How to File an Insurance Claim for Your Regina Business

September 5, 2024 / 5 mins read

What happens if your Regina small business is vandalized, a customer is injured, or there is fire damage? What do you know about filing a business insurance claim?

Business insurance coverage helps protect and prepare you should you need to file an insurance claim. It’s important to review the details of your insurance policy for your Regina business so that you understand what is covered and what is not covered.

Your Western Financial Group business insurance expert will give you top-notch commercial insurance advice at the right value for your Regina business.

The importance of filing a business insurance claim

After a covered loss, such as a fire, theft, vandalism, or severe weather event, you’ll want to get your Regina business back to normal as soon as possible. Filing an insurance claim is an important step in this process.

When you submit a business insurance claim, you are taking a positive step to recover financial losses caused by an insured loss.

An example of a business insurance claim that would typically be approved:

Your Regina retail store has been vandalized and its windows smashed. Your commercial property insurance can help pay for the cost to repair your vandalized store and smashed windows.

An example of a business insurance claim that would typically be denied:

There was a sewer backup in your Regina business’s basement causing water damage and some stock to be ruined.

Without sewer backup coverage added to your commercial insurance policy, you can expect to pay for the cleanup and to replace the damaged stock yourself.

Here are the steps to file a business insurance claim:

Notify the police if necessary, such as in the case of vandalism or theft. Have your police report and its number ready when you contact your insurance provider.
Contact your insurance provider as soon as possible after the incident. Do not wait because insurers usually have a specific time limit during which you must report a claim.
Have you documented the incident? Have a written description of the incident and damage and take photographs or videos of the damage. Have receipts, invoices, or estimates for damaged property or equipment.
Keep records: Keep records of all communication with your insurance provider, such as emails, phone calls, and written documents. Write down the name of the insurance representative handling your claim. Document your discussions.
Complete any forms: Your insurance provider will give you a claim form. Do not delay filling it out. Make sure that you fill it out accurately and provide all needed details.
Work with the adjuster assigned to your claim: Your insurance company will send an adjuster to assess the damage. You need to be prepared to provide any requested information. The adjuster's report will determine the amount of your claim.
Get replacement or repair estimates: Get several repair or replacement estimates and give them to your insurance provider.
Review the settlement offer before accepting: Review your settlement offer carefully. If you disagree, you can negotiate or provide additional evidence. If you accept the offer, be sure to follow your insurance company’s instructions for receiving the payment.

Reasons why your Regina business insurance claim could be denied:

Your incident isn’t covered under your commercial insurance policy

Not everything is included in an insurance policy. For example, you didn’t get sewer backup coverage added to your business insurance.

You drive your personal car for business purposes, but you do not have commercial auto insurance and you get into an accident, which would not be covered as a result.

You file a fraudulent claim

Insurance claims intentionally causing damage or loss may be denied. Insurance is intended for accidental and unforeseen events, not fraud.

Insurance fraud is illegal and can lead to criminal charges, fines, or imprisonment.

Failure to renew or pay

If you don’t pay your insurance premiums on time, or don’t pay at all, it may result in your policy being cancelled and your claim denied.

Unapproved modifications to your Regina business location or its operations

Your claim could be denied if your small business makes significant changes to its operations or property without notifying your commercial insurance provider.

Failure to disclose information about your business can result in your claim being denied.

Make sure that your Regina small business has the business insurance coverage it needs. If you need to make a claim, you’ll want to be financially protected against an accident, mishap, or incident.

What kind of insurance coverages do Regina businesses need:

Here’s an insurance checklist for small business owners:

Do you have the best business insurance rate that suits your business?
Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for your business?
Do you know the value of your equipment and tools and are they properly insured?
Are you or your employees using personal vehicles for your work?

Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get your Regina small business the right insurance package. Our experts are available now to help you navigate the business insurance journey to protect your Regina or Saskatchewan business.

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