How to Tackle Complex Claims
A complex claim can seriously affect you and your company if not handled correctly or if you are not prepared. Below is a breakdown of what a complex claim is, how to navigate a complex claim, and solutions when faced with a complex claim.
What is a complex claim?
A complex claim may consist of several different components or characteristics, which may or may not be readily known at the outset of an incident or accident. These are situations, incidents or accidents that affect your business, people, and property, that are associated with your company and require an extra level of attention and involvement to ensure your exposure is mitigated to the best extent possible.
Some examples of a complex claim may be:
- Catastrophic property damage
- Significant bodily injuries to employees or other individuals
- Cyber-related events that impact your company’s or customers’ security
- Employment-related matters affecting hiring, the workplace environment or termination of employees, as well as their interaction with third-party individuals
- Allegations of professional wrongdoings against you or your employees
What are some considerations when navigating a complex claim?
It is called complex for a reason, and there are a number of considerations when faced with a complex claim. Here are three action items to consider:
- Ensure the appropriate insurance carriers are immediately notified.
- Anticipate to mitigate by maintaining relevant documents and records.
- Engage your team at Snellings Walters to ensure that proactive strategies are in place.
What are some Complex Claim Practice Solutions?
At Snellings Walters, we help you achieve better overall business outcomes through various solutions, such as:
- Claims advocacy and management, including claim reviews and summary reports with meaningful proactive action plans on each and every claim
- Acting as your liaison to the insurance company to ensure special account instructions are implemented to ensure you maximize your involvement and control of the claims process
- Comprehensive contract reviews to ensure insurance requirements and indemnification provisions best protect you and provide risk transfer opportunities to others when possible
- In-depth settlement and reserve assessments to ensure your exposures are properly mitigated and claims are effectively and efficiently resolved
Ready to stay protected? Contact us today to learn more about how we can create better outcomes for your business.