Blog

23Aug
2021

Making a Commercial Insurance Claim

Making a Commercial Insurance Claim: Here’s Everything You Need to Know

Look at you, there. Building your empire. It hasn’t been easy, but after years of dreaming, planning, and good old-fashioned hard work, your business is up and running. The staff is in place, clients are secured, and property is established. Hey, you’re a captain of industry, and life is good.  But what if all of that could come tumbling down like a house of cards with just one event? A fire. A flood. A hurricane. An accident. The devastation would be hard to imagine, not to mention the financial loss. Your operations would be shut down, and your business would suffer – just ask any business owner who sustained damage from Hurricane Michael. Now you may be wondering “How do I go about making a commercial insurance claim?”.

If the worst happened to your business, would you know what to do? You may think that having an insurance policy puts a big old tick in that box and you can move on to problem-solving the next headache. However, it’s not that simple.

Filing an insurance claim for your commercial property can be frustrating, complex, and is notoriously full of red tape. Thankfully, we’re experienced in the area of commercial insurance claims, so listen up.

Types of commercial insurance

The first thing that you should know is that not all commercial insurance policies were made equal. There are various types of commercial property insurance that businesses can choose from to cover them from disaster recovery.

General policies cover the damage to properties and their contents from wind, lightning, and debris. This includes fixtures, equipment, furniture, and electronics. 

Many businesses in hurricane-prone areas, especially Florida, opt for additional commercial flood insurance since the general policy doesn’t cover water damage from the ground up due to heavy rain or storm surges.

There are also policies that cover business interruption and profit loss. Under these policies, you may be able to seek coverage for loss of income due to power outages, damage to equipment, inaccessible buildings, or other reasons. 

Filing your claim

When making a Commercial insurance claim, remember:

• Lacking adequate insurance coverage leaves you vulnerable. So, ensure that your policy is up to the challenge, and, you know, check the small print. 
• Make your claim as quickly as possible so that the insurance company can’t use a delay against you.
• Document everything to support your claims, such as photos of the damage, witness statements, and an inventory of the stock or equipment.

Recovering your loss

Protecting your livelihood is an essential part of your business continuity. You need to recover your losses after a devastating event and keep the show on the road, yet the repair bills may start to mount. 

Although anyone can make a claim, you might not be prepared for the denials, delays, and underpayments. The exhausting and time-consuming disputes take from the focus needed to get your company back on its feet.

Our experienced legal team can help you to recover your losses and rebuild your business to its former glory. At Jenkins Law PL, commercial property claims are one of the areas we specialize in, so you’re going to be in good hands. 

You’ve worked hard to make sure that your business is a success story. Let’s work together to make sure that your claim is another success.

Give us a call to get started.