Mistakes Small Business Owners Make When Filing Property Damage Claims
As a small business owner, insurance policies you have in place can prevent you from suffering major losses in the event of commercial property damages. However, it is important to be aware of the steps you need to take when filing a claim and what mistakes to avoid.
Protecting Yourself When Filing A Commercial Property Damage Claim
Commercial property damages can happen due to a variety of situations and for a small business owner, paying the costs that result out of pocket can be devastating. According to Insureon, one of the most common mistakes people make in this situation is not being familiar with the terms of their policy and the types of coverage it offers.
Review all policy-related documents periodically to ensure you are familiar with the terms and are adequately protected. Setting up automatic payments is another important precaution and can help prevent your insurance from lapsing. When property damages do happen, common mistakes to avoid in the aftermath include:
- Not reporting it immediately to the insurer: Even if you are not sure a mishap is covered or the amount of damages appears minimal, notify your insurance company immediately. Not doing so could result in a denial of future claims.
- Not thoroughly documenting damages: Whether you suffer property damage due to a fire, adverse weather, vandalism, or theft, make sure to thoroughly document the situation with pictures, videos, and detailed notes.
- Getting rid of items that were damaged: While your natural inclination may be to get rid of any items that are ruined, do not do so until after your claim is filed and approved by the insurance company.
- Blaming yourself for the damages: Admitting any type of personal responsibility for commercial property damages will likely result in a denial of your claim. Talk to our Daytona Beach property claims attorney before making any statements.
Get The Maximum Amount You Are Entitled To In Your Commercial Property Damage Claim
In addition to protecting you against a denied claim, our property damage claims attorneys can also help in ensuring you get the amount you are entitled to in a settlement. According to the Insurance Information Institute (III), commercial property insurance holders often neglect to include losses for which they are eligible for coverage when filing their claim. This includes:
- Expenses associated with operating in a temporary location, if you are unable to remain in your current building during repairs;
- Losses of supplies, inventory, or equipment, as well as damage claims from employees, customers, or others involved;
- Lost income and profits in the event commercial property damages cause your business to close temporarily;
- Advertising, utilities, and other costs you incur, even if your business is not open.
Reach Out to Us Today
Commercial property damages have the potential to permanently impact your small business. For help in getting the compensation you need to recover, get Bundza & Rodriguez on your side. To request a consultation, give us a call or contact our Daytona Beach commercial property insurance claims attorneys online today.