Businesses that own commercial properties often turn to their commercial property insurance for liability coverage. If someone slips and falls at a business, the liability coverage provided by a policy can compensate them and protect the company from financial exposure.
In some cases, business leaders may also need to make use of property damage coverage in their commercial policies. Insurance can pay for repairs and expenses caused by significant damage to the property.
What types of situations may warrant an insurance claim to address property damage?
Theft and other criminal activity
If burglars broke into the space overnight and stole valuable equipment, damaging the property in the process, a commercial policy can cover those losses. Most types of outside crime that cause property damage are covered events.
Storm damage
Inclement weather can displace roofs, tear off siding and break windows. When commercial properties sustain damage due to wind, rain or hail, a commercial insurance policy may cover that damage. Some policies do exclude certain types of weather-related damage, such as flood damage, making a policy review necessary.
Fire damage
Fires can start due to mistakes by employees, lightning strikes or equipment failures. Regardless of what triggers a fire, the damage to commercial properties can be relatively costly to remediate.
Evaluating damage and reviewing policy paperwork with a skilled legal team can help business leaders recognize when they can file a commercial property damage claim. Even those who excel at negotiations may benefit from outsourcing the insurance claims process to a legal professional. Support from an insurance attorney may take much of the stress and uncertainty out of the claims process and can allow business leaders to focus on their companies, not property damage losses.