 Setting up a business requires a substantial number of resources, and over time, organizations can accumulate a variety of assets, including inventory, machinery, a growing workforce, and commercial property.
It is important to keep in mind that you need an insurance policy for any property you acquire. It is a must to protect the building, its contents, exterior fixtures, and much more. You may be all set with your insurance policy and have done everything right. However, when it comes time to file an insurance claim for your commercial property, many individuals are not sure where to begin. It is important to properly understand the basics of commercial property insurance policies in South Florida to properly file an insurance claim. General Commercial Property Insurance Policy Coverages The primary reason to have commercial property insurance is to financially safeguard your company’s physical assets in the event there is damage that results from a fire, broken pipe, hurricane, windstorm, theft, vandalism, etc. Below are some common coverages in commercial property insurance policies. The Building Commercial property insurance policies generally include an amount of coverage for the building or structure. There is often coverage for completed additions, interior or exterior fixtures, and permanently installed machinery and equipment. Business Personal Property Coverage for Business personal property (BPP), does not normally include the building but rather provides coverage for the commercial property’s contents, such as: ● Furniture and fixtures ● Machinery and equipment ● Personal property owned and used in the business ● Upgrades made to a rented space ● Leased personal property There may be coverage for the building when there are permanent improvements that are installed in a rented space. Personal Property of Others Commercial property insurance also covers the personal property of others and is often an overlooked element of this type of insurance. This means that other individuals’ property, under your care, control or custody may be allotted an amount of coverage in your commercial property insurance policy. Understanding Commercial Property Insurance Claims When it comes to filing an insurance claim for your commercial property, it is important to begin the process and accurately report the property damages as soon as possible after the event occurs. Public adjusters are a great third-party resource to help you efficiently navigate the claim, take the appropriate action, and complete the required documents needed. When filing an insurance claim for your commercial property, it is important to retain copies of all documents that support your claim and provide them to your public adjuster and other appropriate parties. This could include a forensic accountant’s findings or pictures taken of the damage at the time of the event. Hiring a public adjuster who will look out for your best interests and who can verify the damages and provide the proper guidance for your claim is essential. The insurance company will have an adjuster to represent their interest, and you should have one to represent yours. Filing a Commercial Property Insurance Claim To help ensure a smooth claims process and receive the maximum claim settlement you deserve, you should hire a public adjuster who will advocate for you throughout the entire claims process. At Reliant Insurance Adjusters, we treat every client’s property claim as if it is our own. Other companies may offer similar services, but we are dedicated to providing the professionalism, knowledge and experience to get you the highest possible settlement for your claim. Contact us today to help you with your claim.
0 Comments
 We received a call regarding a plumbing leak under the kitchen sink that caused water damage to the cabinets.
The homeowner asked if she should stop using the sink. I explained that she has a duty under her insurance policy to prevent further damage to her property and confirmed she should stop using the sink. She said that because the damage was already there, she didn’t see the harm if she continued to use her sink. Her reply shocked me for a moment. Avoiding A Claim Denial An insurance policy is a contract with your insurance company. There are specific conditions that must be complied with, or you risk the possibility of having your claim denied. Examples Of Policy Conditions:
Mitigate Your Damage It is important to stop the leak as quickly as possible to prevent further property damage. Contact a reputable plumber to make sure the leak is stopped and repaired. Make sure to keep any broken plumbing parts that are replaced. This is evidence and proof of repair that your insurance company may request. Understand Your Policy & Know What’s Covered Lack of knowledge is no excuse for not understanding and knowing your responsibilities under your insurance policy or what is covered and excluded. We Are Here To Help At Reliant Insurance Adjusters, we have all the skills necessary to understand an insurance policy and to make sure you are properly paid for your property damage insurance claim. We are also proud longtime members of the Florida Association of Public Insurance Adjusters (FAPIA). Whether you have a new, underpaid, or denied insurance claim, we can help. We treat every client’s claim as if it were our own. Call us today. |
