How Quick Action Impacts Claims and Recovery
Prompt claim reporting is essential to ensure a smooth and efficient claims experience, protect your employer’s rights as an insured, and facilitate timely resolution and payment. It’s important to know, and quickly follow, your company’s specific procedures. This blog highlights five key reasons why prompt claim reporting is crucial.
Timely Resolution
- Allows the insurance company to begin the process of investigating and resolving the claim quickly.
- Leads to a faster resolution of the issue, whether it involves medical treatment, property damage, or other forms of assistance and resources.
- Expedition of the claims process can help reduce anxiety after an event—benefiting both you and your employer.
Preservation of Evidence
- Conserves witness statements, photographs, and documentation vital in determining the validity of the claim and the extent of the damage.
- Aids in the claims investigation, helping to make a liability decision and appropriate plan of action to resolve the claim.
- Helps claims personnel identify "red flags" and investigate claims, including any inconsistencies.
Mitigation of Further Losses
- Early notice allows for reasonable action to be taken to avoid or reduce secondary damages.
- Seeking appropriate, timely medical treatment and rehabilitation can prevent a condition from worsening and expedite the injured party's recovery.
- Facilitating repairs may minimize the risk of additional damage or losses.
Preservation of Reputation
- Helps protect you and your company's reputation by responding quickly to the claim, especially if it involves damages to a third party.
Compliance with Policy Requirements
- BITCO Insurance Companies requests that new claims be reported timely per the policy requirements so they can be resolved promptly.
- Failing to report a claim promptly could result in the denial of coverage or delays in processing the claim, which could ultimately cost your company time and money.
At BITCO Insurance, we are dedicated to claims resolution. Click the button below to find an agent near you.
For information purposes only. BITCO's blog content does not address all potential circumstances and is not a substitute for business, safety, or legal consultation.
