As a business owner, you want to ensure that the assets you worked so long and hard to secure are safe from damage. Such damage could include unforeseen weather and environmental disasters, water damage, mold damage, fire, vandalism, theft, or some other loss to your business property. Living in Florida, such damages cannot always be avoided, and this is where your commercial property insurance comes in. Commercial insurance coverage is intended to protect your business when something bad happens that requires you to submit a claim under your policy.
When a commercial property is damaged and a loss occurs, a business owner’s first instinct is to mitigate the loss and resume operations as quickly as possible. To help achieve that goal, a business owner should invest in comprehensive commercial insurance policy to protect themselves from facing financial loss in the event the property and the business-related equipment and inventory is damaged or destroyed.
What Does Commercial Property Insurance Cover?
Depending on your commercial property and business needs, there are many different types of commercial insurance policies available that business owners can opt for. A business insurance policy can include coverage for business interruption/loss income, relocation costs, damage to equipment, property damage as well as damage caused by fire, hurricane, storm, and wind. The policy can also include protection from theft and vandalism and can provide coverage for many other causes of damage.
But at the end of the day, the objective of the policy purchased is to have the insurance company compensate you by restoring the businesses’ property to pre-loss conditions while enabling you to keep the business open and functioning during the time needed to rebuild or repair the damaged real and personal property.
What To Do If Your Business Sustains Property Damage?
Upon sustaining damage, the first step is to have an insurance claim filed with the insurance company.
However, upon the insurance company receiving your insurance claim, the insurance company will send a damage assessment adjuster to assess the level of damage or loss that your business has sustained. Since the adjuster represents the insurance company, they will try as hard as possible to give you a lower payout than the one you deserve or outright deny your insurance claim. Accepting an insurance company adjuster’s opinions or an insurance company’s offer of settlement without having an experienced property damage attorney review the offer and all the available coverages under your policy will likely lead to a settlement that is far less than you are entitled to under your commercial policy. Don’t let the insurance company have the final say on your claim.
Final Words
There are many ways that a business owner can incur damage or loss to their commercial property and assets. If you incurred damage to your commercial property and filed an insurance claim for property damage & suspect your insurance company is giving you the runaround, or they denied or underpaid your claim, the highly experienced and dedicated Property Damage Attorneys at the Consumer Law Office (CLO) will represent your claim and will fight aggressively on your behalf to ensure that your company receives the compensation it deserves under your commercial insurance policy.
At Consumer Law Office, we have helped numerous business owners in their insurance coverage disputes through dedicated strategic negotiation, mediation, and litigation. That’s right! If it proves necessary, our attorneys are more than ready to take your insurance company to court and conclude the coverage dispute at trial.
Contact us today for assistance in your commercial insurance coverage claim. Visit Consumer Law Office or call us at 305-940-0924.
