It’s been said before: insurance companies are not your friends, they’re a business and they exist to make money. When you sign onto an insurance policy, you’re agreeing to terms and limitations that are supposed to be there to protect you, but oftentimes those same terms can exclude you from the financial relief you deserve. This can happen with any insurance claim/policy but Commercial Property Damage can be subject to many restrictions and more importantly, can affect your livelihood.
When damage occurs on commercial property, your insurance could report delays to your claim for any number of reasons. Knowing your rights and policy limits could make a huge difference in the speed of your claim:
- Identify the obligations spelled out by your property insurance – following the process outlined in your property insurance policy will secure your claim as quickly as possible. Simply put: play by their rules.
- Make certain that the damages are blocked off so that no further damage can occur to your property/claim, and take as many photos as possible from varying angles.
- Though your insurance provider may suggest specific repair contractors, you have every right to select your own contractor. Make sure you’re getting any quotes or recommendations in writing.
- The Proof of Loss statement form provided to you by your insurance company is one of the most important documents when it comes to your commercial property damage claim. It’s important that you’re thorough and accurate, including as many descriptions, photos, and documents as possible.