When it comes to commercial property, insurance coverage is really twofold. Instead of just covering the physical property itself, property insurance also has to cover the business side of things. For instance, if there is a fire, business operations may be shut down for a period of time. That’s where business interruption coverage comes in handy.
Below is information about the types of property damage that should be covered under your commercial property damage insurance, along with what you should consider when filing a claim and an option you may want to take advantage of should your insurance company decide to deny your legitimate claim in bad faith.
Types of Property Damage That May be Covered
Like with residential properties, commercial property insurance generally covers the basics of physical damage. This includes:
- Structural damage
- Water damage
- Fire damage
- Storm damage
- Theft and burglary
If any of these issues occur, it’s important to file a proper claim as soon as possible for best results.
Business Interruption Coverage
This form of coverage is what really separates residential from commercial property insurance. If there is damage that interrupts business (for instance, a fire that makes your store inoperable for a period of time), your insurance provider will be obligated to support you.
Insurance companies are obligated to compensate for the decrease in net income that arises when business operations are halted, either completely or partially, as a result of physical damage occurring at the insured location. Generally, the short-term loss that is covered is around 12-24 months. Keep in mind the loss is subject to the policy limit or sublimit applicable to the specific location or type of peril.
Filing a Claim
Should some form of property damage occur, make sure you take action quickly. This means filing a claim as soon as possible. Do not wait for the filing window to close. Before filing, take lots of photos and videos of the damage, and take detailed notes about what was damaged.
While most insurance providers are trustworthy, it’s still important to hold on to any communications should there be an issue with receiving compensation for your claim. This includes collecting mail and online correspondences. You may even want to consider recording calls.
As commercial real estate coverage is complicated, you’ll want to consider reaching out to Colucci Law Group for support in filing your claim. Our expert legal team will help to ensure you get the best payout possible.
What Do I Do if My Insurance Provider Denies My Claim?
If you have filed your claim properly and on time, you are owed compensation. If your insurance provider decides to deny your claim in bad faith, consider reaching out to Colucci Law Group to get the money you are owed.
Colucci Law Group consists of legal experts who provide clients with support to fight bad faith claim denials. We will provide you with an outstanding property insurance lawyer to represent you in a suit against your insurance provider. We are also able to file your claim for you and defend your rights, so you get the settlement that you deserve.
For more information about our property insurance legal services, reach out today. We’d be happy to help you to file your claim or represent you in a lawsuit against your insurance provider.
If you suspect that you are the victim of a bad-faith insurance claim denial, we can help. The Colucci Law Group has the resources to assess the validity of your claim at no cost to you. For a free consultation, email us or call our Dunedin office at 727-733-9438. You may also call our Fort Myers office at 239-378-7800. Our team assists victims of bad-faith insurance claims across the state of Florida.