No matter where your business or commercial property is located, it is not immune to threat of a fire. Most businesses carry fire protection for their businesses specifically to cover the extraordinary expense of fire damage to business property, including:
- The costs of the damage directly caused by the fire. This might include destruction of or damage to a structure, as well as burned, charred, and warped property and features.
- The costs of damage caused by fighting the fire. Water damage from fighting a fire may not be included in your fire insurance coverage, and you may need to take care when claiming losses due to water damage, chemical fire-fighting agents, and other costs of fighting and containing a fire.
- The clean-up costs. Smoke odors, ruined interior features, fumes, corrosion, soot, and other issues related to a major fire may require several sets of specialized restoration and cleaning services, which can add up to a major expense –sometimes adding up to more than the costs to repair damage to the structure.
- The costs of repair and rebuilding. As you begin the process of replacing and repairing, it can put a financial strain on your already struggling business, especially if you aren’t taking steps to organize and maximize your commercial insurance claims for fire damages.
- The costs of interruption to your business. It takes time to recover from a fire, especially when necessary equipment and documents have been destroyed, and you may be unable to do business in the meantime.
- The cost of “hidden” and long-term damages. Fire can cause damages that may be missed in an initial assessment or not taken into account when settling an insurance claim. However, issues with electrical lines, IT equipment, internal structural damage or warping, and other “hidden” problems can crop up and create additional expenses months or years down the road.
If your commercial property or business has sustained serious damages after a fire, don’t overlook the benefit of experienced legal help with your insurance claims. Unnecessary delays and complications aren’t uncommon, but it is possible to avoid common mistakes and fight back against unfair denials. To learn more, reach out to our experienced policyholder attorneys today, or request your free copy of our book, Commercial Property Owners Must Read This Before Filing an Insurance Claim.