Commercial property owners may be surprised when they run into problems submitting damage claims to their insurance companies, but struggles with the claims process are more common than many people realize. Although you pay for the coverage to protect your business in just these kinds of situations, you may still have to fight to get the insurance payout that your business needs to fully recover.
Common Problems Commercial Property Owners Encounter When Submitting Damage Claims
Although there are a lot of things that can go wrong with commercial insurance claims, here are three of the most common challenges that business owners face:
- Your claim is delayed. If your claim for commercial property damage is stretching out into months of negotiations, assessments, and paperwork, it’s probably not a comfort to know that you’re not the first business owner to deal with long waits, unreturned calls, or mysterious delays. However, you may be able to take action to get the claims process moving again.
- Your claim is denied. Claims are often initially denied, and it not always easy to figure out why or if there is anything you can do about it. Insurance companies may be quick to deny commercial claims for a number of reasons, including mistakes made by the policyholder, claims submitted under the wrong policy, lack of documentation, etc.
- The offer from the insurance company doesn’t cover the full extent of damages to your commercial property. If the offer you receive from the insurance company is disappointing or does not cover all of the damages your property sustained, you don’t necessarily have to accept defeat. You may be able to fight for an offer that is fairer to your business and meets your needs.
For more information about submitting a claim for commercial property damage, recovering from losses, and protecting your business, request your free copy of our book, Commercial Insurance Claims: The Basics, or contact us by phone or email for immediate assistance with your questions.