What Does Commercial Property Insurance Policy Cover?
There are few things more devastating to a business owner than a fire that rips through the property. Not only are you dealing with the loss of your items, but you’re also out of business until everything is restored. If this is the situation you find yourself in, it’s important that you contact a fire damage restoration service as soon as possible.
What Does Commercial Property Insurance Cover?
The commercial property insurance policy covers fire damage to the building and its contents. It also covers water damage, theft, vandalism, and malicious mischief.
When you are looking at getting a commercial property insurance policy it is important to get the right coverage for your needs. Some things that you may want to investigate including:
- Structural coverage - this type of coverage will cover repairs needed due to damage from fire, windstorm or any other covered cause that affects your building structure (exterior walls).
- Contents coverage - this type of coverage will pay for losses caused by fire or lightning primarily if they occur inside the building but do not affect its structure (interior walls, ceilings etc.)
Learn about your coverage and how you can get the compensation you need to help get your business back on track.
If you have suffered fire damage, the first thing to do is contact your insurance company and ask them to send an adjuster to inspect the damage and give you a claim estimate. If your property is insured, they will assess the fire damage and determine whether it's covered by your policy.
If it turns out that the fire is covered by your policy, you'll need to file a claim with them. You may also have other options for getting compensation for any losses. In addition to filing a claim with your insurer, you can pursue some other avenues for recovering financial losses from fires:
- Insurance Adjusters - An insurance adjuster works for insurance companies whose job is often similar but not exactly identical as those belonging within law firms' tort departments.
There are few things more devastating to a business owner than a fire that rips through the property.
If you own a commercial property, it’s important to understand the coverage that your insurance policy offers. We all know what fire can do to a property and business, but few realize how much of an impact this type of damage has on the owner’s wallet.
Here are some things to consider if you find yourself in this situation.
If this is the situation you find yourself in, it’s important that you contact a fire damage restoration service as soon as possible. You will need to have an estimate of the damage done to your property, and if possible, get some input from an insurance agent on how much they think they can cover.
In addition to making sure that your business can continue operations after a fire has damaged its office space, you also need to make sure that any data stored on computers or other electronic devices is backed up so it can be restored once repairs are completed. If it seems like things are going well and repairs are progressing smoothly, take time out of your busy schedule for some much-needed rest and relaxation—you deserve it!
Will Your Insurance Pay for Fire Damage?
Fire damage is one of the most common causes of property damage. If you're looking to make sure your commercial property insurance policy covers fire damage, it's important to remember that not all policies will cover this. Some insurance companies will pay for fire-related damages, while others won't.
If your insurance does cover fire damage, it's worth checking with your insurance company to see exactly what they'll pay for. An insurance company will often cover the cost of repairs after a fire breaks out at your business—but not necessarily loss of business or income during that time period as well. It's also important to understand whether any pre-existing conditions will affect their coverage: if there were preexisting issues with electrical wiring in your building before the fire started, some policies may exclude those types of damages from coverage (even though they were caused by an external force).
If you are looking for the right commercial property insurance to cover your business, call us today. We can help you find an option that works best for your needs and budget.