In a recent case involving one of our clients, the claimant had left their bag in a cupboard at work out of sight. An individual then entered through a window and stole the bag.

As a small claim, this typically would have been paid out by our client’s insurer with very little question. Instead, they appeared to be actively looking for technicalities to get out of paying. They suggested that the criteria for ‘forcible entry’ had not been met.

Though we fought back and eventually got the insurer to pay out, it begs the question: why the shift? And how can you prevent the claim in the first place to avoid facing a similar situation? RiskBox’s Commercial Claims Manager, Gemma Kay, takes a closer look…

3 tips to protect your contents 

While last year saw a 19% decrease in instances of theft compared to pre-pandemic levels, burglary and theft remain the most prevalent offence type faced by businesses in 2024. Understandably, that results in higher premiums, more restrictive terms such as higher excesses, or greater security conditions imposed.

So, how can you protect your business – both from theft and from unsuccessful claims?

1. Follow the rules

It’s vital to behave as if you’re not insured by doing everything you can to protect your property and prevent the need for a claim. For example, keep it out of sight, stored somewhere that is locked, and use CCTV to record everything where possible – just as our client did.

With more and more insurers trying to avoid payouts, claimants should closely follow the fine print in case it should be used against them. If you’re likely to be leaving items in a similar situation to our client, make sure your insurance is sufficiently relaxed on security requirements to allow for it.

2. Review your values

Regularly reviewing your insured sums is crucial to ensure that you’re covered for the real-world cost to replace stolen items. We would encourage you to do this at least annually, and whenever you get new kit.

Policies for commercial property are generally on a reinstatement basis, so items are replaced as new. This means sums insured must not include any form of depreciation.

3. Enlist a trusted partner

If a Loss Adjuster is appointed by your insurer, it can help to be partnered with an expert who can handle the relationship with them.

Loss Adjusters are appointed by the insurer, so they’re not impartial. They’ll also work for a range of insurers – from the best (who may be happy to pay your claim) through to the worst (who will do all they can to avoid it). Working with a broker can prevent them from taking advantage to unfairly reduce or prevent valid claims.

Secure your business with RiskBox

Fortunately for our client, we were able to argue that, because their bag was locked away and out of sight, the conditions for forcible entry still applied. But the key takeaway here is prevention – it’s far better to avoid a claim in the first place, with all its associated conflict and delays.

That said, when a theft or burglary does happen, it pays to be prepared for any claim outcome – and with RiskBox, we’re committed to making sure it’s a successful one. Whatever the claim or circumstance, our expert team will do all they can to ensure a fair payout. Reach us on 0161 533 0411 or info@riskboxuk.com to find out more. Alternatively, fill in our online contact form and we’ll get back to you.

Photo by Tim Arterbury on Unsplash