In the state of Florida, the filing of commercial claims can become a complicated endeavor with the repair of damaged property, machinery, or inventory. Businesses purchase insurance to protect their assets, but understanding the processes and how to process a claim is essential to ensuring a smooth claims process.
Then, when property damage, loss or theft occurs, one of the first steps is to file a commercial claim with the insurance company. Businesses need to be aware, though, that the claims process can look different from residential claims. The following are the essential steps to take when handling commercial claims in Florida.
Assess the damage thoroughly
The first and most important step in Florida when filing commercial claims is to conduct a loss assessment. Whether the situation has been prompted by nature (fire, flood) or crime (theft), taking stock of what was damaged and documenting it will be critical for supporting your claim. Take quality photos and detailed notes of affected areas or items. This will be important documentation when you file the claim with your insurance company.
At this stage, it’s also important to take a look at your business insurance policy. Different types of policies cover different levels of damage, so it’s important to understand the coverage you currently have. Some policies may only cover structural damage; others may also cover inventory or equipment loss. Understanding what’s covered will help you avoid unpleasant surprises.
Tell your insurance company as soon as possible
After assessing and documenting the damage, you need to notify your insurance company as soon as possible. Florida has made these commercial claims exceedingly strict in terms of reporting timeframes, where failing to file promptly could result in disbelief of the claim. Be sure to give all necessary details — what the loss involved, what documentation you’ve compiled, what damage the insurance will not cover, and what immediate repairs were performed to avoid further damage.
When a business faces potential loss in Florida, a lot of coverage is contingent upon the business to mitigate loss as much as possible. That might include things like boarding up windows or covering a roof to prevent more water from coming inside. However, keep receipts for any emergency repairs that may be negotiated or reimbursed.
Work with an adjuster
After your commercial claim has been submitted to your insurance company, they will send an adjuster to inspect the damage. This person will assess the damage and decide how much will be paid from the insurance. The adjuster will help you maximize coverage for all of your losses associated with the disaster. Prepare for the adjuster to arrive at your property and visually assess the damage.
It’s a good idea to have a pro — like a contractor or lawyer — be there when the adjuster comes to visit. They can aid in spotting damages that aren’t immediately apparent or confirm that all facets of the business loss are included. “An expert can also be helpful when there are disputes about the settlement amount.
For further claims or coverage, file
In some cases, businesses will uncover other kinds of losses that are not initially covered under their first commercial claim. For example, business interruption damage may need a separate claim. Also, if you have business interruption coverage, be sure to file that claim too. This coverage can help replace lost income should the damage disrupt your business's operations.
Stay organized and follow up
The last step to commercial claims filing in Florida is to stay organized and keep following up with the insurance company. The claims process can occasionally take a while, so having a clear record of all communication, paperwork, and progress will help ensure that everything proceeds as smoothly as possible.
When you know how the process works and stay ahead of it, filing commercial claims in Florida isn’t intimidating. By documenting the damage, reporting to your insurer as soon as possible, working with professionals and staying on top of the process, you can navigate recovery from loss or damage more efficiently and effectively.
Mike Ryan is the author of this article. To know more about Commercial Insurance Claims in Florida, please visit our website: globalclaims.net.