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.

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.

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.

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.