When you own a business, insurance is essential. Commercial property insurance is for any business owner with a physical location and assets. Just like with your home or car, insurance can protect you from the financial burden of catastrophic events, like storms or fires. There are a variety of insurance policies available to fit your specific needs.
No one expects the worst, but if the time does come, you can file a claim to recover what you have lost from an incident. Commercial property damage insurance claims can be filed after a simple theft, a natural disaster, a mechanical failure, and more. If you want help understanding your policy, our Boca Raton property damage lawyers can explain it in detail.
Read Your Commercial Property Insurance Policy Carefully
Not all policies are the same. Many may cover the same types of damages, but it is possible to have exclusions. It is vital that you understand what you are being insured for when signing up. Do your research when it comes to your policy. It is imperative to find a policy that meets your needs so that you will not be left with nothing if the worst happens.
For instance, a commercial property insurance policy may not cover flood damage or another natural disaster. You may need to purchase an additional policy or additional coverage on your current policy.
Why Is Understanding Commercial Property Damage Insurance So Important?
According to the Federal Emergency Management Agency (FEMA), just one inch of flood water in a property can cause up to $25,000 in damages. It takes very little to cause enormous damage, so it is critical to understand what is and is not covered by any insurance policy you are considering.
Our lawyers can assist you in reading your commercial property damage insurance policy to find out what benefits you are entitled to if you need to file a claim. We can explain your rights and options and even help you take action to protect your property.
Determine What Kind of Commercial Property Damage Insurance You Need
Commercial property insurance is for any business owner with a physical location and assets to protect. That includes a property owner with a home-based business, as well as a business owner who is renting a brick-and-mortar location.
You want to buy the right insurance policy now, before something happens, rather than have to argue with insurance companies in the midst of an emergency. The claims process will be much less stressful if you are confident in what you are entitled to.
What Kinds of Damage Does Your Insurance Policy Cover?
Insurance can help rebuild your business if something terrible happens. Five common types of damages that can occur to commercial properties are:
- Burglary and theft
- Window damage
- Storm damage
- Fire damage
- Roof damage
All these types of damages can range from inconvenient to catastrophic, from a simple broken window to a total decimation of your business. If you are uninsured, you may not have any recourse if a fire, storm, or explosion takes out everything you worked so hard for.
You Can Recover Many of Your Losses With a Commercial Property Insurance Claim
If the time does come when you need to rely on your insurance coverage, you can file a claim. If the damage was caused by negligence or malice, a lawsuit may be another option for compensation. A commercial property damage lawyer from our firm can help you sort through your options and decide what to do.
Filing Your Insurance Claim on Time
Every state has a statute of limitations for filing claims regarding property damage. In Florida, for instance, the timeline is one year, according to Florida Statutes § 627.70132.
Be sure you know not only what you have covered under your policy but also the constraints on filing for damages. Visit your insurer’s website or call your insurance agent if you have questions about filing your claim, as these specifics may vary based on the insurer.
What You Can Recover in a Commercial Property Damage Insurance Claim
Some damages you could recover with your commercial property insurance policy include the cost of:
- Restoring the facade of the building
- Rebuilding or reinforcing a structure
- Recovering the cost of lost inventory
- Replacing windows
- Rehabilitating the interior of a property
- Replacing items used to do business, such as computers, desks, and storage
- Covering the lost income to pay wages, taxes, and other costs while business is interrupted
The amount you can recover, the type of incident covered, and the cost to you will all be subject to the terms of your commercial property insurance policy. It will also be subject to review by the insurance company. The insurer will investigate and evaluate your claim and decide what to cover. Our lawyers can handle negotiations with the insurance company if disputes arise.
Our Property Damage Attorneys Can Assist in Filing Your Claim
It can be confusing to get into the weeds of a commercial property damage insurance policy. It can become even more confusing if the insurance company denies or disputes your claim. They could:
- Say the claimed damages are not covered under your policy
- Undervalue your claim so you get much less than you expected
- Purposefully delay responding to your claim
We have experience with property damage cases. Our property damage lawyers can help you file paperwork and decide when and if you should take the insurance company to court. Most of all, our legal team can make sure you understand what your policy says and what rights it grants you after a disaster or a crime.
Contact Our Property Damage Law Firm With Any Questions You Have
Do you want help after your commercial property was damaged? Ged Lawyers can offer you a free consultation to discuss your case. We can explain the ins and outs of commercial property damage insurance claims.
If you want to understand more about your options, we are here. We can help you get your questions answered and figure out the best route forward. This can be an overwhelming topic, but our team of property damage lawyers want to help you. Call us today.
