Commercial property insurance is a must-have for any business, but what happens when you have to make a claim? Commercial property claims can be complicated and they are not always easy to understand. In this post, we will talk about the process of filing a commercial property insurance claim in order to help ease your worries.

What is Commercial Property Insurance?

Commercial property insurance is an insurance that covers physical damage to business or commercial property, and also the contents and equipment at the location. It provides protection for a variety of risks including fire, theft, vandalism, water damage, weather events such as hail storms or hurricanes and more.

If you own a small business you probably have commercial property insurance through your home owners’ policy unless you purchase it separately. Commercial property policies are purchased to match the value of the real estate. If you only own one building then there is no need for multiple buildings to be covered under separate policies; this means that if your policy insures your building for 2 million dollars then any improvements made will also be insured up to 2 million in case anything happens. Many policies will also cover the contents of the building such as equipment and furniture.

If you own a large business that operates from multiple locations throughout the country then commercial property insurance is a must. A separate policy is required for each location, and in order to receive decent rates, it is recommended that all policies be under one provider or insurance company.

Commercial property insurance carriers provide different coverage options depending on their knowledge of your area, industry type and size. It is important to discuss these factors with your agent so that they can find you the best plan possible.

Steps to Filing a Commercial Property Claim:

1) First things first- contact your agent, it is very important to call your agent immediately after any unfortunate incident takes place at your business location. Your agent will guide you through the claim process and help you choose a reputable contractor to handle your repairs if necessary.

2) Take some detailed photos of the damage: When taking pictures make sure that they show any damage done to the structure, equipment or contents of your building as well as the surrounding area.

3) Gather all documents associated with your property insurance policy: This might include a copy of your renewal notice, deductible payment receipts (if applicable), police reports in case of burglary, etc…

4) Call an emergency restoration company for water damage if there is any water damage then it is important that this step be taken immediately; standing water can quickly become home to bacteria and mold which can cause serious health problems.

5) Call your insurance agent to file a claim: The sooner you call your insurance agent the faster they will begin working on your case. Your agent will go over some questions with you and guide you through the next steps. It is important that all your information is up to date in order for them to be able to put together the best plan possible for your situation. You should provide them with as much detail as possible about what has happened so that they can work quickly but thoroughly.

6) After filing a commercial property claim, many companies require business owners to take immediate action by making necessary repairs, clean-up or both before issuing payment. This practice ensures that the policy holder is not taking advantage of an unfortunate event and leaving themselves exposed to future risks.

7) After the claim is filed, in some cases, the insurance company will require an inspection of your building to make sure that it is safe and habitable. This process will also let you know if any major renovations have to be made.

8) Emergency services: If you use an emergency restoration company then they can assist you with preparing for inspections by providing help in making mandatory repairs or clean-up. They are also available for advice on how best to go about filing a commercial property claim after damage has been done. It’s important during this time that businesses act quickly but remain thorough, since home owners’ policies do not cover business property at all times.

Who is Covered Under a Commercial Property Insurance Policy?

In most cases, commercial property insurance covers the building and its contents as well as the equipment inside.

If you own a large business that operates from multiple locations throughout the country then commercial property insurance is a must. A separate policy is required for each location, and in order to receive decent rates, it is recommended that all policies be under one provider or company. Commercial property insurance carriers provide different coverage options depending on their knowledge of your area, industry type and size. It is important to discuss these factors with your agent so that they can find you the best plan possible.

When taking pictures make sure that they show any damage done to the structure, equipment or contents of your building as well as the surrounding area. Gather all documents associated with your property insurance policy: This might include a copy of your renewal notice, deductible payment receipts (if applicable), police reports in case of burglary, etc… Call an emergency restoration company for water damage if there is any water damage then it is important that this step be taken immediately; standing water can quickly become home to bacteria and mold which can cause serious health problems.

Call your insurance agent to file a claim: The sooner you call your insurance agent the faster they will begin working on your case. Your agent will go over some questions with you and guide you through the next steps. It is important that all your information is up to date in order for them to be able to put together the plan possible for your situation. You should provide them with as much detail as possible about what has happened so that they can work quickly but thoroughly.

After filing a commercial property insurance claim, many companies require business owners to take immediate action by making necessary repairs or clean-up before issuing payment. This practice ensures that the policyholder is not taking advantage of an unfortunate event and leaving themselves exposed to future risks.

After filing a commercial property damage claim, in some cases, the insurance company will require an inspection of your building to make sure that it is safe and habitable. This process will also let you know if any major renovations have to be made.

Emergency services: If you use emergency restoration company then they can assist you with preparing for inspections by providing help in making mandatory repairs or clean-up. They are also available for advice on how best to go about filing a commercial property claim after damage has been done.

It’s important during this time that businesses act quickly but remain thorough, since home owners’ policies do not cover business property at all times.

What are Some Common Exclusions in a Commercial Property Insurance Policy?

There are many exclusions included in a commercial property insurance policy, and some of the most common include:

Inherent vice – Any damage caused by something that is part of your building or structure, like rotting wood or warped beams.

Superior Force – Damage done by natural forces such as earthquakes, floods, hurricanes and other weather-related events. War – Including civil unrest such as riots and terrorism.

Nuclear Hazard – Any exposure to radiation can be excluded from commercial property policies.

Government Action – Damage done during a time when you’re prohibited from using your space due to government intervention (such as during the aftermath of a hurricane)

Business Income Loss – If you are able to financially survive without income coming in then your claim might not be covered if there is a disruption to your business.