Commercial Liability: how it improves with digital management
Whether you have insured a small business or a multinational enterprise, commercial general liability insurance should always be present. It is a fantastic way to protect property, and yourself, against damages that could be experienced by you or others because of professional negligence during business operations.
But in a digital world, manual entry of claims is disappearing so it is time to start considering
Commercial General Liability in the 21st Century
According to Investopedia, Commercial General Liability insurance is commonly divided into two categories:
- A claims-made policy that covers claims regardless of when the event took place.
- An occurrence policy where the event must take place during a set period.
Both policies cover bodily injury, personal injury, and property damage, but the difference is in the time frame of when the event occurred. Fortunately, Claim Management Software makes everything move faster. So, regardless of the policies in place, when the claim is filed and logged into the system it is already on its way towards resolution.
How can a Claim Management Software Improve on the Workings of Commercial General Liability?
Because of the growing needs for faster claim processing, it can be stated that an evident benefit of Claim Management Software would be less time spent on claims themselves.
A Claim Management Software gives claims a shorter lifecycle, which can save some major headaches for you and your insured.
Take a look at this scenario: you have insured a small family-owned grocery store. A client walks in and while they are shopping a shelf comes of the wall. The person gets hurt and must go to the hospital. As a result, they file a claim for bodily injury.
The Insurance Information Institute states that in the case of “Limited coverage for medical payments., Medical payments coverage can be triggered without legal action. This provides for prompt settlement of smaller medical claims without litigation.” In this case, emotional distress can be considered bodily injuries, even in the absence of physical bodily harm.
Before claim management was a reality, this would have resulted in several visits to the insured on your part. Your insurer would have had to conduct audits, visit the policy holder and their business, and hold an investigation to decide to accept the claim or not.
With Claim management Software, you already have all the information about the claim, claimant, policy holder and business in one easy to access place. Plus, you can add evidence, pictures, in-location footage and determine if the claim is good or not. This takes just a few days, unlike before where this would have taken at least a month.
“Claim Management Software makes everything move faster. So, regardless of the policies in place, when the claim is filed and logged into the system it is already on its way towards resolution. .”
What is the Case with Property Damage?
Commercial General Liability’s property damage coverage protects you against property damage to others arising out of non-professional negligent acts or for liability arising out of their premises or business operations.
With property damage, you can use granular data. Granular data refers to specific kinds of data regarding that insured and the conditions surrounding their policy. For example:, if the insured has a business in a geographical area prompt to earthquakes, or they are in a spot surrounded by constructions or buildings being fixed, both cases make it more likely they will suffer property damage.
The combination of granular data with a powerful insurance claim management software results in a faster resolution for claims. This is because you have all your data in one centralized location and can act faster than If everything was paper documents and you had to manually update changes.
A Brand in Danger
In the case of an ‘advertising injury’ the faster you solve the claim, the faster your insured can do damage control and even prevent further destruction of their intellectual property. Advertising injury includes:
- False arrest
- Infringing copyright
- Malicious prosecution
- Wrongful eviction,
- Unlawful entry to private property
- Invasion of privacy
When Time is of the Essence
Terraclaim is a cloud-based solution that focuses on insurance claim management. It is thought and designed around the desire for the user to have an intuitive experience. TerraClaim can centralize everything regarding information on claims, the insured and their policies. At the same time, it allows for faster processing and a shorter claim lifecycle. See for yourself, by booking a demo for Terraclaim today.