Understanding Commercial Property Insurance Claims

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.
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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.