Claims Advocacy: 4 Ways We Can Help

When an employee is injured, your property is damaged, or you are sued, it can be really stressful. These are situations you don’t deal with every day, so it can be hard to remember how to respond and what to do next. It’s a relief to know that you have an insurance expert in your corner – someone who can answer your questions and get you all the help you need. That’s exactly what you can expect from your partners at Heffernan Insurance Brokers.

Here are four ways we help you effectively navigate claim scenarios:

1. Contain and Mitigate Losses

There’s a big difference between a $5,000 claim and a $500,000 claim and much of that difference comes down to claim response and mitigation. Claims can easily escalate and become much more severe if your response is not quick and effective.

For example, if an employee is injured, an immediate assessment by a telephonic nurse can reassure the employee, get any needed medical treatment started on the right foot, and reduce the chance of litigation. Likewise, if a pipe breaks in your ceiling and water is flooding in, water mitigation response within 20 minutes instead of three hours could save you thousands. Time is of the essence, and every action counts. We can help you determine the best next steps.

2. Advocate on Ongoing Claims and Litigation

If claims are complex and ongoing, resolution can get bogged down without dedicated attention and proactive next steps. Your claims adjuster may be pulled in many directions, dealing with 100 or more different claims, and you’re busy running your business.

Heffernan can act as an advocate between you and your insurance carrier. Our team members are former claims adjusters so we know the process, and we’ve managed a lot of claims so we know the common milestones and pitfalls. We have strong relationships with most carriers and can collaborate with your claims adjuster to keep your claims moving forward.

Likewise, if you are involved in claim litigation, we will help you navigate next steps and assess potential settlements and defense strategies, along with your carrier’s claim team and defense attorney.

3. Monitor Reserve Accuracy

A claim reserve is the budget that your claims adjuster assigns to a claim. It represents the total estimated cost that is expected to be incurred. Reserves are typically set within the first few days of the claim, when not many details are known. Each time the claims adjuster reassesses the claim, they should also update the reserve to ensure it accurately reflects the current scenario because the estimated cost can change dramatically over time.

For example, the adjuster might set a reserve that contemplates a back surgery, only to find out later that surgery won’t be needed, or vice versa.

Reserves for all your open claims within a certain line of insurance are summarized in a document known as your Loss Run. The Loss Run shows total open reserves, along with a multi-year paid claim history, and is a big factor in determining your next year’s insurance rates.

Needless to say, it’s important to ensure that your reserves and your Loss Run stay accurate. You don’t want to pay a higher premium based on an overly-inflated case reserve. Your Heffernan team can regularly review your reserves, suggest any needed changes to your claims adjuster, and keep you apprised of any notable developments, so you know what to expect at your coming policy renewal.

4. Provide Risk Management Resources

No one wants to repeat their mistakes and that is certainly true in claims. If you’ve experienced a certain type of workplace injury, or property/liability claim, we can help you prevent that type of loss from happening again with targeted loss prevention resources.

Proactive risk management is the one thing you can do to prevent and contain claims and influence your premium costs. Good preventative measures will also help position your account as an attractive risk for underwriters.

If you’re concerned about a certain exposure, ask us for resources. We’re happy to help.

Does Your Broker Provide Claims Advocacy?

Do you have an insurance partner in your corner? Heffernan Insurance Brokers provides comprehensive risk management services and claims advocacy. We help businesses of all sizes and have specialty programs designed to help businesses in specific industries secure the coverage and risk management resources they need. Learn more.