The pandemic made one thing clear: Businesses need insurance and the right amount of coverage.
Since March, when the coronavirus forced community lockdowns and business closures, companies big and small have been filing business interruption claims.
Here’s what you need to know about filing a claim, including a list of the top commercial insurance claims.
Burglary and Theft
Burglary ranks as the most common commercial insurance claim coming in at 20%. Documenting the theft with videos, paperwork and police reports will improve your claim and your chances of coverage.
Fire
Fires can be devastating, especially if it’s not covered. Make sure your coverage includes fire, and if it doesn’t, check to see what you can do to add it after the fact. Make sure your business has fire prevention signs and equipment that’s kept up to date. In the event of a fire, these two elements can help prove your case.
Weather Damage
Being in a hurricane zone means both residential and commercial property owners need to have the necessary coverage in case of weather damage. Mother nature can force business closures for days and weeks at a time. Studies show that 25 percent of businesses that close because of a disaster never re-open. Not having insurance is one of the reasons many of these businesses don’t re-open.
Customer Injury
Slip and fall cases are common. If you have a business with frequent customer visits, you need to make sure your insurance coverage is sufficient to cover an injury. In the case of COVID-19, following all local regulations to ensure your customers’ wellbeing will spare you an expensive lawsuit in the event someone contracts the coronavirus or worse. Customer injuries include getting struck by an object while on in your business. People can and do get hit by random objects. Make sure your insurance covers this too. You just never know what can happen.
Claims Process
If your business needs to file a claim, you might want to run it by an attorney skilled in the process. They can review your coverage and determine if you have a case. Remember to document everything.
Moving Forward
Now is an excellent time to review your coverage. Too many companies today find that their business insurance won’t cover business interruption due to community lockdowns and forced closures. Plan ahead.
Considering a Commercial Claim
Contact Winston Law, and a member of our team can review your insurance and determine if you have a good case.
