What goes into a commercial property damage insurance claim?

8/24/2022 (Permalink)

A property damage claim is a request for compensation for property damage caused by a collision or other event. The most common property damage claim is when someone files a claim with an at-fault driver’s insurer after a car accident. But if a driver causes an accident or otherwise suffers vehicle damage, they would file a property damage claim with their own collision or comprehensive insurance.

While commercial property owners may know the ins and outs of their business, that doesn’t mean they know everything about their insurance policies. This is often due to insurance policy language being heavily nuanced and containing various provisions and exclusions that may be unknown to the policyholder. A lack of policy knowledge can be a major issue when filing a property damage claim.

 Once the damage has been well documented, property owners should file an insurance claim with the insurer. Once the carrier receives the claim and reviews the documentation, it will send an adjuster to review and determine the extent of the damage. Their job is to assess your liability (if any) and what will be covered by the policy. You’ll likely need to complete a proof of loss form to provide them, as well as any other evidence that you collected. It’s important to not make permanent repairs to the property during this time so the adjuster can make an accurate assessment of the damage sustained. Repairing property damage before an adjuster assessment can lead to the claim being denied.

When a commercial property is damaged, resolving the issue and getting back to business are top priorities for business owners. However, the insurance claims process is often complex and can be difficult to navigate. Knowing the steps to take and what actions to avoid can help commercial property owners ensure they are successful in resolving a commercial property damage claim.