Step 1: Notification The insured SME (Small and Medium-sized Enterprise) should notify the insurance company as soon as possible after the occurrence of an incident that may result in a claim. The insured should provide relevant details such as policy number, incident date and time, location, and a brief description of the incident.

Step 2: Documentation The insured should gather and provide all necessary documentation to support the claim. This may include but is not limited to:

• Completed claim form: The insured should complete a claim form provided by the insurance company, providing accurate and detailed information about the incident.
• Supporting documents: Any relevant documents such as invoices, receipts, photographs, videos, police reports, or witness statements should be collected and submitted as evidence to support the claim.

Step 3: Claim Evaluation Upon receiving the claim notification and supporting documentation, the insurance company will assign a claims adjuster to evaluate the claim. The claims adjuster will review the information provided and may contact the insured for additional details or clarification, if needed. The purpose of this evaluation is to assess the validity of the claim and determine the extent of coverage as per the insurance policy.

Step 4: Investigation In some cases, the insurance company may conduct an investigation to gather further information regarding the incident. This investigation may involve site visits, interviews, or consulting with external experts, as required. The purpose of the investigation is to ensure all relevant facts are considered in the claim assessment process.

Step 5: Claim Settlement Once the evaluation and investigation are complete, the insurance company will determine the outcome of the claim. If the claim is approved, the insurer will provide a settlement amount based on the coverage provided by the policy. The insured will be notified of the settlement decision along with the amount and any applicable deductibles or excesses.

Step 6: Resolution Upon agreement of the settlement amount, the insured will need to sign a release or settlement agreement provided by the insurance company. This agreement confirms the acceptance of the settlement and prevents any further claims related to the same incident.

Step 7: Payment The insurance company will process the payment to the insured according to the agreed settlement amount and the terms of the policy. The payment may be made through direct deposit, check, or any other agreed-upon method.

Step 8: Claim Closure After the payment is made, the claim will be considered closed. The insured should review the settlement details and ensure all necessary payments and repairs have been made. The insurance company may request additional documentation or information during the claim process for record-keeping purposes.