It is a smart investment to protect your commercial property with an insurance policy. You never know what disaster might cause damages to your property, which can result in unforeseen costs and expensive repairs.
If your commercial property has been damaged or destroyed by a natural disaster or some other catastrophic accident, and your claim was denied, underpaid, or delayed, you need a dependable law firm on your side to help you figure out the legal options regarding your commercial property damage claim.
Get the Maximum Compensation Your Policy Will Allow
The benefit of hiring an experienced team of attorneys is that we can review the language within your commercial policy, conduct our investigation, and determine why your insurance company decided to deny, underpay, or delay your claim. We will work with the insurance company on your behalf to attempt to get a fair settlement offer on your claim.
Insurance companies are notorious for trying to settle for as little money as possible. They are more likely to work with you to reach a settlement that is fair when you have an experienced attorney on your side. Another benefit here is that if we are unable to come to an agreement that is fair for our client, then we will proceed with the litigation process. Many insurance companies try to avoid this process since they can be forced to pay out the maximum limits to their policyholders.
Insurance Claim Process for Commercial Property Damage
Contact Your Insurance Agent or Company
Your insurance agent will then contact an adjuster who will handle the claim. Often, with commercial properties, the adjuster will be an independent company that handles a variety of claims for your insurance company. Just like any other insurance claims adjuster, it is essential to remember that the adjuster does not have your best interests at heart. It is their job to investigate the claim with the insurance company’s best interests in mind.
The Adjuster Prepares a Scope and Estimate of the Damages
The insurance company will investigate the damages sustained to your commercial property. All too often, your claim is one of the hundreds that the adjuster has on their caseload. They have specific quotas to meet to get paid.
It is vital that you pay attention to the specific details contained within the scope and estimate. They often require that you comply with their instructions promptly. Some things they might ask you to provide are:
- Provide photos of the damages
- Separate damaged items from those that were not damaged
- Be accommodating to other inspections by engineers and other evaluators
You Need to Gather Other Independent Estimates
You will probably be called by other contractors who want to help you with your claim. This allows you the opportunity to compare the estimates given by the independent contractors with those that were provided as part of the insurance company’s valuation. If you find significant discrepancies with the estimate provided by your insurance company, you will need to have your claim reviewed by an experienced team of attorneys.
The Insurance Company Will Respond to your Claim
Your insurance company will look at the details of your claim and choose one of the following options:
- Offer a fair and reasonable settlement
- Request a Proof of Loss or an Examination Under Oath
- Offer compensation for less than what you feel is deserved
- Denial of your claim
Anything Less than a Fair and Reasonable Settlement
Your goal is to get a settlement offer that you think is fair. If your settlement offer is less than you deserve or is denied, then you will need to have your claim review by an experienced law firm like Insurance Claim HQ.
What we will do is review the language contained within your insurance policy and help you determine what the next course of action might be. We will help you determine exactly the factors involved in their denial of your claim or decision to settle for less than you deserved. If we find a discrepancy between your claim and the response of the insurance company, then you would want to secure our services.
We can help you to request an appraisal where each party, you and your insurance company, will hire appraisers who will determine the financial losses from the property damage. It is essential that you hire an attorney before you get to the appraisal process. The right law firm will aggressively represent your needs and attempt to recover the policy limits for the damages to your commercial property.
Insurance Companies are in the Business of Making Money
Most insurance companies are only concerned about their bottom line. They don’t care about getting a fair and equitable settlement for clients who have been dutifully paying their premiums for the life of their policy. They are happy to take your money, but reluctant to pay out fair amounts when damages occur.
Insurance Company Tactics
It is their job to keep their payouts the bare minimum to keep their bottom line intact. They habitually pay out far less than their policyholders are entitled to, and many people are just happy to see money from their claim. Some of the tactics that insurance companies employ include:
- Undervaluing the actual damages to the commercial property
- Hiring adjusters who willfully or inadvertently misinterpret the policy coverage
- Delay processing claims
- Extend the claims process to get policyholders to take any settlement offered
- Being inaccurate with their depreciation value estimates
- Delaying payments to policyholders to accrue interest from their money
You Need an Experienced Property Claims Attorney
Most people are shocked to find out that their insurance company doesn’t care about them as a policyholder. With delays, underpayments, and other obstacles that are presented, it is essential to have an experienced law firm representing your best interests.
Insurance companies are more willing to skip all the game playing and offer a fair settlement if they know that you have an aggressive property claims attorney or law firm that is experienced in dealing with their tactics.
Our experience with commercial property claims means that we understand the issues our clients have to deal with, and we have experience finding viable solutions to these problems.
Give us a call today for a free case evaluation of your commercial property insurance claim. Our experienced team of attorneys takes pride in helping out property owners like you.