If you own a business in Florida, your business assets should be protected by commercial property insurance. This type of insurance protects you against business losses such as theft, vandalism, mold, water damage and various natural disasters.
Natural disasters that you may be protected against include:
If you do have commercial property insurance and you have suffered business losses, then you may be compensated for your losses in a commercial insurance claim. For help with claims that are of a complicated or disputed nature, it may be in your best interest to seek the help of a Florida commercial insurance attorney.
What is covered by commercial property insurance?
In short, commercial property insurance covers business losses sustained when property has been damaged or destroyed. Property, in this case, is considered to be any item that has value and can be categorized as real or personal property.
When you purchase commercial property insurance, a building and personal property coverage form is used to insure most types of commercial property. The insuring agreement within this form promises to pay for the direct physical loss or damage to the property that has been covered.
Coverage for your building should include:
- the building and its structures;
- completed additions to covered buildings;
- outdoor fixtures;
- permanently installed fixtures;
- equipment; and
- building materials used to maintain and service your business premises.
Filing a Commercial Property Insurance Claim
When you file a commercial property insurance claim for business losses, most insurers will determine the value of your losses by:
- assessing the replacement costs of your business losses; and
- subtracting the accumulated depreciation for age and condition from the cost of replacing your property.
Before you file a claim, there are several important steps that you should always take. The first thing you should do after you have suffered business losses is mitigate the damage. This means taking the necessary steps to prevent the damage from getting worse.
Once you have done this, you should begin to gather evidence of the losses that you have suffered. You can do this by taking photographs and by collecting any documents—such as receipts, etc.—that show the value of your losses.
Once you have taken these steps, you should contact your insurer to file your commercial property insurance claim. Once you file your claim, an insurance adjuster will contact you as they investigate your business losses. As a word of warning: it is not unusual for an adjuster to underestimate the value of your claim.
If an insurance adjuster does underestimate the value of your claim, you should seek the help of an experienced Florida commercial insurance attorney. A Florida commercial insurance attorney can negotiate your claim with the insurance company and may do their best to help you get the money that you deserve. If these negotiations fail, you may choose to pursue damages in a formal court of law.
Filing an Insurance Claims Lawsuit
To pursue damages in court, you will have to file an insurance claims lawsuit.
In this type of lawsuit, your Florida commercial insurance attorney can assist with issues such as:
- requests for examinations under oath;
- requests for sworn statements;
- requests for recorded statements;
- recovery for theft or vandalism;
- contents claims disputes;
- accusations of arson or fraud; and
- litigation and trial.
In a trial, your Florida commercial insurance attorney will have to show that you have suffered business losses, as well as the value of the losses you have suffered. To do so, your attorney can present the evidence that you have gathered, interview witnesses and submit the testimony of experts.
Contacting a Florida Commercial Insurance Attorney
The Florida commercial insurance attorney team at Falk & Falk Law Firm knows how important it is to you and your company to get the settlement you need in order to move on with your business goals. Our Florida commercial insurance attorney team has experience in helping business owners recover from their loss. An experienced attorney can help you to fight for the compensation that you need and navigate the tricky world of commercial insurance in Florida. Contact us today – 305-742-0878.