Your Confident Advocate For Commercial Property Insurance Claims And Denials
Paying for property insurance is one way in which you can protect yourself and your business. However, insurance companies can be notoriously difficult to deal with when you need benefits from a claim. When you’re facing challenges with an insurer after filing a commercial property insurance claim, we can help.
Our commercial property insurance attorneys at The Loyd Law Firm understand the importance of full, timely payments on the coverages stipulated in your commercial insurance policy. Not only can we help with the claims-filing process, but our firm can step in and take action if a claim is being delayed or denied in bad faith as well. With experience on both sides of the insurance industry, we know the tactics that carriers use and how to counter them.
We Can Help With A Variety Of Situations That Can Trigger A Claim
- Tornado damage
- Storm damage (including hail and wind)
- Hurricane damage
- Fire damage
- Plumbing leaks and burst pipes
- Roof damage
- A/C leaks
- Water damage
- Business interruption damages
- Defense and indemnification
Our commercial property insurance lawyers are passionate about protecting consumer rights. Our law firm has been showcased in the news for representing Texas business owners in business interruption claims during government-mandated shutdowns.
Bad Faith Claim Denials
When an insurer denies a commercial claim, it is important to have the denial examined by an attorney. In many cases, your policy will specifically state that payment on the claim is warranted, making the denial of the claim an act of bad faith. Our firm does not back down from insurance companies who are not paying on legitimate claims made by their insureds. We work tirelessly to see that you get the money you are owed to restore your business. Our lawyers also help multifamily home property owners who have had bad faith denials of their claims.
Frequently Asked Questions About Property Insurance Claims
At The Loyd Law Firm, we are always prepared to answer our clients’ questions about insurance claims and claim denials, including:
How can I ensure that my commercial property insurance policy provides adequate coverage for my business?
To ensure your commercial property insurance policy offers the right level of protection, consider the following:
- The cost of replacement for your building and business equipment, including inventory, signage and improvements
- Policy options that cover fire, theft, storm damage and any other factors that are unique to your location or industry, as well as coverage for business interruption and cyber liabilities
- Pay close attention to exclusions and deductibles, such as any excluded critical risk coverage
- Review your coverage annually or after making major renovations, expansions or significant equipment purchases and expansions
Professional guidance from an insurance broker and/or an attorney can help you avoid being underinsured.
What are some common mistakes to avoid when filing a commercial property insurance claim?
There are a few common mistakes that could potentially impact a commercial property insurance claim, including:
- Failing to report damage to a property or business, delaying or limiting a claim
- Providing inadequate records of damage, repair costs or lost inventory, leading to reduced payouts
- Discarding damaged property before an insurer makes any inspections and approves a claim
- Providing inaccurate statements that could lead to potential disputes
- Ignoring crucial steps when filing a claim, such as missing deadlines
- Failing to mitigate your losses as required after the property is damaged
You must avoid these common mistakes when filing a commercial property insurance claim. Our attorneys at The Loyd Law Firm can help you avoid these costly mistakes.
Can I make temporary repairs to my commercial property while waiting for the insurance claim to be settled?
Typically, yes. Certain damage to a commercial property must have temporary repairs to avoid further damage, such as repairing a leaking roof or a damaged wall. However, thorough documentation is important to recover full damages for the repair, including photos of the damage and receipts for the repairs.
How do I handle a commercial property insurance claim if my business is forced to close temporarily or permanently?
If property damage has prevented your business from operating temporarily or permanently, then it is important to review your policy for business interruption insurance. Business interruption insurance can cover certain losses while a business is closed, such as lost income and operating expenses.
Get Answers To Your Insurance Claim Questions
For more information about how we handle commercial property insurance claims and other insurance matters for property owners, get in touch with our firm today. Call our office at 210-775-2234 or send us a message online.