Business Insurance claim nightmare

AtTheEndOfMyTetherHelp

I have been with Axa business insurance for 9 years.  My small business premises were flooded on 9th January by an upstairs flat .  The loss adjusters Crawford & Co came out 4 days after the flood and could see the damage to the shop.  I knew at the time , and also confirmed at the time of visit by the loss adjusters, I had cover for stock , Buildings, contents and Business interruption.  I am now nearly 4 months down the line and I have genuinely never been more frustrated or disappointed by both companies.   There was a query on my business interruption around the 20th January , I had taken out the policy at the start of opening the business and at that time I didn't know my profit so you had to mark zero . I have then for 9 years paid my premium for BI and auto renewed .  I received a reply from Axa to the query on BI on the 5th February via email who copied a response from their broker confirming 'I wouldn't be covered for profit as I hadn't updated this however my outgoings would be covered '.  If anybody has a very small business at this moment in time , profit is rare and I was genuinely relieved I was receiving cover for outgoings .  For 2 months I provided the loss adjusters with everything they asked for , I was supposed to receive weekly updates but that never happened .  I sent at least one or two emails and phone calls each week asking for an update , the communication has been non existent .  Eventually I threatened them with a complaint to Axa .  Within 24 hours I received a call from another member of Crawfords ,3 months from date of flood ,who had explained the circumstances of the original property adjuster that had been assigned to my claim from the start unfortunately he had a family bereavement and this was not how the company normally worked , however he had to let me know I didn't have business interruption , as he had spoken with Axa they had confirmed this and were expecting my call .   I called Axa and explained that this news contradicted what they told me on 5th Feb via email.  I was told that I should never have received that email but that they would look into it.  Approx. 2 weeks ago I had a breakdown , I called Axa and could not stop sobbing down the phone as the stress has been immense.  As of last Monday they have now confirmed they will cover my BI , they had also been in contact Crawfords and told them they needed to give me a final settlement figure by last friday 18th April.  Once again we received no call or emails.  I have been told on 4 occasions , all Fridays , throughout this nightmare that I would receive a reply from the loss adjusters with a conclusion. I am broke financially and broken as a person.  Axa had put in a complaint on my behalf (I hate to complain)  after their findings she agreed there has been faults on both sides and awarded me £500 ironically this will be in my account before any settlement figure.  Any advice ? 

DullGreyGuy

Their broker? The broker is normally yours not theirs. 

Have to say with my broker they ask for a new proposal form to be filled out every year sending me a blank version of the current form but my business insurance is hard to place given what I do and for whom. That form always requires last years revenue and profit/loss, an estimate for this year and a prediction for next years.  At a minimum your broker should be telling you to check all the figures are accurate because things like P&L or Stock value can swing significantly year on year. 

Personally would go back to the complaint handler and point out that whilst you accept the £500 for the errors to date the purpose of the complaint was much more about getting the claim back on track and therefore you are disappointed that a date was promised and missed again (though the 18th was a bank holiday so maybe give them until tomorrow before you contact the complaints team again).

Did their letter in response to the complaint state you have the right to go to the Ombudsman? Some small businesses do. 

AtTheEndOfMyTetherHelp

Thank you so much for getting back to me ! apologies I read it wrong - it was Axa's underwriters not their brokers.  I have never used a broker and have used the same insurance company since the day I opened my business , it would auto renewal every year....I know no this was probably a stupid thing to do!   
That's a good point the complaint has only been confirmed through telephone conversation via the complaint handler and not in writing .   The date given last week of finalisation by 18th April did fall on a bank holiday , however I have been told on 4 occasions that I would receive a full update on this claim ...ironically all Fridays lol.  

DullGreyGuy

AtTheEndOfMyTetherHelp said:

Thank you so much for getting back to me ! apologies I read it wrong - it was Axa's underwriters not their brokers.  I have never used a broker and have used the same insurance company since the day I opened my business , it would auto renewal every year....I know no this was probably a stupid thing to do!   
That's a good point the complaint has only been confirmed through telephone conversation via the complaint handler and not in writing .   The date given last week of finalisation by 18th April did fall on a bank holiday , however I have been told on 4 occasions that I would receive a full update on this claim ...ironically all Fridays lol.  

With a basic policy the auto-renewal letter would have still instructed you to check all the matters on the schedule are still accurate and to contact them if it's not. 

Personally find the commercial insurance world more stable and who's cheap one year tends to remain so year on year as long as what you are doing isnt changing or the business changing in scale etc. Similarly grandfathered policy terms are more common so less need to double check they haven't changed the rules of the policy and potentially made part of it not relevant to your business... this is the risk of unadvised sales, its your obligation to make sure the policy is suitable for you not their job to point out that given that 30% of your sales are for X but they won't insure X but will insure the remaining 70% of your stock/business. 

Promising a Good Friday payment is likely people just not checking their diaries properly but if still not sorted today go back to the complaints handler tomorrow. May be sensible to ask them to put their final response in writing if they are considering the complaint closed rather than ongoing.