A hailstorm will cause enough problems to your business without your worrying about how you will pay for the damage to your business space. If you purchased commercial property damage insurance through Liberty Mutual, your building, inventory, and even commercial vehicles could be repaired or replaced after a severe storm. However, the amount you receive will depend on the extent and limits of your coverage. Attorney Bill Voss takes a look at the various types of business insurance plans offered by Liberty Mutual to get you started on your claim.
Differences in Liberty Mutual Business Insurance Coverage
Liberty Mutual offers many options for coverage for the many types of hail damage for business owners. Small business owners may opt for a combination of business property and general liability insurance called a Business Owners Policy (BOP), while large businesses may opt for the broader coverage options and higher policy limits in a commercial package.
Your Liberty Mutual hail damage compensation may be covered under the following policies:
- Property. In most standard property damage policies, your insurance coverage is limited to the assets contained at your business address. This could be a building or storefront that you own, lease, or rent, and typically extends from the public sidewalk to the end of your property line. Depending on the terms of your policy, you may be able to recover direct damage (such as lost shingles on the roof) to secondary damage (such as lost computer equipment or damaged inventory caused by water entering the building). If you own satellite storage locations or warehouse space, these may also be covered under Premier Property Protector™, while RM Select™ covers damage to specific industry properties such as food processing operations and hotels.
- Equipment breakdown. Your insurance may extend beyond your property losses to profit losses when your business is closed after the storm. If you need to close your doors because the building is unsafe or because repairs need to be made, your policy may cover the period of lost income. This coverage may be available if the hailstorm resulted in downed power lines that caused the contamination of your inventory or caused perishable items to spoil, and may even allow reimbursement for payroll or other covered expenses.
- Enhancements. There are many additional coverage options than can be added on to business coverage depending on the type and scope of the commercial enterprise. Inland marine coverage pays for damage to equipment or materials that move to different locations (rather than stored at your business address), while umbrella coverage can provide up to $35 million for recovery after a catastrophe.
- Vehicle damage. Hail can break windows, dent bodywork, and even cause a total loss to a car, truck, or other commercial vehicle. Hail damage to a vehicle may be covered by Liberty Mutual under a personal auto policy or commercial auto policy. If your personal vehicle was insured under a different provider but was parked at your place of business, it may be unclear which policy should pay for the damages, so you should seek the advice of an experienced insurance attorney.
What If Liberty Delays or Denies Your Claim?
You have paid handsomely for your insurance coverage, but it was worth it to know that you and your business would survive even the roughest weather. You reported the damage as soon as possible, made every effort to document the damage, and answered all of the adjuster’s questions, fully expecting to be treated with respect. Too often, clients’ dreams will be crushed when they receive the lowest payment possible—or worse, no payment at all.
Many insurers will gladly take month after month of premium payments from clients only to ignore them when disaster strikes. If you are struggling to collect fair payment from an insurer after a storm, we can help. Fill out the form on this page today to contact the Voss Law Firm or order a free copy of our book, Commercial Property Owners Must Read This BEFORE Filing an Insurance Claim.