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. But 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 commercial property, many individuals are not sure where to begin. It is important to properly understand the basics of commercial property insurance policies to properly file any necessary claims.
General Commercial Property Insurance Policy Coverages
The main goal of having commercial property insurance is to financially safeguard an organization’s physical assets in the event there is damage due to fires, burst pipes, storms, theft, vandalism, etc. Below are common coverages that commercial property insurance policies typically include.
The Commercial Building
Commercial property insurance policies generally include some amount of coverage for the building or structure itself.
It also often includes several other parts of the commercial property, such as:
● Completed additions
● Interior or exterior fixtures
● Permanently installed machinery and equipment
Business Personal Property
Business personal property coverage (BPP), does not cover the building unless there are permanent improvements that were installed in a rented space, 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
The Personal Property of Others
Commercial property insurance also often covers the personal property of others and is often an overlooked element of this type of insurance.
This means that other individuals’ property that is under your care, control or custody is allotted some amount of coverage in your commercial property insurance policy.
If a claim were filed for this coverage, the payment is often made to the property owner and not the other individual whose property was damaged.
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 appropriate documents.
When filing a commercial property insurance claim, it is important to retain copies of all documents and relay important data that supports your claim to your public adjuster and other appropriate parties that could include a forensic accountant’s findings or pictures taken of the damage.
Your insurance company will assign your claim to an adjuster. However, they are hired by your insurer and may not have your best interests in mind. This is why you should consider 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.
Filing a Commercial Property Insurance Claim
Depending on the damages, loss, and expected level of compensation, the time frame for your commercial property insurance claim can vary. To help ensure a smooth claims process and receive the compensation you deserve, you should hire a public adjuster who will advocate for you through the entire negotiation and 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.
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