Understand the Insurance Claims Process

5/19/2022 (Permalink)

Contact us. We can Help You with the Insurance Claims Process.

When your business in West Valley City, UT, has been hit by disaster, you and your insurance agent are under a lot of pressure to get the cleanup and repairs completed as quickly as possible. The SERVPRO Claims Inventory System is set up to simplify the gathering and sharing of every detail of the insurance claim.

All the Details of Your Insurance Claim in One Place

To fully understand the benefits of this system, you need to know more about how the claims process works:

• What is covered under the policy?
• How is the payment amount determined?
• When will payments arrive?
• Who will the insurance company pay?

The answers to these questions and others you might have are multi-faceted. For example, the type of policy or policies you have affects your coverage; a standard commercial property insurance plan may not include business interruption coverage. The amount of the payment is affected by factors such as the adjuster's determination of property and content damage, your policy limits, any coinsurance percentage, and whether you've insured your property for replacement cost or actual cash value. The Claims Inventory System makes it possible for your insurance agent to record and keep track of these details.

A Central Location for Sharing Information

Your agent works closely with you and with many other professionals during the recovery process. These professionals include the team of property damage cleanup and reconstruction technicians, the insurance adjuster, your private adjuster, any municipal officials, and all of the various contractors involved. The Claims Inventory System provides a central access point to information from each of these parties.

Access to Research and Statistics From Your Neighborhood and Across the Country

As your insurance claim is processed, your agent does a lot of research and runs comparisons to ensure a balanced claim. The inventory system makes it easier to access information from your region, allowing your agent to quickly sort through data related to similar types of claims, the allowable causes of loss, and the prices associated with completing each part of repairs and recovery. Naturally, the numbers change as initial estimates are recorded and then updated. With all of the data in one location that can be accessed by each party, the information you receive can be accurate and up to date.

An Efficient Conclusion to Your Claim

With a convenient dashboard, your agent can quickly gather the facts necessary to complete an accurate claim. Logging in to one site on a computer is much faster than making multiple phone calls, searching through documents from various physical locations, and trying to work out complex algorithms. It also allows your agent to quickly find answers to the questions you have as the process moves forward.

The SERVPRO Claims Inventory System means that your insurance claim can be completed quickly and accurately. This also speeds up the actual work as West Valley City, UT, contractors can plan their work, efficiently coordinating each step with other professionals.

The less time your business spends on hold, the better you can survive and return successfully after a disaster. When it comes to business interruption, the speed of your recovery is crucial to your long-term success.