11 May Need to Make a Claim on your Insurance Policy? Carollo Horton can help!
Australian community pharmacies, along with many other small to medium sized private businesses (SMEs), have recently been exposed to a range of crippling issues. Devastating floods in NSW and Queensland, the impact of extreme and unpredictable weather conditions, and two years’ worth of stringent lockdowns have, understandably, led to an increase in business insurance claims.
Insurance news reports that severe flood damage across Southeast Queensland and Northern NSW has, as of April 7th 2022, resulted in 169,051 claims, with estimated costs to surpass $2.36 billion.
This stands as a stark reminder for business owners to regularly review your insurance policies to ensure you are properly protected and are not operating under-insured.
Insurance specialists Carollo Horton help individual pharmacists and pharmacy shop owners choose the right insurance policy for their individual needs. They also assist you to be fully prepared in the event of a claim.
Making an Insurance Claim
Should an event occur that results in the damage or loss of property or income, you will need to notify your insurance company as soon as possible.
Before you take any steps, please ensure your employees, family and property are safe. Do not enter your pharmacy if there is any danger and call the police if theft, vandalism, or any other crime has occurred.
To begin the claim process:
- Take photos of any damage
- Collate a report that shows the value of stock, equipment, or property losses
- Organise repair estimates
You will need to provide proof of your financial loss and ownership of claimed items. This may include:
- Police reports
- Medical reports
- Receipts / Invoices
What happens next?
If your insurance company requires more detailed information, they will inform you within 10 days of receiving your claim. They may also engage a loss assessor, loss adjuster or investigator to evaluate the situation.
Once all information has been received, and your insurer is satisfied that your claim is genuine and adheres to the terms and conditions of your insurance policy, they will inform you regarding the payout or benefit you are entitled to.
Pharmacy Business Insurance
Giuseppe Carollo, CEO of insurance specialists Carollo Horton and Associates, suggests to pharmacy owners:
‘From an insurance perspective, pharmacies need to try to minimise further damage where you can. Think about:
Whether your most valuable contents, items and stock lines are in a safe location?
If your computers and financial records are backed up and accessible?’
During the recent Australian floods, Carollo encouraged pharmacy owners to focus on continuing to supply prescription medications to their critical customers, and to prioritise the cleanup and rebuild task in damaged properties.
‘From a business perspective, pharmacies need to focus on the most practical way to get back to normal. Trades may be stretched, and materials may have long lead times.’
In the case of large-scale events where many claims are received by pharmacy insurers, response times can vary. Insurers will seek to prioritise claims as they come in, to enable them to be processed efficiently. Providing as much information as possible to support your claim from the beginning will help to expediate the process.
If you have been affected by the floods or suffered any other loss or damage to your business, it’s important to contact your insurer as soon as possible to get any specific advice you need and lodge a claim. Doing so will help you get your pharmacy up and running so you can continue to assist your customers and vulnerable community members, and reduce the long-term impact on your business.
Carollo Horton offers innovative insurance protection for community pharmacies through comprehensive assessment of the types of insurance that suits your individual needs, and your business needs and budget.
If you need to make an insurance claim, contact Carollo Horton on 1300 227 655.