Business theft: making an insurance claim

If your business has just been robbed there are a couple of things you need to do to minimise the impact on your operation and get things back on track as fast as possible. Reporting the theft and lodging a claim with your insurance company is an obvious step in that process - but here are some other actions you need to take that perhaps you haven't considered.

Step 1: Report the theft

• File a police report and keep a copy for your records.

Step 2: Find your insurance policy

• Locate your business insurance policy.
• Read the policy carefully to clarify what losses your insurance company covers and if you will have to pay an excess fee. You should also look out for losses that are your responsibility. Check if your policy covers items that have been stolen from your car, shed or garage also. If not, you can assume that they are costs you must cover personally.

Step 3: Asesssing the loss and making an insurance claim

• Call your insurance agent to make a claim on your insurance policy.
• Make arrangements for your insurance company to come out to your property to assess the situation. If there is damage to your property, it is a good idea to take photos to support your claim.

Step 4: Substantiate your claim

• Make a list of all property damaged or stolen and, if possible, include purchase receipts.

Step 5: Secure your property

• Protect the remaining property in order to prevent further loss; board broken windows and replace broken locks.

Step 6: Get repair and replacement quotes

• Get quotes from contractors to ensure the best prices for necessary repairs. It is worth bearing in mind that your insurance company may insist on using their chosen repairer.

Step 7: Re-start your business activities

• Resume business activity as soon as possible to prevent further loss of income.

Providing your insurance company with documents that explain the relative values of the stolen items will help speed up the process and will give you a better chance of having the company pay out to the required value. Anything you can do to help them gauge the value of the items will - although it's a hassle - be to you benefit in the end. The Insurance Council of Australia may be able to help with advice. The contact assigned to you by your insurance company, should first and foremost, be able to answer specific questions and advise you about how to best navigate the process with minimal delay.

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