Uncertainties and unforeseen events taking place, is a part of business environment. A business owner’s first impulse in the situations of catastrophic losses, is to mitigate this loss and resume the operations as soon as possible. Damage to the commercial property comes into this very category and requires special attention. But settling of a commercial property insurance claim is not such an easy feat. It is a complex business transaction that that needs expertize and diligence.
Generally, a commercial property claim comprises the restoration of the business property in its pre loss condition in a limited time period. It also means the business will be maintained and keep its usual running pace during the time it takes to rebuild the damaged property.
Commercial Property Damage Insurance Claims
These claims tend to be expensive. But don’t avoid filling the claim, if it is necessary. The common claims filed against commercial property insurance policies are explained here. Take a look:
- Wind and Hail damage type of insurance claims occurs where the property is in the storm’s path. They range significantly in price and are higher in number where storm is more frequent.
- Burglary and theft is one of the most common type of claim business owner’s file for. It is also quite low in terms of cost.
- Fire comes with significant risks and highly detrimental to any structure. Fire losses ranges widely in its value.
- Extra expenses means the expenses that incurred in mitigating the loss or the increased costs to resume the business in the wake of damage. Equipment breakdown also comes under this coverage.
- Business interruption claim intends to bring the business in its original position, have the loss not occurred and the interruption hadn’t been caused.
- Contingent business interruption is generally an extension of business claim only. It provides benefits to cover extra expenses and lost profits from a third party’s property damage. It usually covers only specific conditions.
- There are many other types of claims such as Utility services, civil authority coverage, Loss of Ingress or Egress and extended period of indemnity.
Ways to Maximise your Property Insurance Claim
Remember the following tips in mind, when you are getting ready during your claim processing and insurance adjuster’s visit:
- You have to make sure that the insurance adjuster is aware of the damages’ quality and features. Upgraded finish appliances can easily add up to a huge amount.
- If your policy covers your food and sundry items, do include them in the inventory as stocking up your whole pantry will cost a lot to you.
- All the structural damage should be made known to the insurance adjuster. You want your claim to be an accurate one as if you miss any area, the repairs of that particular one could be left out or way off.
- The receipts of all the necessary temporary repairs that will prevent any further damage to your property should be given to the insurance adjuster.
- If your insurance coverage allows it, include the landscaping and exterior items as well.
- Get your own repair estimates from a contractor to match it up against the insurance adjustors.
- Make sure that you keep a log of all form of communication regarding your claim which includes written messages, voice mails, emails or phone calls.
- Take into consideration an independent adjustor and work with a professional that is an insurance claim attorney to fight the low settlements or seek expert advice for better results.
Know which coverages you purchase and what benefits you can claim along with maximizing them as these benefits can sustain a business through the disaster and recovery.