Navigating the commercial property insurance claims process involves several steps, including securing your property, reviewing your insurance policy to determine what coverage you qualify for, collecting evidence of the damage, filing your claim, and negotiating with the insurance adjuster for a fair settlement.
While this may sound like a fairly straightforward process, some insurance companies complicate things by delaying, underpaying, or denying valid claims.
They may also engage in acts of bad faith, leaving you feeling stuck and unsure where to turn for assistance. Thankfully, a Corpus Christi commercial insurance claims lawyer can handle the process for you while you focus on picking up the pieces left behind after a natural disaster or other damaging event.
What Steps Are Involved in the Commercial Property Insurance Claims Process?
The first thing you should do after a damaging event is ensure you and others in the structure are safe. Evacuate the building if necessary and call proper authorities (such as the fire department) to secure the area. After the initial threat has passed, we recommend taking the following steps.
Secure Your Property
First, you should do all you can to ensure your property doesn’t suffer further damage. This may involve boarding up windows, placing tarps over holes in the roof, or taking other measures to secure the property.
While you should not make any permanent repairs until your claim is complete, taking steps to mitigate the damage shows your insurance company that you did everything possible to keep the damage to a minimum.
Review Your Insurance Policies
Next, you should read all insurance policies you have in detail to understand what coverage you qualify for. Depending on your policy or policies, they may or may not cover:
- Fire damage
- Water damage
- Flood damage
- Wind damage
- Hail damage
- Hurricane damage
- Tornado damage
- Lightning strikes
- Vandalism
- Theft
You will often have to meet your deductible before your coverage kicks in to pay for your remaining damages. Your policy may also have exceptions or exclusions, so a careful reading of this documentation will help you understand your coverage and avoid unpleasant surprises during the claims process.
Document the Damage
Gathering evidence of the damage to your property can be a detailed and time-consuming process. You should take photos of all the damage (no matter how minor), save a copy of any relevant security footage, create a list of all damaged items, collect receipts to prove the value of damaged items, and gather maintenance records to prove you maintained your commercial property adequately.
If you experienced extensive business losses, you may want to hire an appraiser or contractor to assess the damage and help you create estimates for repairs and replacements.
File Your Insurance Claim
You should inform your insurance provider about the damage as soon as possible after the event. After collecting all applicable evidence and completing all necessary paperwork, you can file your claim according to the process outlined in your policy.
Negotiate for Fair Compensation
If you’re lucky, the insurance adjuster assigned to your claim will review your claim, make you a fair offer that covers all your damages, and issue your payment promptly.
However, the process is rarely that easy. You may need to negotiate back and forth multiple times, gather additional evidence, and fight for the compensation you deserve. This process can be frustrating and time-consuming.
Consider Hiring Legal Representation
If you run into any roadblocks along the way, a Corpus Christi property insurance claims lawyer can be your advocate. They can use their extensive experience in insurance law to go to bat for you and ensure your insurance company treats you fairly.
We have offices in Houston, Corpus Christi, and Victoria; and will travel to any corner of Texas if we are capable of preventing an injustice.
What Should I Do if My Insurer Denies My Commercial Property Damage Claim?
If your insurance company denies your commercial insurance claim, you don’t have to take “no” for an answer. A property claims attorney can help you file an appeal and fight for the compensation you deserve.
Unfortunately, some insurance companies engage in acts of bad faith, such as denying or delaying a valid claim, ignoring your communications, refusing to negotiate, or making a lowball settlement offer.
According to Texas Insurance Code § 542.003, you have the right to hold your insurer accountable for acts of bad faith. A Corpus Christi bad faith insurance claim attorney can represent your best interests and help you through the legal process.
You generally have two years to file a bad-faith insurance lawsuit.
What Compensation Can I Receive for Commercial Property Damage?
Depending on the language in your policy, you may deserve compensation covering:
- Costs of temporary repairs to mitigate further damage
- Building repairs or replacement
- Lost or damaged business supplies and inventory
- Business interruption expenses
- Business relocation expenses, if applicable
If your insurer engages in bad faith tactics, you may also qualify for additional compensation.
Representing the injured in all areas of Texas that extends back over 40 years
How Can a Commercial Insurance Claims Attorney Help Me?
A Corpus Christi insurance claims attorney can benefit your claim in several ways. For example, they can help you by:
- Reading your commercial insurance policies in detail to understand exactly what they do and do not cover
- Collecting evidence of your losses and the value of your claim
- Completing all necessary paperwork
- Filing a claim with your insurance company on your behalf
- Negotiating for a fair settlement
- Helping you file an appeal if the insurer denies your claim
- Filing a lawsuit and representing you in court if your insurance provider refuses to negotiate in good faith
You need a skilled advocate to protect your legal rights and present your claim in such a way as to maximize your recovery.
Let Our Commercial Insurance Claim Lawyers Handle Your Claim
Your business is more than just a building—it’s a huge part of your livelihood. Our commercial insurance claim attorneys at Carrigan & Anderson, PLLC, want to help you secure fair compensation for your losses so you can get back to business as usual and start earning a living again.
We believe in transparency from start to finish with each claim we handle. We also work on a contingency fee basis, so you will only compensate us if we secure compensation for you. Contact our law firm today for your free initial consultation.
At Carrigan & Anderson, PLLC we can talk to you about your options and rights.
