Natural disasters like Superstorm Sandy cause millions of dollars in damages, and the commercial and residential claims that follow can stretch on for years—even long after the aftermath has been cleared and repairs have been made. For business owners struggling with their own Sandy-related claims, the questions can be daunting as the months tick by with no financial assistance:
- How much longer will my business have to wait to recover damages?
- How little can I accept from the insurance company and realistically get the company back on track?
- How can I defend against the insurance company’s attempts to undervalue or minimize my company’s claims?
You Shouldn’t Have to Ask These Kinds of Questions About Your Company’s Sandy Claim
Unfortunately, although commercial claims can be complex and take time, many insurance companies intentionally create complications after large-scale disasters. Though it may come as an unwelcome surprise to many responsible business owners who are simply trying to negotiate a fair settlement, commercial insurance claims after a natural disaster are often subject to:
- Delay. Insurance companies may try to drag out the claims process indefinitely, hoping that your company will eventually give in or give up. While some wait time can be expected, these wait times can be artificially inflated by insurance companies attempting to protect their own bottom line.
- Denial. Whether citing a lack of evidence or using other tactics, you can expect the insurance company to take steps to minimize and deny your claims of damage after a natural disaster. Coverage disputes are common, and many business owners end up accepting outright denials without a fight.
- Underpayment. When negotiating disaster-related commercial claims, what shocks most business owners the most is just how low insurance companies are willing to go. Some initial offers may only cover an almost laughable 10 or 20 percent of the total damages.
Don’t let your business suffer further after a natural disaster—get informed. Request our free book, Commercial Insurance Claims: The Basics, or contact our team directly for immediate assistance.