Every business needs to have a crisis management plan in case an emergency occurs at the workplace. Part of that plan needs to incorporate an insurance recovery strategy. A detailed written plan on handling insurance claims needs to part of your crisis management program. While you will have to determine the chain of command for any emergency action, you need to make sure appropriate personnel are well versed and trained on carrying out claims.
The staff at J.P. Perry recommends you plan your insurance recovery before an emergency occurs and they suggest you take the following measures to develop a plan of action.
Designate An Employee Or Small Team To Handle Insurance Claims During A Crisis - Be sure to have personnel trained on your company's insurance coverage; give them access to necessary procedures and claims information; and outline their plan of action when an emergency occurs.
Obtain And Review Your Company's Insurance Policies Now - Well before you have an emergency, review your policies now, along with your designated team, to make sure you have the coverage you need and to know how you need to follow claims procedures. Your J.P. Perry agent will be glad to meet with you and your team to review the coverage and make any recommendations regarding risks and claims information.
Make Sure You Have The Coverage You Need - After reviewing your policies, you need to be satisfied that your business will be adequately protected from various emergencies. There is even crisis management insurance available that can limit the negative impacts of events on a business. It is usually part of coverage protected through errors and omissions (E&O) and Internet/online property and liability insurance policies.
Organize And Protect Your Insurance Materials - To prevent the loss of your policies and claims information, in addition to making sure you and your personnel have immediate access to needed information, consider storing materials off site and/or digitizing the information for remote availability.
Be Prepared To Make Claims Immediately - Your emergency team needs to inform all insurers as soon as possible, even before damage is assessed and before you have a full inventory of your losses. It is important to follow all required processes and deadlines of your insurers. This is another reason to have this type of information already prepared in your crisis management plan.
Be Prepared To Document Your Loses - When making claims you will need to provide a list of losses, not only of physical assets, but also information regarding business interruption, should you have that specific coverage. So it is critical to maintain an updated record of all business assets.
If you would like assistance in developing an insurance recovery strategy as a part of your crisis management plan, just contact a professional at J.P. Perry Insurance.