COMMERCIAL PROPERTY INSURANCE CLAIMS LAWYERS
INSURANCE & CONTRACT CLAIMS
Houston Commercial Property Insurance Claims Lawyers
How Does Commercial Property Insurance Work?
To put it simply, commercial insurance policies cover financial losses that your business suffers.
For example, maybe you have a tech company that heavily relies on the use of the computers at your office. You suffer a break-in, and the perpetrator steals several of your most essential computers. This is a huge financial loss for the business, so you file a claim with your commercial insurance company.
The company, then must investigate your claim, send an adjuster to look at the damage, and offer you a settlement amount to replace the lost computers, and even to repair broken windows if necessary. Liability claims operate a little differently, however.
In a liability claim, someone sues your business because they believe that you caused them financial damage. They want compensation for those losses. Thus, they sue your business for a specific reason that your insurance policy covers. The insurance provider then pays for costs associated with the lawsuit, including attorney fees, court costs, and settlement amounts.
Keep in mind, however, that you must meet your deductible before the insurance company pays anything. They also have policy limits up to a certain amount that they will not go beyond in terms of payments.
What Does Commercial Property Insurance Cover?
This type of insurance protects commercial property in the form of physical assets from losses. Losses happen as a result of a variety of events, like fires, major storms, explosions, burst pipes, theft, and vandalism.
More specifically, it covers the building, everything within the building, and everything just outside of the building. This includes, but is not limited to, computers, furniture, equipment, exterior signs, fences, landscaping, inventory, and important documents.
Additionally, it helps to cover the costs of repairs and replacements for damaged or stolen property. Even equipment that isn’t technically yours receives coverage. The property must simply be within your care and custody to receive coverage under a commercial property insurance policy.
What are Some Claims Not Typically Covered On Commercial Property Insurance?
As with most insurance policies, commercial property insurance does not cover everything you can think of. While this varies from policy to policy and company to company, many of them share similarities.
In general, most policies provide coverage for theft, burglary, water damage, freezing damage, wind and hail damage, and fire damage. These are some of the most common risks that businesses face in terms of unexpected losses.
However, some of the most costly claims often do not receive coverage under commercial insurance policies.
Below, we include examples of claims not typically covered:
- If one of your business’s vehicles sustains damage in a commercial vehicle accident, this is usually not covered under a commercial property policy.
- Employee injuries and associated medical costs are not covered.
- Damages due to war, pollution, and defects in the construction of the property are not covered.
What Happens if My Commercial Property Insurance Claim Was Denied?
Sometimes, insurance companies deny claims. This happens for a variety of reasons, some legitimate and some not.
Below, we list some of the most common reasons why your insurance company might deny your claim:
- You did not file your claim in a timely manner.
- The damage or loss is not covered under your specific policy.
- The company suspects a fraudulent claim.
- You have met or exceeded your coverage limits.
The most important thing to understand is why the company denied your claim in the first place. Get together with one of our commercial property insurance claims lawyers to review the denial notice. Prepare your response with your attorney, addressing the specifics of the denial letter. Then you will prepare an appeal letter. List all of your defenses and arguments in an organized manner, and provide all necessary evidence to support your case.
The insurer will either reverse their decision or stand by it. If necessary, one of our commercial property insurance claims lawyers will help you pursue a civil court action against the company.
Why Was My Commercial Property Claim Denied?
Unfortunately, many businesses receive denials from their insurance companies after they file commercial property claims. These insurance companies exist to make a profit, so they try to find any reason possible for denying a claim.
Below, we include some of the most common reasons insurance companies cite for their denials:
- The company alleges that you took too long to file your claim. Most companies have very strict time limits for filing claims, so this is a common reason for denial.
- They allege that you have failed to pay your premiums on time. Even a small delay in payments might result in a denial, so staying up to date on all payments is essential.
- Sometimes, they claim that you do not have the appropriate documentation. In order for an insurance company to accept that damage occurred, it is imperative that you provide them with careful documentation and evidence. Because of this, many people prefer to work with commercial property insurance claims lawyers from the start.
- Certain forms of damages such as flood damage are excluded from certain insurance policies. If the harm you have suffered is not covered by your insurance, the insurer may not reimburse the damage. It is important to study your policy completely before harm happens.
- The majority of insurance plans require corporate owners to take certain measures to reduce the amount of the harm. If they do not, they may not be compensated by the insurance company for all damages.
What Happens if My Commercial Property Insurance Claim Was Denied?
Disputing a commercial property claim operates much like other types of insurance claim disputes.
At Reich and Binstock, our commercial property insurance claims lawyers have years of experience handling insurance disputes for our clients.
After getting with your commercial property insurance attorney, the first step is to find out why exactly the company denied your claim. Then, appeal it and use supporting evidence and documentation within the appeal.
If they still refuse to pay out, your lawyer will handle it from there.
Contact the Commercial Property Insurance Claims Lawyers at Reich & Binstock
Regardless of why your insurance firm refused your claim for commercial insurance, one thing is true: determined action must be taken rapidly. You may only appeal for the rejection for a period of time or you may renounce your right to act. Your lawyer will need time to evaluate and argue strongly on your side. As soon as you predict problems you have to act. To work with one of the commercial property insurance claims lawyers at Reich & Binstock, give our office a call at 713-622-7271 today.
There is a never a fee unless we recover on your behalf.