Written by Andy Gurczak

October 13, 2021

Commercial Property Insurance Claim

Making a Commercial Property Insurance Claim

Settling a significant commercial property damage claim with the property owner’s insurance company can be complicated. Therefore, as a property owner, you should approach a commercial property damage claim as if you are protecting your business.

Commercial Property Insurance Claim Claim Form

Typical Commercial Property Insurance Claim

There are several types of commercial property loss claims that businesses file with their insurance carriers:

First, Property Damage.

This includes damages to business property. For instance, buildings, motor vehicles, fixtures, machines, etc.

Second, Business Interruption Coverage.

This type of claim arises when covered commercial property is damaged. Thus, the property damage interrupts the flow of the insured’s business income, resulting in lost income. However, the coverage lasts for a time specified in the insurance policy

Moreover, Extra Expense.

This claim would detail expenses incurred in mitigating the business loss. In addition, this coverage would reimburse the insured for increased costs in running its operations after the covered event happened.

As Well As Contingent Business Interruption.

This coverage provides the insured with coverage for losses resulting from damage to a third party’s property.

And Ordinary Payroll.

Ordinary payroll claims seek reimbursement for salaries as a continued expense. In addition, this may include hourly employees for a specified period.

Also, Loss of Rents.

As a result, the owner loses rental income. Therefore, this claim reimburses the insured when a covered rental property is severely damaged and the insured loses rental income.

Besides, Extended Period of Indemnity.

This type of coverage allows claims allows business interruption and extra expense benefits beyond the stated period in the policy

And Civil Authority.

A claim under this business insurance would seek business income benefits when a civil authority prohibits access to the insured property.

Finally, Utility Services – Time Element

This type of property coverage protects against losses caused by interruption of utility services.

Commercial Property Insurance Claim Filing a Claim

Who Can Help a Small Business Owner File a Commercial Property Insurance Claim for a Loss or Damage

The owner of a business damaged in a storm wants to get back to business. Meanwhile, the property owner may have to have staff determine the cause of the commercial property loss and submit a claim. In addition, the owner will have to decide what equipment to repair or replace.

As such, the insured business owner may have to look for help when filing a commercial property loss claim. Fortunately for the owner, help is out there:

Public Adjusters

Insurance companies often have claims adjusters on their staff. The adjusters visit the scenes of accidents or natural disasters. They inspect the damages to the insureds’ property. Afterward, the insurance adjusters then prepare a report for the insurance company.

Consequently, based on the report, the insurance company will make an offer to settle claims filed by their insured customers.
In addition, insurance companies use “independent” adjusters to inspect and report damages to insureds.

However, independent adjusters and their firms only work for insurance companies. Moreover, they also inspect damages and send reports to the insurance carriers. But the insurance carriers pay them. And they only work for insurance carriers.

Businesses with liability insurance who suffered a commercial property loss may consider hiring a public adjuster. Public adjusters only work for insured people or businesses who have suffered property damages.

Furthermore, they can help property owners file claims for the damages covered under their policy. They can negotiate settlements with the insurance company. Settlements that are more generous to the insureds.

Agents and Brokers

Businesses that have suffered a commercial property loss often turn to their insurance broker or agent for help. First off, the agent/broker will know what the policy covers and what it does not. Secondly, they can assist the insured prepare and file a claim for their commercial property loss. In addition, they guide the insured in presenting evidence for the proof of loss to be filed with the claim.

Lastly, major insurance brokerage firms have claims specialists on staff who can help insureds in the claims process.

Insurance Claims Accountants

Insurance claims accountants can be very helpful to property owners preparing to file a claim for commercial property loss. Generally, a business would not use an insurance claims accountant for a claim involving physical damage to buildings or equipment. For instance, an insurance claims accountant could help an insured file a claim for business interruption benefits. The insurance claims accountants can collect and organize the financial records to support the claim

Attorneys

Attorneys may be retained by businesses if the carrier denies their claim. Also, the business can hire an attorney if the business feels the settlement offer made by the carrier is too low.

Last but certainly not least, the event leading to the commercial property loss may have involved the release of pollutants or other toxic substances. In that case, the business may hire an attorney because of potential violations of environmental regulations.

Commercial Property Insurance Claim Getting Help

If You Need a Public Adjuster for a Commercial Insurance Claim, Call AllCity Adjusting

We are a family-owned claims company with five decades of combined adjusting experience. As a result, if there’s one thing we understand, it’s that you need 100% of your claim value.

Insurance companies undervalue your claim 8 out of 10 times. Moreover, they hire expensive adjusters to ensure they maintain a strong profit margin. In addition, they have experienced actuaries that help their team of agents to challenge your insurance claim’s validity.

We understand that you have already gone through a tumultuous event. For this reason, get an agency that gets you more.
At AllCity Adjusting we work to ensure you get 100% of your claim value. Equally important, with over 50 years of combined adjusting experience, we know insurance companies. Furthermore, we understand where they cut corners.

Moreover, we help you build a larger claim and maximize your claim value. In short, we get you back to normal fast. Don’t get fooled, get the company that gets you more.

Commercial Property Insurance Claim AllCity Public Adjuster

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Best way to beat the insurance company is to hire AllCity Adjusting

At AllCity Adjusting we help residential and commercial clients alike get the claims support they need. Moreover, we have over 50 years of combined experience helping get our clients the max settlement time and time again. If your claim has been low balled or denied entirely we can help increase your maximum settlement. Call us today for a FREE consultation. Experience the AllCity difference.

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How to Handle a Commercial Large Loss Restoration

If water, fire or a storm has severely damaged your business, you need help. Dealing with a large-scale catastrophe by yourself is not the way to go. Filing a commercial large loss restoration claim will take time, effort and patience.
Therefore, you should hire a public adjuster so that your insurance company pays you every dollar to which you are entitled.
You will also need a restoration company to immediately respond to your business. In fact, most good ones are available 24 hours a day, seven days a week. In addition, they will make an emergency response to begin the restoration process.
There are several procedures restoration services companies go through when responding to a commercial property damage incident.

Problems Homeowners Have After Filing an Insurance Claim

Problems Homeowners Have After Filing an Insurance Claim

Unfortunately, fires, hurricanes, or other natural disasters can do serious damage to a home. Certainly, most people have homeowners’ insurance in case of property damage. Of course, they will file an insurance claim under their home insurance policy. However, often there are problems homeowners have after filing an insurance claim.

Fire Damage Insurance Claim Is Denied

Fire Damage Insurance Claim Is Denied

Of course, having a fire in your home can be terrifying for the homeowners and their families. The amount of damage to the property insured, personal property lost and the seeing soot, smoke, and burned walls will traumatize the entire family. Certainly, as the property owner, you will file a fire insurance claim with your homeowners’ insurance company. However, what do you do if all or part of your fire damage insurance claim is denied?

Deal with Home Insurance Claim Adjusters

If a storm, fire or other natural disaster damages your home, you first want to make sure everyone in your family is safe. After that, you will survey the damage. If it is more than very minor, you will probably file a homeowners’ insurance claim. Therefore, it will be helpful to know how to deal with a home insurance claims adjuster.You should file an insurance claim as soon as possible to start the claims process. Certainly, the sooner you file a claim, the sooner you can get your insurance settlement.After you file a claim, an adjuster working for the insurance company will come to inspect the damage to your home. Insurance claim adjusters may work directly for the insurance company. Or they may be independent adjusters.However, don’t be fooled. Independent adjusters only work for insurance companies as independent contractors.As such, they are looking to settle your claim quickly and cheaply. Insurance companies are not in the business of simply paying money to insureds. Consequently, company and independent adjusters know that and act accordingly. The insurance adjuster evaluates your property, collects evidence on the extent of the damage and rules on your claim.

Understanding the Insurance Claims Process

Understanding the Insurance Claims Process

There are few events more traumatic to homeowners than having a fire in their homes. Fire damaged homes can mean flame and heat damage and smoke and soot throughout the house. Additionally, water damage from the efforts to put out the fire appears on the walls, soaked furniture, and water-logged carpeting. Unfortunately, if the damage is extensive, you will have to decide whether to rebuild or replace your home after the fire.

Estimating Fire Damage and Restoration Costs

Estimating Fire Damage and Restoration Costs

There are few events more traumatic to homeowners than having a fire in their homes. Fire damaged homes can mean flame and heat damage and smoke and soot throughout the house. Additionally, water damage from the efforts to put out the fire appears on the walls, soaked furniture, and water-logged carpeting. Unfortunately, if the damage is extensive, you will have to decide whether to rebuild or replace your home after the fire.

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