How to Avoid Delays in Commercial Property Insurance Claims

Your Business Owners Policy (BOP) or commercial property insurance policy binds your insurance company to its obligation to promptly handle your claim and reimburse you for your damages. However, timely is a subjective concept, and there are numerous reasons why commercial property insurance claims are delayed.

The following advice will assist you in avoiding some of the most prevalent issues that could delay the settlement of your BOP or commercial property insurance claim.

Know Your Policy

The legalese in your property insurance policy is enough to make anyone's head spin. Even seasoned claims specialists frequently disagree over the interpretation of company insurance policies. To effectively resolve your commercial property insurance claim, you must study and comprehend what your policy covers, excludes, obligates you to do, and the process you must follow.

Seek the assistance of a business insurance claims expert, such as a registered public insurance adjuster, if you have gaps in your policy comprehension. He or she can evaluate your claim and advise you on obtaining the maximum payout your property insurance policy allows.

Take Immediate Action to Prevent Further Damage

You must perform temporary emergency repairs to prevent further losses caused by the first harm. Any broken window, door, roof, or other openings must be covered to prevent further property damage from weather, animals, or vandals.

This is a mandatory step, as your policy offers coverage for the expense. Before entering the damaged property, contact your utility companies and fire department to check that it is safe for you to do so.

Gather Extensive Documentation of Every Damage

When you experience insured commercial property damage, you, the policyholder, are responsible for proving and documenting your loss. Therefore, there is no such thing as too much evidence. However, insufficient information might cause severe delays in processing your commercial insurance claim.

Before anyone moves or removes anything from your damaged property, snap photographs of each damaged area and item from many angles. Write thorough descriptions of the observed damages that match the accompanying photographs. Include the date of the loss and any questions or suspicions that there may be hidden damage (for example, if smoke or soot permeated your walls, ductwork, machinery, etc.).

This preliminary documentation will be useful when drafting your Proof of Loss declaration.

Obtain Numerous Estimates From Repair Companies

Some insurance companies may convince you to choose your repair professional(s) from their list of preferred service providers. Others may advise that you will save a substantial amount of money by using their preferred service providers. You have the full right to select your chosen service provider to perform the contracted work.

Solicit many offers, and get everything promised to you in writing. The variance in bid pricing is frequently attributable to using different materials and procedures. Verify that the professionals you are contemplating are not the cheapest but rather the most capable of restoring your property to its pre-loss condition.

Submit a Valid Proof of Loss Form

Developing a comprehensive Proof of Loss statement is one of the most crucial actions you can take to expedite the resolution of your commercial property insurance claim.

Your insurance provider will provide you with a Proof of Loss form. Ensure that the information you submit is complete and accurate. Giving insufficient information, paperwork, and evidence of their losses is a prevalent way in which individuals unwittingly undervalue their claim settlement amounts.

Organize the images and written descriptions of your damages to demonstrate what occurred, when, and where, in addition to the damaged property, inventory, equipment, etc. Provide copies of the obtained estimates and an estimate of the total extent of your loss.

A professional public adjuster can help you avoid delays, estimate the extent of your damages, and optimize the payment for your commercial property claim.