Notifying Your Insurer: Getting It Right

If something goes wrong in your business, don't forget to think about possible insurance cover. Could you have an insurance claim? If so, you need to notify your insurer - and quickly.

Introduction

When something goes wrong, the first reaction within a business is often to try to fix the problem, be it by seeking to placate an aggrieved customer, repairing damage that has been done or assessing the company's position as a possible defendant in legal proceedings.

All of these are important steps - but it is just as important to dust off any relevant insurance policies and check the notification provisions. Might you have an insurance claim? If so, you will almost certainly have to notify your insurer - and quickly. If you delay, you may find that the insurer is not obliged to cover any loss that arises.