Commercial insurance claims management refers to the process of handling and managing insurance claims for businesses.

This service is typically provided by specialised firms or individuals known as insurance claims management companies (CMCs). These companies assist businesses in navigating the often complex and time-consuming process of filing and managing insurance claims, ensuring they receive the full compensation they are entitled to.

Key Functions of Commercial Claims Management

1. Assessment and Documentation: Insurance claims management companies assess the damage or loss incurred by the business and document it thoroughly. This includes gathering evidence, preparing reports, and completing all necessary paperwork accurately.
2. Representation and Negotiation: CMCs represent the business in discussions and negotiations with insurance companies. They leverage their expertise to advocate for the business and aim to secure a fair and prompt settlement.
3. Expert Guidance: These companies provide expert advice on the claims process, policy interpretation, and the best course of action to maximise the claim's success. They help businesses understand their insurance policies and the extent of coverage.
4. Coordination with Third Parties: CMCs often coordinate with other professionals, such as loss assessors, surveyors, and legal experts, to support the claim. They ensure that all aspects of the claim are managed efficiently and effectively.
5. Compliance and Regulation: In regions like the UK, claims management companies are regulated by bodies such as the Financial Conduct Authority (FCA). They must adhere to strict standards and provide transparent information about their services and fees.

The Benefits of Using Commercial Insurance Claims Management Services are:

1. Expertise: Businesses benefit from the specialised knowledge and experience of claims management professionals.
2. Time-Saving: Outsourcing the claims process allows businesses to focus on their core operations while the insurance claims management company handles the claim.
3. Maximised Compensation: Insurance claims management companies aim to ensure that businesses receive the full settlement they are entitled to, which might be higher than what they could achieve independently.
4. Stress Reduction: Managing a claim can be stressful and complex. Insurance claims management companies take on this burden, providing peace of mind to business owners.

Considerations

While using an insurance claims management companies can be beneficial, it is important to be aware of the associated costs. Insurance claims management companies charge fees for their services, which can be a percentage of the claim amount. Businesses should ensure they understand these fees and the value provided before engaging these services.

Oakleafe Claims

• Oakleafe commercial insurance claims fees are negotiable based on many factors including the value and complexity of the claim.
• We offer a complimentary consultation with our commercial claims experts if you need to speak to someone about an insurance claim.

In summary, commercial insurance claims management is a valuable service for businesses dealing with insurance claims, providing expertise, representation, and support throughout the claims process.