With nearly half of businesses filing large loss claims each year for their businesses, it is crucial for insurance companies to be ready and able to assist when needed. Millions can be on the line, making it important for local businesses and insurance companies to be prepared. From understanding large loss claims and common types, to managing a company during a crisis and the use of claims adjusters, this guide will help your insurance company be more prepared for your customers.
For those new to the insurance business, you may be wondering “what separates large loss claims from others?” While commercial claims may be hundreds to thousands of dollars, large loss claims exceed that. When amounts are around $50,000 or more, they elevate to “large loss” status. For some, amounts can hit six digits to even millions. Due to the extent of the damage, the claims become more complex than routine ones. More will need to be investigated and reviewed for an accurate and fair outcome. Also, because of the amount of money at stake, attorneys may be involved. As an insurance company, your team will go through procedures to hit important milestones on a claim. This may also include any requirements for customers as they rebuild and move forward.
Large loss claims can occur for a variety of reasons. In recent news, several businesses in the Carolinas have been negatively impacted by a hurricane. While damage is still be assessed, risk tracker RMS predicts up to $5 billion in insured losses from Hurricane Florence. Other types of common losses in addition to hurricanes include:
As an insurance adjuster, helping your clients in their time of need is helpful. While navigating a temporary new normal, you can give them some tips to keep them afloat. By sending them emails or other helpful information, they may appreciate the help during a stressful situation. To start, business owners need to be patient and follow their emergency plans. It can be easy to rush to conclusions so staying focused is key. Next, managers should connect with their employees to establish how things will move forward. Patience and flexibility are the keys for employees as well. An important way to do this is through transparency. Allowing employees to understand the process and next steps will help ease any nerves about job security.
Does your insurance company need assistance managing large loss claims? Aspen Claims Service specializes in large loss claims, allowing you to have added help and/or expertise. Not only will we help you navigate through the complexities of these claims but will help you provide excellent customer service. We step in when your customers are in crisis to help you every step of the way. Providing customers in the continental United States, you can rely on us. Call our team today at 888-819-5904 to see how we can help.
Contact Aspen Claims Service TodayContact Us