You purchase insurance for your commercial endeavor as a means of protecting your property and your investment. When that insurance fails to adequately cover you for the losses you incur – in their entirety – it can leave you at a loss regarding how best to proceed. Working closely with an experienced Belleair Shore, FL commercial insurance claims lawyer, however, will help ensure that you receive the compensation to which you are entitled and that you need to continue growing your business.
The Insurance Company
The insurance company involved is motivated by generating massive profits, and one of the ways they manage to achieve this goal is by minimizing settlements and even by denying claims outright. In other words, the insurance company is not necessarily interested in fully covering your losses. Toward this end, they have a variety of methods of advancing their goals at their disposal, including:
- The insurance company may deny your coverage related to the damage you’ve incurred outright.
- The insurance company may unreasonably delay the claims negotiation process or the claim payment process (justice delayed is justice denied).
- The insurance company may fail to defend your rights as a policyholder.
- The insurance company may fail to conduct a reasonable investigation into your case before denying the claim.
If the damages you’ve suffered are serious, a denied, reduced, or even delayed payment can damage your business – or even put you out of business. When it comes to the insurance company involved, you shouldn’t take no for an answer – allow your dedicated commercial insurance claims lawyer to negotiate on behalf of your best interests and your claim’s most beneficial resolution.
Common Commercial Policy Coverage
When it comes to claims your commercial property, your insurance policy is likely to cover a wide range of damages, including:
- Property Damage – Property damage can include damage to the building itself as well as damage to the fixtures, the furnishings, the raw materials, and your inventory. Any such damage can seriously impede your ability to continue moving forward with business as usual, which almost certainly means decreased revenues for you.
- Interruption of Business – When your business is completely interrupted due to some kind of obstacle, it can be incredibly damaging. Insurance that covers this interruption is intended to help get you back to the business position your company would have been in had the loss-causing damage not occurred in the first place. Such coverage should help sustain your business while its operations are on-hold as a result of covered damage. Typically, this insurance will reimburse you for lost profits, ongoing operating expenses in the interim, and payroll – all for a predetermined length of time.
- Extra Expenses – Coverage for extra expenses refers to those expenses you incurred in attempting to mitigate the damage experienced – or in trying to prevent further damage from resulting. It can also cover the increased costs of attempting to keep your business operating in the wake of the catastrophe it’s endured. For example, it can help offset the cost of moving your business to a new location while the original property is being restored. In other words, these special expenses are meant to help you return to normal operations and, as such, can also apply to equipment breakdowns.
- Extended Period of Indemnity – This extended coverage allows for business interruption coverage and extra expense benefits that go beyond standard timeframes and financial caps.
Commercial insurance policies can cover all of these and much more. It’s important to understand your coverage in order to identify exactly what kind of compensation you’re owed. Making such determinations, however, is complicated. A skilled commercial insurance claims lawyer can help you clearly identify your coverage and help you fight to ensure that the insurance company fully honors that coverage.
Share Your Coverage Concerns with an Experienced Belleair Shore Commercial Insurance Claims Lawyer Today
If your commercial property has suffered serious damage, your business is also likely to suffer serious consequences. The dedicated commercial claims lawyers at The Law Offices of Jerrod Paul, PA, in Belleair Shore, FL, have extensive experience helping clients like you successfully recover on their losses and keep their businesses moving forward. Your case matters, so please don’t hesitate to contact us online or call us for more information today.