Reporting an insurance claim? Here’s what Canadian businesses need to know…
Worst-case scenarios sometimes happen. There are many situations that are keeping Canadian business owners awake at night.
- For instance, let’s say your directors and officers are being sued for alleged wrongful acts that could result in personal liability and bankruptcy.
- An employee who sees fewer opportunities come their way after creating an internal diversity council decides to sue for alleged discrimination & retaliation.
- Or a sales representative purchasing personal airline tickets on their expense account slowly costs your company hundreds of thousands of dollars.
These are all real Canadian insurance claims. And they are are precisely why business insurance Canada is so vitally important to every company’s bottom line. Whether its D&O insurance, employment practices liability, or expense fraud, the coverage you buy is only as good as its response to an insurance claim situation.
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We know this. And it is the number one reason why an insurance broker Canada is your best choice. When things go wrong for your business, you need to know there’s an advocate on your side throughout the claims process.
An ALIGNED broker is your advocate in the insurance marketplace. Our advocacy starts with understanding your business and finding the best products and solutions. Most importantly, it involves being your advocate during the insurance claims process, if and when it should arise.
We understand that “How do I file an insurance claim for my business in Canada?” is, above all, a question that’s asked during a very stressful period. Therefore, we’re outlining some key steps about making an insurance claim that every business should be aware of in this article.
Questions about your insurance?
What to expect when you file an insurance claim in Canada
As much as it would be great to have an insurance claim resolved ASAP, the process takes time. Firstly, you need to start by reporting your claim.
We know that insurance claims can and do happen at any time. This is why our clients can report insurance claims 24 hours a day, 365 days a year. If you need to file an ALIGNED insurance claim for your business in Canada, you can call our 24/7 Insurance Claims Reporting Centre at 1-844-890-3213
Reporting your ALIGNED claim is just the starting point of the process. In addition, we will take your information, claim details, reach out to your insurance company and can even dispatch a restoration company if needed.
Secondly, you can expect to hear from a claims adjuster from your insurance company. The claims adjuster will contact you to discuss what coverage is contained within your business insurance policy. They will also answer any questions you may have about your specific coverage as well as how the claim may proceed.
Your claims adjuster is the person who’s responsible for managing your claim. Expect them to take the lead when it comes to directing any investigation or litigation. In addition, and if/when needed, claims analysts work closely with claims adjusters, lawyers and other experts who may be part of a legal defence team.
From the moment that you file an insurance claim, you can rest assured that we will be there for you.
What’s expected of you when you file a claim
Details always matter. And this is why you play a pivotal role when it comes to filing an insurance claim for your business.
As a subject matter expert, you know your business best. In other words, you know your risk exposures and you know what steps are being taken to manage them. As a result, your expertise is essential when it comes to making an insurance claim.
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You will be asked to provide any and all information you have that’s related to the claim. The moment that you are aware that a claim will be or has been made against your business, you need to start building your documentation file. Most importantly, it’s essential that you gather materials that can be used to assist in the defence of your insurance claim. Some of the materials that may potentially be included in your claim file are:
- Copies of your insurance policies
- Emails and correspondence
- Meeting minutes
- Relevant organizational documents (for example: Accounting policies, Ethics policies, HR policies, Non-Disclosure Agreements, Privacy policies, etc.)
- Receipts or invoices
- Photos (if applicable)
- Purchase orders
Meanwhile, you will be invited to attend meetings or calls with claims team members as your claim progresses or as needed.
As well, if a legal action is undertaken, you may be requested to take part in mediation, discovery, pre-trial settlement activities and/or the trial. You should also be aware that if your coverage is subject to a deductible payment, your insurance company will request payment.
Need insurance that will respond when you need it most? Use our online form to get a quote started now!
When you are filing an insurance claim, our team is here for you
Making a claim can be stressful. We know that aligning our insurance experts to support your business during good times as well as bad, is the most important thing we do.
It’s why here at ALIGNED, we are always advocating for our clients. When you are working with ALIGNED, you can rest assured that we’ll always be here for you as your insurance advocates.
How and why an insurance claim continues to inspire us
For us, insurance is personal. Our President and CEO Andrew Clark’s life changed forever while he was attending university. Andrew was involved in a serious auto accident for which he was at fault. Soon after the accident, he received a $2,200,000 statement of claim.
To this day, the support that his insurance broker and insurance company provided still feels like a miracle. The insurance broker and insurance company made certain that those involved received compensation for injuries incurred as well as repaired Andrew’s truck.
The advocacy of his insurance broker drew Andrew to an insurance career. After rising through the ranks of two of the world’s largest insurance brokerages, Andrew’s passion for helping others brought him to a crossroads. He decided to create ALIGNED, an insurance brokerage that exclusively focuses on helping Canadian business.
Read more about Andrew’s story and how it led to the creation of ALIGNED Insurance.
The Canadian insurance marketplace is constantly changing. This is why, now more than ever, it’s important that you work with insurance brokers who are your advocates!
Every day, we take great pride in advocating on behalf of our more than 1,600 clients across Canada.
We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
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