Seeing your commercial property get severely damaged can be a terrible experience; this is a building you rely on to make money and keep the business pushing towards your goals. In fact, it’s a building that your staff rely on to pay the bills each month too. Therefore, to see it flooded, damaged by fire, or torn apart by a hurricane can be a terrible sight.
After damage, your aim will be to get the business back in a normal operating position as soon as possible, and we share this vision. When going through the commercial property insurance claiming process, you need somebody on your side to level the playing field somewhat. Feel free to contact Cannella Legal to get started today.
Commercial Property Insurance
Before we offer some tips on what to do after damage to your building, we should note that policies vary quite widely in this regard. While all tend to provide coverage for property damage, others can extend to include;
- Business interruption
- Contingent business interruption
- Extra expense
- Loss of rents
- Ordinary payroll coverage
- Utility services
- Civil authority
- Loss of egress or ingress
- Extended period of indemnity
Three Important Steps
After your commercial property has experienced either total loss, partial loss, or damage to a particular feature (such as the roof), we have three tips to keep in mind.
Keep Documentation - Firstly, don’t throw anything away and always take pictures of your commercial property. As well as all damaged materials, keep a log of calls and the outcome of conversations, and receipts.
Don’t Throw Materials Away - As technicians and companies visit your home to assess the damage, some will want to start clearing up and throw damaged items away. With some insurance companies, they ask to see damaged items as proof so please don’t get rid of them too early. Remember, you need evidence when making a claim and you don’t want to provide the insurance company with an opportunity to pay you less than you deserve.
Be Careful What You Say - Although we always recommend that you be honest and tell the truth, you should never guess. There’s really no need to speculate about what caused the damage because insurance providers will latch onto what you say before then trying to twist it in their favor.
Dealing with Insurance Companies
As a business, you’ve probably had your share of difficult customers and perhaps even suppliers causing a nuisance. With insurance companies, you’re about to see a whole new level. In the past, we’ve worked with numerous companies who couldn’t believe the strategies that insurance providers can use to get out of paying the full amount.
For example, they will probably get in contact with you soon after the accident to take a statement. While this might seem like a normal and natural step in the procedure, many of the questions they use can be misleading. Essentially, what they’re trying to do is get you to admit fault, negligence, or part of the blame. When you do this, the amount they have to pay reduces.
If you want to prevent making a mistake, we urge you to tread lightly and get in touch with Cannella Legal as soon as possible. With our experience, we can navigate the tricky waters and make sure you come out the other side with the compensation you deserve. From here, you can make the necessary repairs to the building and get back on your feet quickly. Your staff will be happy, your customers will be happy, and you’ll be happy too!