Commercial Property Claims: Avoid These 4 Common Mistakes

A commercial property owner’s insurance policy is designed to help protect their business and assets in the event of damage or loss from a wide range of disasters. Unfortunately, when it comes time to file an insurance claim, many property owners make costly errors that can cause their claim to be denied or underpaid.

Here are four common mistakes commercial property owners should be aware of when filing an insurance claim:

Not Understanding the Policy: Before a commercial property owner files a claim, they must first understand the details of their policy. Insurance policies can be complex documents with many different types of coverage and exclusions. Failing to read and understand the exact terms, conditions, and provisions of your policy can lead to an unsuccessful claim or an underpayment on the settlement amount.

Filing Too Late: Most insurance policies have very specific requirements for how long you have to file a claim after a disaster occurs. It is important that you act quickly if something happens at your property in order to ensure that you meet these deadlines. If you miss these deadlines, your claim may be denied or significantly delayed in processing.

Not Gathering Evidence: A key component of any successful insurance claim is evidence – photographs of the damage, repair estimates, police reports, etc., if any applies – that shows what happened and how much it costs to fix it. Without sufficient evidence your claim will likely not be approved as quickly as possible and could even be denied altogether if there isn’t enough information proving the extent of the damage or losses incurred by the business owner.

Undervaluing Damaged Assets: When filing an insurance claim, one mistake that many commercial property owners make is not thoroughly documenting all damaged items and their full value at the time they were destroyed or damaged by whatever caused them harm (e.g., fire). Accurately assessing things like inventory value before you file a claim will ensure that you receive adequate compensation for any lost goods resulting from a disaster at your property. Failing to do this could result in being paid out far less than what was lost.

By avoiding these common mistakes, you can ensure that your commercial property insurance claim is processed quickly and efficiently. If you have any questions about filing a claim for damage or loss to your business, contact an experienced public adjuster who can help guide you through the process and make sure you get the maximum settlement amount possible under your policy.

Have questions about your property insurance claim? Feel free to contact Stark Loss for more information about how a Public Adjuster can help.

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