Service (SES) on 132 500. For business-related incidents, RACV Business Insurance can provide a safety net.
To make a claim, check your policy coverage by reading your Product Disclosure Statement (PDS) and Certificate of Insurance. If necessary, call 13 19 03 to submit your claim.
Insurance Packages for Small Businesses
A Business Owner’s Policy (BOP) is a bundled package that typically combines general liability, commercial property, and business interruption insurance into one convenient policy. Other essential coverages include:
- General Liability Insurance, which protects against claims related to bodily injury, property damage, and advertising injuries caused by business operations.
- Commercial Property Insurance, which safeguards physical assets like buildings, equipment, and inventory from damage or loss due to fire, theft, vandalism, or natural disasters.
- Workers’ Compensation Insurance, which covers medical expenses and lost wages for employees who are injured or become ill due to work-related activities.
- Professional Liability Insurance (Errors & Omissions), which protects businesses providing professional services against claims of negligence, mistakes, or failures to perform duties properly.
Additional specialized coverages, such as Inland Marine Insurance, may be necessary depending on business needs.
Making an Insurance Claim
Submitting a claim as soon as possible is essential. The claims team may contact you for additional information, such as proof of ownership, a damage report, or a police or fire brigade report. Photos of the original item can help your claim and can be compared to the damaged item later.
If your building claim is settled with a repair or rebuild, the claims team will allocate a builder who will contact you to review and approve the work before arranging a time to start repairs. Contents claims are handled separately, with items potentially being repaired or restored, or replacements being organized through a network of suppliers.
Preparing for an Emergency
In an emergency or after an incident like a fire or burglary, prioritize safety and relocate to a safe place. If it is safe to do so, prevent further damage by turning off affected utilities like water, gas, or electricity and securing the area.
In an emergency, remember that your safety is paramount. Once you're safe, RACV Business Insurance can help you get back on your feet.
- For small business owners, having RACV Business Insurance functions as a crucial safeguard in unexpected situations that might impact their operations, including business-related incidents.
- In an emergency, besides prioritizing safety and contacting emergency services, small business owners should remember that RACV Business Insurance can offer a safety net and assist in getting their business back on track.
