If you own a business, you have probably had nightmares about what would happen in the event of a natural disaster. We all know how important it is to maintain homeowner’s insurance on our dwelling. But do you understand how important it is to have a robust commercial property insurance policy? The terms of your coverage can mean the difference between your business thriving vs. closing after a disaster.
Our Miami commercial property damage attorneys have met with plenty of business owners who didn’t have the necessary insurance to rebuild their companies after a disastrous event. We have also met with many frustrated business owners who paid for commercial property insurance for years only to find out that their claim has been denied.
Here, we will discuss the types of events your commercial property insurance should cover. We will also describe the types of property that are protected by most commercial property insurance policies. If you still have questions or concerns after reading this article, feel free to contact us directly. We offer new clients the chance to sit down with a seasoned Miami property damage attorney free of charge.
It Will Depend on the Type of Business You Operate
The type and extent of your commercial property insurance will depend on the type of business you operate. For example, if you have a brick-and-mortar store, you will need to insure both the structure and the contents. If, however, you only run a virtual store, you may only need to insure the warehouse where you keep your inventory. The size of your business will also impact the coverage you choose.
If you have a medium-sized business, replete with a warehouse and multiple locations, you’ll need a lot more coverage than a small shop. We always suggest that you have a Miami property damage attorney review the policy before you sign on the dotted line.
If they think you need additional coverage or a rider, they’ll let you know. Likewise, if you suffer a loss, you will want to bring a copy of your policy to your attorney’s office.
Some of the More Common Causes of Commercial Property Damage
In our experience, there are certain things that cause damage to your commercial property more than others. In Florida, you won’t have to worry about snow and ice. However, you will have to secure extra coverage for flood or hurricane damage.
While most people think that your average commercial property insurance will cover these things, that isn’t always the case. Many policies have a list of excluded events and, for businesses in Florida, floods and hurricanes are often excluded.
In addition to these events, many of our clients have suffered a loss as a result of the following:
- Fire or wildfire
- Windstorm
- Lightening damage
- Theft and burglary
- Vandalism
- Hail
- Landslide
If you suffer damage due to any of these things, there’s a good chance that your insurance claim will be approved. However, if your commercial property insurance carrier denies your claim, you’ll need to talk to a Miami property damage attorney right away.
What Do Most Commercial Property Insurance Policies Cover?
Not only will your commercial property insurance exclude certain events, but it will also only cover certain types of losses. When you first purchase your policy, the insurance agent will ask what kind of business you operate. They will work with you to identify the sorts of losses you may suffer in the event of a disaster.
With most commercial property insurance policies, the following items are usually covered, either partially or completely:
- Fixtures
- Furniture
- The structure of the building
- Inventory
- Cash
- Artwork, neon signage, etc.
- Employee’s belongings
- Equipment
- Documents
- Lost income/revenue
When you first file your claim, you should have it reviewed by a seasoned Miami property damage attorney. They can help ensure that you don’t leave anything off your list of losses.
If your claim is denied, your Miami property damage attorney can help you file an appeal. If this doesn’t work, they’ll be able to file a lawsuit against the insurance carrier. If need be, they can also name the person who caused the damage in your lawsuit. Of course, this only applies in situations where the damage was caused by a person or entity as opposed to Mother Nature.
If Your Claim Is Denied, Your Miami Property Damage Attorney Can File an Appeal
Having commercial property insurance is great until the insurance company refuses to pay your claim. Most of our clients tell us they had no problems with their insurance adjuster until they received notice that their claim had been denied. Our Miami property damage attorneys are very familiar with how these commercial property insurance policies work. They often have their own unique exclusions and limitations.
If you believe your claim should have been paid, at least in part, contact our office. You can sit down with one of our seasoned Miami property damage attorneys and let them review your claim. They will check to see how the terms of your policy affect your claim.
If they believe, as you do, that your claim should’ve been paid, they can help. They will file an appeal with the insurance company on your behalf. And, if this doesn’t work, they will have no problem filing a lawsuit against them instead.
All you have to do is call our office so we can schedule your free, initial consultation. You don’t want to wait too long to do this as there are time limits involved. If you don’t file your claim (or appeal) in a timely manner, you could walk away with nothing. You spent too long building up your business.
It just doesn’t seem fair that one natural disaster or theft should be able to bring it down. Contacting our property damage attorneys is the best way to protect yourself and your commercial property. Our Miami property damage attorneys will do their best to get you the compensation you deserve.
