3 steps to building resilience and bouncing back after an insurance claim.
Recovering from any major incident doesn’t happen overnight – nor are problems fixed in one meeting. However, with the right advice, guidance and support, a business can bounce back, and when done correctly, with more resilience than ever.
We believe there are three key steps to help cut through the noise and aid a successful recovery:.
Step 1 – Ensure you have the RIGHT PEOPLE in your corner
Making a claim can be a stressful process. Especially, when you feel like you are in it alone. It can quickly feel overwhelming when you are doing the best you can to keep on top of a claim and all its demands, whilst attempting to keep your many plates spinning.
When the worst happens and the thing you thought ‘will never happen’ does, there is nothing more important than the strength of the claims team behind you.
Sadly, it often takes coming face to face with a major incident to realise action needs to be taken and that you need an insurance adviser by your side who will stand shoulder to shoulder with you, and fight your corner, so you can get back to business and doing what you do best.
Step 2 – RE-EVALUATION
What happened, why did it happen and how can we prevent something like this from happening again? When the worst arises, there is often so much to consider. In order to aid initial recovery it’s important to answer two key questions:
- Were you adequately protected against this eventuality? The saying ‘under-insurance is self-insurance’ couldn’t be closer to the truth. Insufficient protection, failure to meet the requirements of your cover or simply lack of cover itself are all ways business owners essentially agree to ‘self-insure’. What do we mean by self-insuring?Self-insuring refers to relying on the individual or business to foot the bill of any costs associated with an incident not otherwise protected by a live insurance policy.
- How and why did the incident occur?
What series of events lead to this eventuality? Was the outcome avoidable? Was a procedure not followed? Guidance not given? Was it human error?More often than not, major incidents occur due to lack of education or instruction. Could a new system/ procedure be implemented to prevent this situation from re-occurring?
Step 3 – RISK MITIGATION
It is virtually impossible to protect against risks you don’t know about.
Finally, to complete your recovery cycle and instill long-lasting business resilience it is important to fully identify and mitigate the risks your business faces, rectifying any necessary gaps in your cover. The time-old sentiment ‘prevention is better than a cure’ is key to any successful business continuity planning.
For this reason, we believe it is vital to partner with an insurance adviser who understands your industry, takes the time to get to know you and your business, the challenges you face and is invested in helping you achieve your business’ goals and witness long-term success.
How Partners& can help:
Helping you build resilience into your business, so it can bounce back after an incident, doesn’t happen after one meeting. Our collaborative approach is very different to what is normally experienced in our industry. We work in partnership with you to fully understand your business so that we can diagnose your risks and provide truly bespoke risk protection advice that is relevant to you.
We’ve developed a range of tools that help us to understand your business and discover what risks you face. From our business interruption calculator to claims defensibility surveys, the recommendations we make are entirely based on the information we obtain from you and the facts you present to us. The clearer and more detailed a picture we can build, the greater our ability to support you.
Whether your circumstances require specific changes to a standard cover, a specialist insurance policy, or support from our extended Partners& family, including wider ecosystem, we’ll challenge your existing programme to ensure it’s fit for purpose and support you in securing the terms that are right for you, so that you can rest assured your insurance will perform when you need it.
To read more about how our team of risk protection advisers could support your business, click here, or contact us today by phone +44 (0) 3300 940177, or by email contact@partnersand.com. If you already have a dedicated Partners& adviser, feel free to reach out directly and they will be more than happy to support you with any questions you might have.
