You sustain damage, you file a claim, and you receive a settlement. That’s the basic idea of property insurance, but is it really that way for everybody? You might not realize that you’re getting a different experience as a commercial property owner than that of a homeowner (or the other way around). Find out the key differences between commercial and residential insurance claims before reaching out to Altieri Insurance Consultants Miramar Beach! We’re the partner property owners rely on.

1. Commercial Properties Usually Require A More Keen Eye Towards Coverage

Commercial property insurance policies must account for a variety of risks associated with each respective business they insure. This makes the “one size fits all” policy format typical of a homeowner’s policy not very effective in the commercial world. The diversity of complexities for commercial operational requirements encompasses scenarios far beyond that of just insuring real and personal property. Therefore, the need for the business owner and their agent to be tuned into exactly what is vital to sustaining operations in the event of loss can be critical to the business surviving a catastrophic event.

Business owners face many more obstacles when it comes to commercial property damage since it’s public place of operation, involving employees or tenants and other businesses. In addition to the different types of commercial structures and business personal property types to insure, include compensation for loss of business income, loss of rent, inventory, stock, raw materials, finished products, keeping employees, etc. must be considered.

Learn more about our wide scope of commercial damage claims services!

2. Commercial Property Owners Have More Legal Exposure Than Homeowners

Because a residential property is personal to the homeowner, residential claims come with fewer legal obligations compared to commercial property owners. Commercial properties are often used by employees, the general public, other businesses, or by approved vendors which means that there are greater liabilities when there’s property damage on site. Commercial property owners carry more responsibilities and a duty to uphold the safety of others beyond just themselves.

3. Business/Commercial Claims Typically Generate Larger Settlements

By now you know that commercial property claims are more involved than residential property claims requiring a more in depth preparation process with legal considerations. Because of these greater differences, it’s not unlikely for commercial property owners to see comparatively larger settlements. The obvious nature of larger physical structures, complexity of a variety of commercial personal property types including mechanical equipment, and revenue streams are to be contemplated.

4. Commercial Claims Involve Much More Documentation

Larger properties mean more than just the possibility of a higher settlement. The bigger the space, the more there is to document when filing a claim. Business owners are busy enough performing the work of their business. This is why many of them hire public adjusters to handle the extensive amount of paperwork, investigation inspections, documentation, submittals, and negotiations with insurance carriers. It is just good business to hire professionals who handle claims for a living, while the business owner concentrates on keeping their business operational. Taking advantage of the availability of Altieri Insurance Consultants to handle your claim prevents mistakes from being made through oversight and just not knowing the ropes because most owners are experts in their business, not insurance.

Meanwhile, homeowners have a much shorter list of documents to report. It’s still possible to make mistakes when making a residential insurance claim which is why it’s still worth it to hire a public adjuster..

Make Sure You’re Covered In Miramar Beach! Reach Out to Altieri Insurance Consultants Today

Altieri Insurance Consultants Miramar Beach is here to help you receive a fair offer to help you get your life back! Learn more about how we serve Miramar Beach property owners before scheduling a consultation appointment with our amazing team of public adjusters near you.