Quick Guide On Filing Commercial Insurance Claims

Dealing with loss or any sort of damage is something all business owners experience at least once in their careers. Unfortunately, some things are outside your control. Despite your best efforts, a storm could hit your city or a pipe may inexplicably burst, leaving you to handle the aftermath of the catastrophic event.

Whenever you’re facing this kind of property damage, your best course of action is to file an insurance claim. 

The problem is, what if it’s your first time trying to collect a settlement from the insurance company? Are there steps to commercial insurance claims that might help expedite the process and increase the chances of a favorable settlement?

As a matter of fact, yes. Keep on reading to learn the proper way of filing commercial insurance claims. 

What To Do Immediately After The Loss?

Steps you take in the immediate aftermath of the event can determine how the rest of the road to recovery pans out. 

Before you do anything, notify your insurance agent or the company of the loss immediately. There’s no point in waiting around and the sooner you inform your insurer of what happened, the sooner your claim will be processed. 

After notifying the insurer, it’s recommended you take the following steps:

1. Ensure the property is safe. Before entering the area, make sure that the local authorities have allowed public access.

2. Shut off the electricity as soon as you enter the property.

3. Take pictures and videos to document the full extent of the damage before starting the cleanup process.

4. Don’t throw away any damaged items (save from perishable food items) until the adjuster from the insurance company shows up. They’ll instruct you on which items you are free to get rid of.

5. Make temporary repairs to mitigate any further damage. This may include boarding up any broken windows or throwing a tarp over the leaking roof. Avoid doing any larger unauthorized repairs not covered by your policy. It’s also important to keep the receipts for any of these repair materials, as you can file them and get reimbursed.

How To File Commercial Insurance Claims

With natural disaster claims, fire & smoke claims, and water & mold damage claims, the process will be pretty much the same. Here is what you should do:

1. Follow the instructions provided to you by your insurance claims personnel.

2. Keep your insurance policy documents ready and write down the number assigned to your claim.

3. Create a log of all the communications with the insurance company personnel. Note down who you spoke to and when.

4. Create a full business inventory if you don’t have one.

5. Wait for the insurance adjuster to arrive and avoid making any major repairs before consulting the adjuster first. Since they must first visually inspect the damage, don’t throw away any damaged items until the adjuster provides you with a green light to do so.

6. Locate your original insurance contract and previous tax filings. Since many commercial tax filings provide business owners with income loss protection, reviewing them may help you identify any lost property.

7. Locate any records that provide written proof of the value of any damaged property or equipment.

8. Keep all receipts for any expenses incurred after the catastrophic event.

Why Hire A Public Adjuster For Your Commercial Insurance Claims?

Insurance company adjusters routinely favor one side - their employer. As such, they may not account for all the losses you suffered in order to minimize your claim. This is why you should introduce a line of defense - a public adjuster who will work for you in helping you document losses. 

Public adjusters are experts in commercial insurance claims. They have a deep familiarity with the language and common terms used in different insurance policies. As such, they have the expertise to account for losses in all types of commercial properties.

Most importantly, public adjusters are familiar with the different tactics insurers use to drive down their settlement offers. This means they can enter into negotiations on your behalf, while also having the expertise necessary to get you a far better deal than you would have been able to recover on your own.

Public adjusters don’t charge any upfront fees, rather, they take a small percentage of the settlement. Because of this, hiring one is worth it as they will assist you in recovering enough assets that will offset the fee. 

What To Do If Your Claim Is Denied?

Commercial insurance claims get denied a lot more often than you may think. So, don’t be surprised if yours doesn’t pan out the way you expected.

This doesn’t mean all hope is lost, though.

You should first examine the terms of your policy that indicate which perils are covered. Keep in mind that even if you do have coverage for particular perils, you may not be able to recover all losses. Closely review the claim exclusion section of the policy and check whether the source of your losses is excluded from coverage.

If you can’t find anything, get in touch with your insurer again and ask them to point out the specific language that excludes your losses in writing. 

This is exactly why working with a public adjuster is so important, as they’ll be able to review your policy and help you anticipate any potential outcomes for the claim. For instance, they’ll tell you outright how much money you can recover. This will help you avoid settling for the first offer made by the insurer because you’ll know you can recover far more than you originally anticipated.

Start Evening The Odds

The insurance company usually holds more power in the claims process. After all, they’re the ones making decisions about the future of your business. 

Sadly, even if you follow all their instructions to a T, it still doesn’t ensure that your “adversary” will play by the rules. 

Claim denials and laughable offers are all too common, and you should do what’s in your best interest by having an expert in insurance matters on your side. 

By working with the pros at Continental Public Adjusters, you can slowly tip the odds in your favor. Fueled by a sheer passion for protecting the rights of policyholders and supported with decades of experience, our adjusters have what it takes to improve your chances of a positive outcome. 

File an insurance claim with an extra sense of confidence - call (800) 989-4769 or fill out our contact form to schedule an appointment. 

Note: 

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.