6 Common Myths About Business Insurance 6 | business insurance 6

Business Insurance is publishing a special report in the May 2021 publication titled “claims management”. Mike Hessling, president of North America for Gallagher Bassett, talks about claims management trends, how to deal with CO VID-19 employees compensation claims and the evolving workplace. He also discusses how companies can prevent these types of situations from occurring.

As an insurance company, you probably already understand the value of providing quality customer service, prompt response and making sure claims are processed quickly and efficiently. However, claims are one area where efficiency can sometimes be an afterthought. When a customer makes a claim, whether that is from being denied coverage or winning a lawsuit over denied benefits, your company needs to have an organized approach to handling claims. You cannot move quickly to process a claim if you don't have the appropriate claims management process in place.

It is important that your claims manager has appropriate training and tools to handle these types of claims. You may already have some in place but they should be reviewed to ensure they are still effective in today's environment. You want a claims manager who knows how to fill out the proper claims forms, knows who to contact in an emergency and has a good track record. You need someone who knows how to get your company's name out in front of other businesses and who can keep communication lines open with your customer base.

READ  The 5 Secrets That You Shouldn't Know About Business Insurance Underwriting | business insurance underwriting

Claims Management will also help you avoid common claims pitfalls and overpayments which can happen from time to time. For example, it is not uncommon for an insurance company to make a mistake when computing premiums. This can result in your organization paying too much or too little for insurance. You can avoid these mistakes and overpayments by having a qualified claims adjuster on staff whose job is to catch these errors in processing and underwriting claims.

Insurance Companies often utilize a third party to perform risk assessment and to manage the claims process. The most common third party is an insurance claims manager. This person has been trained in the area of insurance claims and fraud prevention, and he or she has the knowledge of best practice for handling these types of claims. In many cases, the claims manager will act as a legal advisor to the insured. You want to make sure that the claims manager is diligent in his or her efforts to prevent fraudulent claims and that the insured understands what measures the manager takes to address fraudulent claims and protect the company in the event of such occurrences.

If your organization is not properly protected by its existing business insurance coverage, you may find yourself in over your head and facing a large loss. You want to protect your business from unexpected events, but you also don't want to lose sight of all the other items you need to be protecting. Make sure you know what all your insurance covers and what additional services you may need to be covered. The best way to do this is to consult with a qualified professional who can help you determine what additional coverage your business will require.

6 Business Insurance Planning - Strive Insurance Group, Inc - business insurance 2021

6 Business Insurance Planning – Strive Insurance Group, Inc – business insurance 2021 | business insurance 2021

Business Insurance names 6 Break Out Award winners Business - business insurance 2021

Business Insurance names 6 Break Out Award winners Business – business insurance 2021 | business insurance 2021

Business Insurance Trends and Predictions for 6 and the Impact - business insurance 2021

Business Insurance Trends and Predictions for 6 and the Impact – business insurance 2021 | business insurance 2021

How to Save on Business Insurance in 6 - business insurance 2021

How to Save on Business Insurance in 6 – business insurance 2021 | business insurance 2021

Commercial insurance rates set to continue rising in 6 - business insurance 2021

Commercial insurance rates set to continue rising in 6 – business insurance 2021 | business insurance 2021

6 Best Small Business Insurance of 6 Money - business insurance 2021

6 Best Small Business Insurance of 6 Money – business insurance 2021 | business insurance 2021