If you experience a damaging event at your commercial property, such as damage from fire or water damage from flooding, you may need to file a claim with your insurance company. A claim against your commercial insurance policy will include restrictions and procedures that must be followed by both yourself and your insurer. Here are some tips on making an insurance claim on your commercial property:
Policy
- Make sure you read your policy so that you know exactly what your responsibilities are and how to fulfill them. Your attorney will also need to retain a copy so that they can advise you, should the worst happen.
Questions
- Contact your insurer right away, and ask those important questions, such as: How long do I have to file a claim? Is it possible that my claim will exceed my deductible? (Keep in mind that if your loss is lower than your deductible, you may not want to go through the claims filing process to avoid a rise in your premium.) Do I need to obtain estimates for repairs to structural damage? How long will the claim take to process? What documentation will need to be provided?
Forms
- Fill out all claim forms promptly. Your insurance company will send you the necessary claim forms if it is established that you will be making a claim, and by law, these must be sent to you within a specified time period. Make sure that these forms are returned and properly filled out as soon as possible so that there are no delays.
Commercial Property Inspection
- Your insurance company will probably arrange for an adjuster to come and inspect your commercial property. An adjuster is a representative of your insurance company who inspects property damage to determine how much the insurance company should pay for the loss. You can expect to be interviewed.
Preparation
- Be prepared to show the adjuster any structural damage and have a list of damaged items ready so you can make the best use of their time.
Repairs
- Photograph or videotape all damage, and then take reasonable steps to protect your property from further damage. If possible, avoid throwing out damaged items until the adjuster has been there. Save receipts for what you spend, as you may be able to submit them to your insurance company for reimbursement later.
Lost or Damaged Articles
- You are going to have to substantiate your loss, so make a list of destroyed or damaged items, and make sure there is a copy of the list for your adjuster as well as copies of all receipts for replacement items.
Relocation
- If your property is so damaged that you will be unable to conduct business while repairs are being made, keep receipts and records of all the additional expenses you incur.
When it comes to a disaster, Ascension General Contractors is here to help. We are experts at commercial repairs and renovations, especially after insurance losses. We are committed to clear communication from the start of the process to the finish.
