When you should (and shouldn't) file a claim.

Significant Loss or Damage: If the financial loss is substantial, filing a claim is critical. This applies to personal home or car insurance for major damage or commercial insurance for property loss, theft, or large liabilities that would be costly to recover from out of pocket.
Liability Concerns: When someone is injured on your property (personal or commercial), you should file a claim. Liability lawsuits can be expensive, and insurance can provide legal defense and coverage for settlements or judgments.
Compliance with Policy Requirements: Certain policies require you to notify the insurer of an incident within a specific timeframe to maintain coverage. For example, commercial property damage or business interruption might need to be reported immediately. {READ: Guide to Navigating Commercial Property Claims]
Legal or Regulatory Requirements: In some cases, particularly for businesses, you may be legally required to report specific incidents, such as workplace injuries, even if you are unsure of their severity.

Minor Incidents or Damages: If the cost of repair or loss is less than or just slightly above your deductible, it may not make sense to file a claim. Filing for small amounts can lead to higher premiums in the long term, especially for personal lines like auto insurance.
Multiple Small Claims: Repeatedly filing small claims can negatively impact your policy, leading to higher premiums or the possibility of your insurer canceling coverage. It’s often better to reserve claims for significant events.
Uncovered Incidents: If the cause of damage or loss isn't covered by your policy (e.g., wear and tear, or certain natural disasters not included in your commercial or personal property insurance), it’s better not to file as it won’t be approved.
No Fault, No Damage: If an incident happens but there is no real damage or injury, it’s wise to document it, but not file a claim. For example, a small fender bender with no visible damage may not need to involve insurance if both parties agree.

Long-term Costs: While a claim may result in an immediate payout, you need to assess the potential long-term cost of higher premiums.
Deductibles: Always consider whether the damage exceeds your deductible. Filing for amounts close to or under the deductible offers no real benefit.
Consult Camargo: Especially for business owners, consulting your insurance advisor before filing can help determine the best course of action.

At Camargo Insurance, we're here to help you make the best decisions for your family and business. Schedule a call to speak with an agent.

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