Frequently Asked Questions About Business Insurance

Co-insurance, found chiefly in commercial property policies, refers to sharing financial responsibility between the policyholder and the insurance company for covered losses or claims. It is a clause that may be included in the policy to ensure that the insured carries the correct amount of coverage. Failing to meet the co-insurance requirement may result in a penalty. For example, if your property is valued at $1 million and your policy has an 80% co-insurance clause, you must have at least $800,000 in coverage. You would be considered underinsured if you only carry $600,000 in coverage.. In the event of a claim, a penalty would be applied.

Many insurance companies have a network of preferred repair shops or lawyers. However, you may be able to choose your own, depending on your policy. Always confirm with your insurer first.

If the cost of a claim exceeds your policy limit, you’ll be responsible for paying the balance owed.

A deductible is the amount that you agree to pay out of pocket before your insurance coverage applies. Read more about how deductibles work here.

Filing a claim may increase your insurance premium. The amount depends on the nature of the claim, your claim history, and the specifics of your policy.

If your claim is denied, the adjuster will provide you with a letter outlining the reasons for the denial. If you have any questions or want to review it, contact us, and we will do so. You can always ask the adjuster to review additional information to reconsider their decision, as long as it is submitted within the reporting period.

How long a claim takes to close varies. Some claims are resolved in a few days and some may take a year or more. If you want to speed up the process, stay in touch with your adjuster and get them all the information they request as quickly as possible.

The adjuster assigned to your claim will be looking for all details relevant to the situation (legal notices, repair invoices, photos, etc.) and proof of what you have lost. If a theft or property damage occurs, the adjuster will ask you to prove you owned the property. You may be required to submit original receipts, transaction histories or vendor statements to the adjuster, like a Home Depot account history.

No. As insurance brokers, we do not have direct access to contractors. In case of a loss and immediate assistance is required, we recommend contacting an emergency restoration company. Retaining all receipts for any expenses incurred during this process is important. An adjuster representing the insurance company will reach out to you, and you can submit the receipts to them for potential reimbursement.

No, payments for your claim are made directly by your insurer. Zensurance does not disburse claim payments. Once the insurer approves your claim, they will handle the payment process and issue payment to you directly.

Zensurance does not have the authority to make coverage decisions on your claim. That responsibility lies with the adjuster who is assigned to your claim. However, we can recommend specific coverage options tailored to your business, especially after a claim.

Absolutely! At Zensurance, we are committed to advocating for our customers’ rights. If we notice that a claim is taking an excessive amount of time or if a settlement offer is deemed unfair, we will step in to provide assistance and ensure that your best interests are represented.

Multiple parties may be involved in assessing your claim and may contact you. Examples of parties that may contact you include, a Zensurance broker, claims examiner , claims adjuster and contractors preferred by your insurer. Some insurance companies use adjusters they employ, and others use adjusters from IPG, Claimspro, DWF or Crawford. Don’t be surprised if a few people contact you, but always feel free to contact us if you need clarification about someone’s role.

Our after-hours emergency calls go to our partners at IPG. They will assist you and then report the details to us, and we will share the information with your insurer. IPG may continue handling your claim, or another adjuster might be assigned. We will review it and contact you the next business day after you report a claim. An adjuster cannot confirm your coverage.

As insurance brokers, Zensurance is not directly responsible for handling claims. Instead, claims are typically managed either by your insurer or an independent adjuster assigned to your claim by the insurer.

After reporting a claim, the Zensurance claims team reviews the details and will contact you to confirm it has been received.We will then report it to your insurance company and an adjuster will be assigned. They will contact you and share next steps within a few business days. The adjuster will collect all information relevant to the claim, review and make a coverage decision.