Fires, natural disasters, and other incidents can cause commercial property loss, leading to significant expenses. Fortunately, many businesses are covered by commercial property insurance. However, getting a fair settlement from the insurance company can be challenging. A commercial property damage attorney with our law firm can help.
What Does Commercial Property Insurance Cover?
Commercial property insurance protects commercial premises from a variety of losses. Often, insurance companies sell this type of insurance as a package known as a Businessowners Policy (BOP). According to the Insurance Information Institute (III), most commercial property insurance policies and BOPs include coverage for the following:
- Buildings – Building coverage usually includes structures and permanently-installed fixtures, machinery, and equipment. This coverage may also include items you use to maintain the commercial property and additions under construction.
- Building contents – There are some exceptions, but this coverage usually includes anything inside the commercial building, such as computers, equipment, raw materials, and inventory.
- Other people’s property – If the business houses other people’s property, such as for repairs or storage, commercial insurance should cover damage to these items.
- Business income loss and extra expenses – When a business cannot open due to damage, it can lose business and customers and struggle with operating costs. Most standard BOPs include coverage for lost income and operating expenses.
What Types of Damages Does Commercial Property Insurance Protect Against?
Commercial property insurance protects business owners from various ways their premises could be damaged or destroyed. Commonly covered causes of loss include:
- Automatic sprinkler leaks
- Building collapses
- Explosions
- Fires
- Hail
- Lightening
- Smoke from accidental fires
- Sinkhole collapses
- Damages caused by vehicles or aircraft (usually excluding those owned by the business)
- Windstorms
- Riot or civil commotion
- Vandalism
- Certain types of water damage
How to Make a Property Damage Claim
If your business sustained property damage, you should immediately assess and document the scene and notify your commercial property insurance company. Once you file a claim, your insurer will send an adjuster to evaluate your property and losses. You will likely need to assist the insurance company with obtaining estimates. You will also need to prove expenses related to repairing the building or replacing its contents.
Securing a fair settlement from your insurer may involve a negotiation process. If the insurance company denies your claim or refuses to pay you appropriate compensation, you may need to take legal action.
Contact SMT Legal About Your Commercial Property Insurance Claim
Insurance companies often put profits above people’s well-being, even that of their own clients. If your business or commercial property suffered damage, SMT Legal can fight for the maximum compensation possible via your commercial insurance policy. We can aggressively pursue a full and fair settlement so you have the resources you need to protect your future.
Our managing partner, Jonathan M. Stewart, and the rest of our legal team can provide you with the compassionate, competent legal services you need and deserve. We advocate for clients across Pennsylvania. Contact us online or call our office today for a free consultation.
