Your business premises may be one of your most valuable assets organization. It can also be one of your biggest liabilities. Your insurance policies can protect you against property damage caused by criminal activity or inclement weather. It can also help you minimize your liability when visitors get hurt on your property.
Property damage claims are often complicated, as insurance adjusters may question the severity of the damage or the true cost to perform repairs. If you make a sizable claim against a commercial insurance policy related to property damage, you may require an independent damage inspection.
Outside experts can make big differences
As someone who runs a business, you understand how important generating profit and balancing the company’s budget is. Unfortunately, the profit incentive that motivates you and your employees to do a good job could also inspire your insurance company to aggressively negotiate when facing sizable claims.
Even if the insurance company does its own inspection, it may try to offer less than it should given the extent of the damage to your facilities. It is quite common for insurance adjusters to offer low settlements, frequently based on outdated or cut-rate building repairs. Given that you want your premises to be safe and presentable, you may recognize that the amount they offer for repairs won’t help you get the property back into its prior condition.
An independent damage inspection helps clarify the extent of the damage for your insurance company. Bringing in a third party to review the condition of your property, make a list of the repairs needed and estimate the likely financial cost of those changes will give you leverage when negotiating with your insurance provider.
They will have a hard time maintaining a firm stance on their offer when it is obviously far below what an independent professional thinks would be appropriate. The report generated from that review could also help your business if you have to go to court to get compensation from your insurance company.
Instead of simply accepting a settlement that won’t fully cover your costs, you may need to start building a case for a larger insurance payout. Bringing in an independent damage inspector is one of several steps that will facilitate a more successful commercial insurance claim.