Carrying liability insurance is your best protection when a claim is filed against you or your company. You will have established a relationship with your broker during your initial policy filings, but many rely too much on their involvement for a successful claim settlement. According to Axis Surplus Insurance Company, there are things that you should do to protect your claim and ensure minimum cost responsibility.
File all reports promptly. The worst thing you can do when dealing with a claim is delaying your reporting. This can actually cost you more because addressing problems sooner means more efficient management. Any injuries or investigations should be reported immediately.
Don’t speak with the claimant or any attorneys concerning the claim, and do not admit liability. Even if a claim or report is filed, it does not indicate liability in the situation. Allow your insurance representatives and their attorney to handle the matter.
Do not try to settle a claim on your own. Not only does this lead to more financial trouble, but it could also invalidate your insurance policy with the claim if the claimant does not accept your offer.
At Axis Surplus Insurance Company, there is an entire department dedicated to resolving claims. By following these tips, it makes it much easier for them to do their job and settle your issue.