Assistance for Business Owners with Commercial Property Insurance Claims
Individuals carry insurance on their cars and homes to protect themselves in the event of an accident. As a business owner, you also have to carry insurance for your property in the event of loss. Policies for commercial property are different than the policies an individual obtains. Understanding these differences can help you keep your business stable while making a claim. Ft. Worth, TX, attorney Preston Dugas recovers all you are entitled to as a business owner from commercial property insurance claims.
Commercial property insurance policies cover damage done to a building or the fixtures and items inside. They can also cover for business income loss resulting from the damage.
Understanding Commercial Property Insurance Policies
Most of us are familiar with auto and residential insurance policies. However, a commercial property insurance policy is different, with these important distinctions:
- Business Income Loss: Policies can cover losses your business sustains due to a covered event such as fire or hail damage.
- Systems: Businesses can have sophisticated heating and cooling systems, coverage for which falls under a commercial property insurance policy.
- Machines and equipment: Depending on the type of business you operate, you may have invested in heavy machinery or other equipment. If these machines or equipment become damaged, the cost to repair them can create negative equity in your business. A commercial property insurance policy covers these items, to avoid operating at a loss in the event of a catastrophe.
- Furniture: Commercial property insurance policies typically cover the furniture needed for the work spaces at your company.
- Supplies and inventory: If your business is dependent on the movement of goods and keeping a large inventory or supply of items, insuring against the loss of this inventory is essential to ongoing operations.
- Computers: Many businesses rely on a large network of computers to operate. Loss of this system can be devastating. Commercial property insurance allows for replacement of computers and laptops in the event of a loss.
From small to large business ventures, having adequate insurance is a must. Your livelihood depends on smooth operations, even if a debilitating event takes place. If you do suffer a loss, our qualified attorney can make sure the insurance company pays your claim timely and in the right amount.
Insurance policies can be difficult to comprehend, especially during unexpected, stressful events. We focus on your claim so that you can focus on rebuilding your business.
What Is Covered?
Commercial property insurance policies are typically designed to cover the following:
- Property damage done to the building itself or the fixtures and items inside.
- Business interruption costs, which include the amount needed to remain open while repairs are being made or items are replaced.
- Payroll coverage, or the funds needed by the business owner to pay employees.
- Loss of rental income.
- Loss of the ability to enter or exit the premises, which becomes important when a disaster takes out a road or other access to the business.
- Commercial vehicles, if your business has a fleet or even just one or two business vehicles. A commercial property policy can include coverage for these cars and may cover a driver who operates a business vehicle.
If you have experienced a business loss, it is critical to have an attorney review the provisions of your policy and demand full payment. Some losses are evident right away, such as the destruction of your building, while others are not as clear. We look at the larger picture and make sure important damage is not overlooked and that your compensation package is complete.
How a Lawyer Can Help
Insurance policies can be difficult to comprehend, especially during unexpected, stressful events. Many times policies are written in a way that meet minimum state law requirements, making it hard to determine what is covered and what is omitted. An experienced attorney understands these policies and can anticipate what an adjuster needs to make a fair assessment of loss. Denials are not uncommon, and having an aggressive advocate on your side increases your chance for maximum recovery. We focus on your claim so that you can focus on rebuilding your business.
Contact Preston Dugas Law Firm
If you have questions about collecting a commercial property insurance claim, contact us online or call our office at (817) 945-3061 today. At Preston Dugas Law Firm, we can be relied on for our dedication to your case. We will work hard to get the results you need.
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