MONDAY, JULY 17, 2023
When businesses experience a commercial property loss, these losses can be tough to manage. It is important to remember that the insured party has certain obligations to the insurance company that must be fulfilled for the efficient handling of the claim. Listed below are common steps to take after a commercial property loss.
Notify the Insurer Promptly
You must notify your insurer as soon as reasonably possible after a loss occurs. The faster you act, the more likely you will receive timely assistance from your insurer. Most commercial property policies require notification of the loss within 60 days or less. If there is any doubt about whether something needs to be reported, it is best to err on the side of caution and contact your insurer right away to avoid potential delays in coverage or reimbursements.
Document Damages Thoroughly
All damages must be documented thoroughly to receive full coverage for damages caused by a covered loss. This includes taking photos or videos of all damage and ensuring all receipts and invoices related to repairs are kept on file. It is also essential to keep track of all communications with your insurer throughout the process. This documentation includes emails, letters and other correspondence regarding the claim.
Understand Your Policy’s Terms & Conditions
Property insurance policies vary widely depending on what type of business you own and what coverage you choose. It’s vital that you understand precisely what kind of coverage you have selected and how much compensation you can expect after a loss occurs. Make sure to read through your policy carefully so that if a claim does arise, there are no surprises when it comes time for reimbursement from your insurer.
We’re Here to Help You With Your Commercial Property Insurance Needs
Following a commercial property loss, businesses must take certain steps to ensure their claims are handled efficiently and fully compensated by their insurers up to policy limits. We’re here to help you learn more about your business’s policy and understand what may be required in the event of a loss. Call us today to learn more.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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