Loss Recovery Insurance – Overcoming Customers Concerns
Please note: This blog post is aimed at brokers who offer Loss Recovery Insurance to their customers.
Loss Recovery Insurance should be offered to all your eligible customers.
Many will immediately recognise the benefits of this valuable cover, but some of your customers may think they don’t need this product. We’d like to help you answer the objections your customers might have about Loss Recovery Insurance.
Look at the statements below and think about how you would answer them as their broker:
“You’re my broker. I thought you would handle my claim for me.”
“I thought my insurance company would send their Adjuster to deal with the claim.”
“It’s too expensive. I’m hoping to save money on my insurances this year.”
“I’ve never had a major loss and I don’t expect to have one.”
“My insurance company has always been good at paying claims. Why do I need to pay for this service as well?”
You’ll find below the suggested answers to help address your customers’ potential concerns:
“You’re my broker. I thought you would handle my claim for me.”
As your insurance broker, we will help you to obtain the correct policy cover, with a reputable insurance company, for the right price. In the event of a loss, we will report your claim to the insurance company and provide you with support and reassurance throughout the claims process. However, if your loss is above £5,000, you would need the advice of a specialist Chartered Loss Adjuster to guide you through what could be a difficult, complex and time-consuming process of making a claim. Lorega’s Chartered Loss Adjusters are experts in calculating, formulating and negotiating claims. They will help you to get your claim settled as quickly as possible and for the best available settlement, minimising disruption to your business and helping you to get back up and trading again as quickly as possible.
“I thought my insurance company would send their Adjuster to deal with the claim.”
The insurance company will usually send their own Loss Adjuster to manage the claim on their behalf, to look for cost-savings and ensure they don’t over-pay the claim. Insurance company loss adjusters are often very busy, with slow response times when it comes to visiting your damaged premises and replying to correspondence. If your claim is above £5,000, the Chartered Loss Adjuster from Lorega will work on your behalf, usually attending site within 24 hours or by the next working day. They will help you to reduce the impact of your loss and free up your time so that you can focus on recovering your business. They will work with you to establish the value of your loss, formulate your claim and negotiate with the insurance company to achieve the best available settlement. They will help you to get your claim settled as quickly as possible.
“It’s too expensive. I’m hoping to save money on my insurances this year.”
In the event of a loss, you will be faced with the burden of negotiating your claim with the insurance company at the same time as trying to recover your business. This can be a time-consuming process, absorbing your valuable time and diverting your attention away from your staff and your customers, and you could end up with a settlement which is less than you’re entitled to. The Chartered Loss Adjuster from Lorega will offer a project management service for the claim process, focusing on minimising the impact of your loss and speeding up the recovery of your business. They will help you to obtain timely interim payments from insurers, to help with the cash flow of your business, and ensure you receive a full and fair claims settlement.
“I’ve never had a major loss and I don’t expect to have one.”
Many businesses experience disasters and it’s possible it could happen to you when you least expect it. This could have a serious impact on your ability to continue to trade and may damage your relationships with your customers. Many small claims can also be complex and time-consuming to deal with. With Lorega’s Loss Recovery Insurance, you would have the support of a Chartered Loss Adjuster, working on your behalf to calculate, formulate and negotiate your claims above £5,000. They will assist in achieving the best available settlement and help you to start trading again as quickly as possible.
“My insurance company has always been good at paying claims. Why do I need to pay for this service as well?”
As your broker, we only use reputable insurance companies who we expect to pay customers’ claims. However, it’s your responsibility to prove the value of your loss. Insurance companies will appoint their own loss adjuster to scrutinise the claim and this may result in you not receiving a full settlement. Every claim is different, and whilst some claims can be straightforward to deal with, others can be complex and time-consuming, with delays in dealing with correspondence or the payment of interim or final settlement amounts. Lorega’s Chartered Loss Adjusters are experts in calculating, formulating and negotiating claims. They will help you to get your claim settled as quickly as possible and for the best available settlement, minimising disruption to your business and helping you to get back up and trading again as quickly as possible.
For further support and training on Loss Recovery Insurance, contact our Broker Relationship Team on 020 7767 3070.
The video below describes the benefits of Loss Recovery Insurance for your customers.