When you run a business, sometimes reporting an insurance claim is inevitable. Accidents happen, and your insurance exists to help protect you from the financial losses associated with those accidents. When your company reports a claim, the company is responsible for paying the insurance deductible, or money paid out of pocket, before the insurance kicks in to cover expenses. In certain cases, you may be entitled to recouping all or part of your deductible and the full expenses that the policy would respond to if there are grounds for subrogation negotiation.
Subrogation is the right of an insurer to pursue the third party that caused the claim, on behalf of the company who holds the insurance policy. With successful subrogation negotiation, the insured can recover all or part of the deductible paid to the insurance carrier for the loss. Subrogation experts or specialists are legally trained to identify and pursue valid subrogation opportunities. Some ways a subrogation strategy can work for you is by:
- Reviewing closed claims to identify any missed subrogation opportunities
- Handling overflow claims to allow your staff to maintain their current workload
- Advocating for your company in arbitration by conducting a preparation of contentions, response to counter-claims and management of recoveries
A good subrogation strategy will help you enhance your company’s risk mitigation program by carefully reviewing current and legacy claims. If your company is interested in learning about potential opportunities for subrogation recovery, the AssuredPartners NL team can help. To learn more or contact an agent, visit: AssuredPartners NL Subrogation Services.Share This: