Commercial Property Insurance Claims Process Step-by-Step Guide for NZ Business Owners
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Understanding the claims Process
The moments right after discovering damage to your commercial property are absolutely critical. I've seen it time and again—the actions you take in those first few hours can dramatically influence both how quickly your claim is processed and the final settlement amount you receive. And let's be honest, when your business is on the line, both of these factors matter tremendously.
Commercial property insurance claims in New Zealand involve a structured process that, when understood properly, can be navigated with confidence rather than anxiety. The reality is that many business owners find themselves scrambling to understand this process only after disaster has already struck—which is precisely when you're under the most stress and least equipped to learn something new.
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In this comprehensive guide, I’ll walk you through exactly what happens during a commercial property insurance claim, from those crucial first steps immediately after discovering damage, right through to final settlement. You’ll learn how to properly document your claim, what to expect during assessments, strategies for negotiation, and how to overcome common challenges that might otherwise delay or reduce your settlement.
According to the Insurance Council of New Zealand, approximately 85% of commercial property claims are settled within 90 days when proper procedures are followed. My goal is to put you firmly within that successful majority by equipping you with the knowledge you need before you ever have to make a claim.
First Steps: What to Do Immediately After Commercial Property Damage
When disaster strikes your commercial property—whether it’s fire, flood, storm damage, or vandalism—the actions you take in the first 24-48 hours are absolutely crucial. I cannot emphasise this enough: these initial steps lay the foundation for your entire commercial property insurance claim.
Safety and Security: Your First Priority
Safety is non-negotiable and must be your immediate concern. Evacuate the premises if there’s any risk to personnel, and don’t hesitate to call emergency services if there’s any possibility of injury, fire spread, gas leaks, or structural collapse. Only once everyone is safe should you turn your attention to the property itself.
Once the immediate danger has passed, you’ll need to secure your property against further damage or theft. This might involve boarding up broken windows, covering damaged roofs with tarpaulins, or arranging temporary security if normal access controls have been compromised. Remember, your insurance policy actually requires you to take reasonable steps to prevent further damage—failing to do so could potentially affect your claim.
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Documenting the Damage
Documentation is, frankly, the backbone of a successful claim. I always tell my clients to approach this as if they’re building a court case—because in some ways, that’s exactly what you’re doing.
Pull out your smartphone and start taking photos and videos immediately, before anything is moved or cleaned up. Capture wide-angle shots showing the overall damage, then close-ups of specific items. Don’t forget to document serial numbers of damaged equipment where possible. I’ve seen claims significantly delayed because business owners cleaned up too quickly, destroying crucial evidence of the damage extent.
While the visual evidence is still fresh, jot down detailed notes about what happened. Include the date and time of the incident, weather conditions (if relevant), and your observations about the cause and extent of damage. These contemporaneous notes carry significant weight with loss adjusters who may not visit your property until days or even weeks later.
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Notifying Your Insurer: Timeframes and Methods
Contact your insurance broker or insurer within 24 hours—this isn’t just good practice, it’s typically a requirement in your policy. Most commercial property insurance policies in New Zealand contain specific notification timeframes that, if missed, could affect your coverage.
When making this initial contact, you don’t need to have all the details sorted. Simply provide the basics: what happened, when it happened, the general type of damage, and your policy number if you have it handy. Your insurer will provide a claim number and initial guidance on next steps.
If you work with an insurance broker (which I’d recommend for any commercial property), they can handle this notification process for you and provide valuable advice on how to proceed. They’ll also help you understand what emergency measures you can take without jeopardizing your claim.
Emergency Repairs: Getting Approval and Keeping Records
Sometimes you’ll need to make emergency repairs to prevent further damage—things like covering a damaged roof before rain arrives or securing broken access points. These emergency measures are typically covered under your policy, but there’s a crucial caveat: you should get approval from your insurer before proceeding with anything beyond the absolute minimum necessary for safety and security.
Keep meticulous records of all emergency repair costs, including receipts, photos of the temporary measures, and written descriptions of the work performed. And here’s something many business owners don’t realize: you should preserve damaged materials wherever possible. Those damaged items are evidence that the loss adjuster will need to examine to determine the cause and extent of damage.
I once worked with a client who, with the best intentions, had completely cleared and repaired significant water damage before the loss adjuster arrived. Without evidence of the original damage, the claim assessment became unnecessarily complicated and contentious. Don’t make that same mistake.
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Filing Your Claim: Documentation and Formal Notification Process
Once you’ve taken those critical immediate actions, it’s time to formally file your business property damage claim. This stage is all about assembling comprehensive documentation that substantiates both the occurrence of damage and its financial impact on your business.
Essential Claim Forms and Submission Requirements
Your insurer will provide specific claim forms that need to be completed thoroughly and accurately. These forms typically require detailed information about the incident, including the date, time, cause of damage, and preliminary estimates of repair or replacement costs.
Be particularly careful when describing the cause of damage. I’ve seen claims delayed or even denied because of inconsistencies between the stated cause and the physical evidence. Stick to the facts you know for certain, and don’t speculate about technical causes if you’re unsure.
Most insurers now offer online claim submission options, but I still recommend keeping hard copies of everything you submit. Technology is wonderful until it isn’t—and you don’t want to find yourself unable to access critical claim documents when you need them most.
Creating a Detailed Inventory of Damaged Property
For business property damage claims, you’ll need to create a comprehensive inventory of all affected items. This should include:
- Description of each item (be specific—”Dell XPS 15 laptop” rather than just “computer”)
- Age and condition before the damage
- Original purchase cost (with receipts if available)
- Estimated replacement cost at current market rates
- Photos of damaged items
- Serial numbers for electronics and equipment
- Whether the item needs repair or complete replacement
This inventory might seem tedious—and yes, it absolutely can be, especially for extensive damage—but it’s absolutely critical to receiving fair compensation. The more specific and detailed your inventory, the stronger your position during the assessment and negotiation phases.
Business Records That Strengthen Your Claim
Beyond the inventory of physical items, you’ll need business records that establish the value and importance of damaged assets to your operations. These supporting documents might include:
- Asset registers with specifications and values
- Recent financial statements showing stock values
- Purchase invoices and receipts
- Maintenance records (particularly important for equipment claims)
- Lease agreements for rented equipment
- Photos or videos of the property before the damage
If your claim includes business interruption coverage (and it should, for most commercial properties), you’ll also need financial records that demonstrate your normal operating income and expenses. This typically includes profit and loss statements, cash flow records, and payroll information.
I can’t emphasize enough how important it is to maintain good business records before any incident occurs. The businesses that recover most successfully from property damage are invariably those with organized, accessible financial and asset documentation.
Critical Timeframes and Deadlines for Documentation
While you should notify your insurer immediately after an incident, you typically have a bit more time to submit the complete documentation package. Most commercial policies in New Zealand require full documentation within 30 days of the incident, though this can vary by insurer.
Missing these deadlines can have serious consequences—from delayed processing to outright claim denial in extreme cases. If you’re struggling to compile all the necessary documentation within the required timeframe, contact your insurer or broker immediately to request an extension. Most insurers will accommodate reasonable extension requests if you’re proactive about communication.
The Insurance & Financial Services Ombudsman recommends keeping copies of all submitted documents and maintaining a communication log with your insurer, including dates, names of representatives, and summaries of what was discussed. This simple practice can prevent misunderstandings and provide valuable evidence if disputes arise later.
Understanding the Claim Assessment Process
Once you’ve submitted your claim documentation, your insurer will begin the assessment process. This is where things can start to feel a bit out of your control—but understanding what happens during this phase can help you navigate it more effectively and ensure your interests are properly represented.
The Loss Adjuster’s Role in Your Claim
For most significant commercial property claims, your insurer will appoint a loss adjuster—an independent professional who investigates the claim on the insurer’s behalf. I’ve noticed there’s often confusion about the loss adjuster’s role. They’re not there to minimize your claim (though it sometimes feels that way), but rather to provide an objective assessment of the damage, its cause, and the appropriate compensation under your policy terms.
Loss adjusters are typically qualified in construction, engineering, or accounting, depending on the nature of the claim. They have professional obligations to be impartial, even though they’re appointed and paid by your insurer. That said, it’s important to remember they’re evaluating your claim against your specific policy wording—which is why understanding your coverage before an incident is so valuable.
According to the Insurance Council of New Zealand, loss adjusters are involved in approximately 70% of commercial property claims exceeding $25,000. Their assessment carries significant weight in determining your final settlement, so engaging constructively with them is crucial.
Preparing for Site Inspections: What to Expect
The loss adjuster will typically arrange a site inspection within 7-14 days of claim notification, depending on the urgency and complexity of the damage. This inspection is your opportunity to show the full extent of the damage and explain its impact on your business operations.
Before this inspection, I recommend:
- Organizing all your documentation, including photos taken immediately after the incident
- Preparing a chronological account of the incident and subsequent actions
- Making a list of specific items or areas you want to ensure the adjuster examines
- Having any emergency repair receipts and contractor quotes ready for review
- Considering whether you need your broker or a public loss assessor present
During the inspection, the loss adjuster will examine the damaged property, take their own photos, and ask questions about what happened. They’ll be looking to verify the cause of damage (to ensure it’s covered under your policy), the extent of damage, and the appropriate repair or replacement approach.
You have the right to be present during all inspections, and I strongly recommend that you are. Your firsthand knowledge of the property and the incident is invaluable to the assessment process.
Expert Assessments: When Specialists Get Involved
For complex claims, particularly those involving structural damage, specialized equipment, or significant business interruption, additional experts may be brought in to provide technical assessments.
These might include:
- Structural engineers to assess building damage
- Equipment specialists to evaluate machinery damage
- Forensic accountants for business interruption calculations
- Environmental specialists for contamination issues
- Quantity surveyors to estimate repair costs
These expert reports form a critical part of your claim assessment. If you disagree with their findings, you have the right to engage your own experts, though the cost of doing so will typically be your responsibility unless your policy specifically provides coverage for claim preparation costs.
I’ve found that claims involving multiple experts can take significantly longer to resolve—sometimes 3-6 months for complex situations. Patience and regular communication are essential during this period.
Business Interruption Assessment Process
If your claim includes business interruption coverage, this adds another layer to the assessment process. Business interruption claims compensate you for lost income and ongoing expenses during the period your business operations are affected by the property damage.
The assessment typically involves:
- Analyzing your financial records to establish your normal income
- Determining the period of interruption (how long repairs will take)
- Calculating continuing expenses that must be paid during the interruption
- Assessing additional costs incurred to minimize business disruption
- Applying any policy limits or waiting periods
Business interruption assessments can be particularly complex and often require specialized accounting expertise. The Financial Services Complaints Ltd reports that business interruption components are involved in approximately 40% of disputed commercial property claims, highlighting the importance of thorough documentation and possibly professional assistance with this aspect of your claim.
Your Rights During the Assessment Phase
Throughout the assessment process, you have specific rights that are worth knowing:
- The right to be kept informed about the progress of your claim
- The right to receive copies of any expert reports commissioned by your insurer
- The right to provide additional information or evidence at any point
- The right to question or challenge the loss adjuster’s findings
- The right to engage your own experts if you disagree with the assessment
- The right to have your broker represent you in discussions with the loss adjuster
If you feel your claim isn’t being assessed fairly or the process is taking unreasonably long, don’t hesitate to escalate the matter. Your first step should be to raise concerns with your insurer’s claims manager, then to your broker if you have one. If these approaches don’t resolve the issue, you can make a formal complaint to your insurer, and ultimately to the Insurance & Financial Services Ombudsman if necessary.
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Negotiating and Finalising Your Commercial Property Claim
Once the assessment phase is complete, you’ll enter what I consider the most critical stage of the entire claims process: negotiation and settlement. This is where all your careful documentation and understanding of the process really pays off.
Understanding and Evaluating Settlement Offers
When your insurer presents a settlement offer, take time to review it thoroughly before responding. The offer should break down compensation for different aspects of your claim, potentially including:
- Building repairs or replacement
- Contents and equipment replacement
- Stock and inventory losses
- Business interruption compensation
- Additional expenses (like temporary premises)
- Emergency repair reimbursement
Compare each component against your own documentation and estimates. Look for any discrepancies or omissions. Are all damaged items included? Do the repair/replacement costs align with your contractor quotes? Is the business interruption period calculation reasonable?
I’ve seen many initial settlement offers that undervalue certain aspects of the claim—not necessarily because the insurer is being difficult, but often because they’re working with incomplete information or different assumptions about repair approaches or replacement costs.
Effective Negotiation Strategies for Better Outcomes
Negotiation doesn’t have to be adversarial. The most effective approach is to present clear evidence that supports your position while maintaining a professional relationship with all parties involved.
Some strategies I’ve found particularly effective include:
- Focusing on specific discrepancies rather than expressing general dissatisfaction
- Providing additional documentation or expert opinions that support your position
- Asking questions to understand the rationale behind the insurer’s calculations
- Proposing specific, reasonable alternatives rather than simply rejecting offers
- Prioritizing the most significant aspects of the claim rather than contesting every detail
Remember that insurance claims managers and loss adjusters handle numerous claims and respond best to clear, evidence-based discussions. Emotional appeals rarely change outcomes, but solid documentation frequently does.
If negotiations become challenging, this is where having a broker can be invaluable. They understand insurer perspectives and can often find compromise solutions that might not be immediately apparent to you.
Cash Settlements vs. Managed Repairs: Pros and Cons
For property damage, you’ll typically have two settlement options: a cash settlement or insurer-managed repairs.
With a cash settlement, you receive the agreed amount and take responsibility for organizing repairs yourself. This gives you complete control over contractor selection, repair timing, and potentially the opportunity to make additional improvements at your own expense. However, it also means you bear the risk of cost overruns and have to manage the repair process yourself.
With managed repairs, your insurer arranges contractors and oversees the repair process. This can simplify things considerably for you and often comes with quality guarantees. The downside is less control over contractor selection and potentially longer timeframes as you work through the insurer’s processes.
In my experience, cash settlements work well for businesses with construction expertise or those wanting to combine insurance repairs with other property improvements. Managed repairs tend to be better for those wanting a hands-off approach or concerned about managing complex repair projects.
Finalizing Your Claim: Documentation and Acceptance
Once you’ve reached agreement on the settlement amount and approach, you’ll need to formally accept the offer. This typically involves signing a discharge or settlement form that releases the insurer from further liability for this specific claim.
Before signing, read the document carefully. Make sure it accurately reflects what you’ve agreed to and doesn’t contain unexpected conditions or exclusions. If you’re unsure about any aspect, seek advice from your broker or a legal professional.
Keep copies of all final settlement documentation, including the signed discharge form, final scope of works (for managed repairs), and any correspondence confirming the settlement terms. These may be needed for tax purposes, business accounting, or if any issues arise during the repair process.
Payment Timeframes and Follow-up Procedures
Once the settlement is agreed and documentation signed, payment should follow relatively quickly. Most New Zealand insurers process claim payments within 5-10 business days of receiving signed acceptance documents.
For cash settlements, you’ll typically receive the funds via direct bank transfer. For managed repairs, the insurer will generally pay contractors directly as work progresses.
If payment is delayed beyond the expected timeframe, follow up promptly with your claims manager or broker. Occasionally, administrative errors or missing banking details can cause unnecessary delays that a quick phone call can resolve.
For complex claims with multiple components, you might receive payments in stages—perhaps an initial payment for emergency repairs, followed by building repair funds, and finally business interruption compensation once the interruption period is complete.
Common Claim Challenges and How to Address Them
Even with careful preparation and documentation, commercial building damage claims can encounter obstacles. Being aware of common challenges and knowing how to address them can help you navigate these situations effectively.
Addressing Underinsurance in Your Claim
Underinsurance occurs when your sum insured is less than the actual replacement value of your property or contents. It’s an alarmingly common issue—the Insurance Council of New Zealand estimates that up to 40% of commercial properties may be underinsured by 30% or more.
If underinsurance is identified during your claim, your settlement may be reduced proportionally. For example, if your building is insured for $700,000 but would cost $1,000,000 to rebuild (meaning you’re 30% underinsured), your claim payment might be reduced by 30%—even for partial damage.
While you can’t fix underinsurance after an incident occurs, you can:
- Provide evidence of recent professional valuations if you have them
- Challenge replacement cost estimates if they seem inflated
- Negotiate for the application of co-insurance clauses if your policy includes them
- Explore whether index adjustments were correctly applied to your sum insured
To prevent future underinsurance issues, I strongly recommend getting professional valuations every 2-3 years and reviewing your sums insured annually, particularly in the current environment of fluctuating construction costs.
When Damage Causes Are Disputed: Resolution Approaches
Disputes about the cause of damage are among the most common challenges in commercial property claims. Your policy covers specific perils (like fire, storm, or flood) but typically excludes others (like wear and tear, gradual deterioration, or poor maintenance).
If your insurer suggests the damage resulted from an excluded cause, you’ll need to address this head-on:
- Review your policy wording carefully to understand exactly what’s covered and excluded
- Provide maintenance records that demonstrate proper care of the property
- Consider engaging an independent expert to provide an opinion on the cause
- Look for evidence that shows the sudden and accidental nature of the damage
- Check whether your policy includes a “resultant damage” clause that might provide partial coverage
I worked with a client whose roof damage claim was initially declined because the insurer attributed it to poor maintenance rather than storm damage. By providing weather records showing exceptional wind speeds and photos of similar damage to neighboring properties, we successfully demonstrated that the primary cause was indeed the storm—a covered peril under their policy.
Managing Delays in the Claims Process
Delays are frustratingly common in complex commercial property claims. While some investigation and assessment time is reasonable, excessive delays can cause significant additional business disruption.
If your claim seems to be stalling, try these approaches:
- Request a specific timeline for the next steps in your claim
- Ask for regular progress updates (weekly or bi-weekly)
- Escalate to more senior claims staff if necessary
- Involve your broker to apply pressure on your behalf
- Consider whether a complaint to the Insurance & Financial Services Ombudsman is warranted
The Financial Services Complaints Ltd recommends documenting all communication about claim timeframes and following up in writing after phone conversations to create a clear record of promised actions and timeframes.
Appealing Denied Claims: Step-by-Step Process
If your claim is denied entirely, don’t assume this is the final word. You have several options for appeal:
- Request a detailed explanation: Ask for the specific policy wording or exclusion that forms the basis for denial.
- Internal review: Most insurers have a formal review process where a more senior claims manager will reassess the decision.
- Broker advocacy: If you have a broker, they can often advocate on your behalf and may have relationships with senior insurer staff.
- Formal complaint: Submit a formal complaint through your insurer’s complaints process.
- External dispute resolution: If still unresolved, you can take your case to the Insurance & Financial Services Ombudsman (for claims up to $200,000) or consider legal action for larger amounts.
The success rate for claim appeals varies significantly depending on the circumstances, but the Insurance & Financial Services Ombudsman reports that approximately 30% of complaints result in some form of changed outcome for the complainant—so it’s definitely worth pursuing if you believe your claim has been wrongly denied.
When to Seek Professional Claims Assistance
For particularly complex or high-value claims, consider engaging professional assistance. Options include:
- Insurance broker: If you don’t already have one, a broker can provide valuable guidance even after a claim has occurred.
- Public loss assessor: These professionals represent your interests (unlike loss adjusters who work for insurers) and can help document, present, and negotiate your claim.
- Specialist claims consultant: For complex business interruption claims, these experts can help calculate and substantiate your losses.
- Legal advice: For disputed claims or coverage issues, an insurance lawyer can provide opinions on policy interpretation.
While these services involve additional cost, they often pay for themselves through improved claim outcomes. Some policies include coverage for claim preparation costs—check your policy wording to see if this benefit is available to you.
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Frequently Asked Questions About Commercial Property Insurance Claims
How long does a commercial property insurance claim typically take in New Zealand?
Yes, you can typically use your own contractor if you opt for a cash settlement rather than insurer-managed repairs. However, there are several important considerations:
- Your insurer may want to approve your chosen contractor or review their quote
- If your contractor's quote exceeds the insurer's settlement amount, you'll need to cover the difference
- You'll be responsible for managing the quality of the work and any issues that arise
- Some policies specify that certain types of work (like electrical or structural repairs) must be done by approved contractors
If using your own contractor is important to you, make this clear early in the claims process and request a cash settlement option. Be prepared to provide evidence that your contractor's pricing is reasonable and in line with market rates if it differs significantly from the insurer's assessment.
What if I disagree with the loss adjuster's assessment of my property damage?
If you disagree with a loss adjuster's assessment, you have several options:
- Request clarification: Ask the loss adjuster to explain how they reached their conclusions, particularly regarding scope of damage or repair methodologies.
- Provide additional evidence: Submit additional photos, contractor quotes, or expert opinions that support your position.
- Request a re-inspection: If you believe the adjuster missed certain damage, ask for a follow-up inspection, perhaps with your contractor present.
- Engage your own expert: Consider hiring an independent builder, engineer, or public loss assessor to provide a counter-assessment.
- Escalate within the insurance company: Speak with the claims manager about your concerns with the assessment.
- Formal dispute process: If the disagreement can't be resolved, you can use your insurer's formal dispute resolution process.
Document all communications regarding your disagreement, and focus on specific technical points rather than general dissatisfaction. The most successful challenges to loss adjuster assessments are those backed by concrete evidence and expert opinions.
Will making a claim increase my commercial property insurance premiums?
Not automatically, no. Your standard commercial property insurance policy usually doesn’t cover business interruption (BI) if a natural disaster stops you from trading. To get that kind of protection, you need a specific BI extension to your policy, or a separate BI policy altogether, that covers lost income and ongoing expenses while you’re recovering. For BI cover to kick in after a natural disaster, a few things are key. First, the policy has to include that specific natural peril (like earthquake or flood) as a covered cause of loss for both the property damage *and* the business interruption. Second, the indemnity period – that’s how long the BI cover will pay out for – needs to be long enough for you to recover from a natural disaster. This usually takes much longer than for standard claims, often 24 to 36 months rather than just 12. Third, the sum insured for BI needs to account for potential post-disaster inflation, which can push up rebuilding costs and make recovery take even longer. Pay close attention to the policy wording around “denial of access” too – this determines if you’re covered if the authorities stop you from getting to your property, even if it hasn’t been directly damaged. If you’re a commercial landlord, rental income protection works in a similar way to BI cover but specifically addresses lost rent while the building is being rebuilt. And if you’re a commercial tenant, you should have your own BI cover, as the landlord’s policy typically only covers their lost income, not your business losses.
Can I use my own contractor for repairs after a claim is approved?
Yes, you can typically use your own contractor if you opt for a cash settlement rather than insurer-managed repairs. However, there are several important considerations:
- Your insurer may want to approve your chosen contractor or review their quote
- If your contractor's quote exceeds the insurer's settlement amount, you'll need to cover the difference
- You'll be responsible for managing the quality of the work and any issues that arise
- Some policies specify that certain types of work (like electrical or structural repairs) must be done by approved contractors
If using your own contractor is important to you, make this clear early in the claims process and request a cash settlement option. Be prepared to provide evidence that your contractor's pricing is reasonable and in line with market rates if it differs significantly from the insurer's assessment.
What if I disagree with the loss adjuster's assessment of my property damage?
If you disagree with a loss adjuster's assessment, you have several options:
- Request clarification: Ask the loss adjuster to explain how they reached their conclusions, particularly regarding scope of damage or repair methodologies.
- Provide additional evidence: Submit additional photos, contractor quotes, or expert opinions that support your position.
- Request a re-inspection: If you believe the adjuster missed certain damage, ask for a follow-up inspection, perhaps with your contractor present.
- Engage your own expert: Consider hiring an independent builder, engineer, or public loss assessor to provide a counter-assessment.
- Escalate within the insurance company: Speak with the claims manager about your concerns with the assessment.
- Formal dispute process: If the disagreement can't be resolved, you can use your insurer's formal dispute resolution process.
Document all communications regarding your disagreement, and focus on specific technical points rather than general dissatisfaction. The most successful challenges to loss adjuster assessments are those backed by concrete evidence and expert opinions.
Will making a claim increase my commercial property insurance premiums?
Making a claim will typically affect your future premiums, but the impact varies based on several factors:
- Claim size: Larger claims generally have a more significant impact on future premiums
- Claim cause: Claims resulting from events beyond your control (like natural disasters) may have less impact than preventable incidents
- Claim history: Multiple claims within a short period will have a compounding effect
- Risk management response: Implementing measures to prevent similar incidents may mitigate premium increases
According to industry data, commercial property owners can typically expect premium increases of 10-30% following a significant claim. However, this varies widely by insurer and circumstances. Some policies include "no claims bonus" features that are lost after a claim, effectively increasing your premium.
While premium impacts are a consideration, they shouldn't deter you from making legitimate claims—that's precisely what insurance is for. The potential premium increase is almost always substantially less than the cost of covering a major loss yourself.
Maximising Your Commercial Property Claim Success: Key Takeaways
Navigating the commercial property insurance claims process successfully requires preparation, attention to detail, and persistence. Throughout this guide, we’ve covered the essential steps from immediate post-damage actions through to final settlement negotiation.
The most crucial elements to remember are:
- Act quickly after damage occurs, focusing first on safety, then on documentation and notification
- Maintain comprehensive records of all damage, communications, and expenses
- Understand your policy coverage before you need to make a claim
- Engage constructively with loss adjusters while advocating for your interests
- Be prepared to negotiate settlement offers with supporting evidence
- Know your rights and the escalation options if challenges arise
Taking a proactive approach to risk management can also help prevent future claims. Consider investing in improved security systems, regular building maintenance, and staff training on emergency procedures. The Insurance Council of New Zealand reports that businesses with formal risk management programs experience approximately 40% fewer claims than those without such programs.
If you’re facing a commercial property insurance claim or want to ensure you’re prepared for potential future incidents, Gerrards Insurance brokers can provide expert guidance throughout the commercial property insurance claims process. Our specialists understand the unique challenges of commercial claims and can help you navigate the system to achieve the best possible outcome.
Get expert claims support from our commercial property specialists today, and ensure you have the professional advocacy you need during what can be a challenging time for your business.
References:
Insurance Council of New Zealand (ICNZ). (2023). Commercial Property Claims Guide. Retrieved from https://www.icnz.org.nz/
Insurance & Financial Services Ombudsman (IFSO). (2024). Annual Report 2023-2024. Retrieved from https://www.ifso.nz/
Financial Services Complaints Ltd (FSCL). (2023). Commercial Insurance Dispute Resolution Data. Retrieved from https://www.fscl.org.nz/
Reserve Bank of New Zealand. (2023). Insurance Industry Review. Retrieved from https://www.rbnz.govt.nz/
Ministry of Business, Innovation and Employment. (2024). Insurance Contract Law Review. Retrieved from https://www.mbie.govt.nz/