Different threats await businesses and commercial properties, many of which the typical homeowner would never have to face. As a business owner yourself, how well do you know your own insurance policy? There’s no better time than today to understand commercial property insurance claims, which is why we’re here to share some key details!
From policy reviews to submitting damage claims and more, Altieri Insurance Consultants Miami is the team of public adjusters that property owners can rely on for all of their commercial insurance needs! Let us help you get what you are owed when you schedule your complimentary consultation.
1. There Are Several Types of Commercial Property Insurance
Did you know that there are several types of coverages for commercial properties? These are Several Coverages you should know about:
- Building Coverage: Covers the physical structure of the commercial property, including the roof, walls, foundation and permanent fixtures and equipment
- Business Personal Property: Also known as contents, this includes inventory, furniture, tools, supplies and equipment
- Business Interruption Insurance: this replaces lost income and helps cover operating expenses like payroll and utility bills if the business has to close or slow operations
Learn more in our commercial claims overview and find out how our team of public adjusters in Miami can help your business with a fair settlement!
2. Commercial Property Payouts Are Calculated By RCV and ACV
Now you know what’s covered, but do you know how much you’ll be reimbursed? Policies for commercial properties in Miami often go by either Replacement Cost Value (RCV) or Actual Cash Value (ACV):
- RCV goes by today’s price of a brand-new replacement for your damaged item, not counting for depreciation.
- ACV is calculated by taking the cost of the replacement and subtracting the cost of depreciation.
RCV will likely get you a higher payout as the reimbursement amount honors current prices, making it the better option for business owners dealing in expensive equipment. ACV typically results in lower payouts, but at the benefit of lower monthly premiums for business owners on a budget.
3. Commercial Property Owners Might Require Additional Documentation
Think about how many files and documents you need to submit a damage claim on a house. Now add another hefty pile to the mix. That’s what it’s like filing for a commercial property damage claim. Makes sense, since business owners in Miami have increased liability and more to account for.
Here’s what you might have to share when submitting a commercial damage claim:
- A detailed list of damaged inventory
- Profit-and-loss statements
- Employee payroll records
- Business-related tax documents
- Any available police and fire reports
- Photo and video evidence of the damage
- Lease agreements
Learn more about how to be prepared when it comes to commercial property management in Miami.
4. You Could Include Additional Charges For Commercial Damage Claims
Get the most out of your insurance coverage by factoring in all losses. As we mentioned earlier, business owners have a lot more going on than the average homeowner. If you had to close up shop while waiting for repairs, every day spent is an entire day of lost income. It also costs a pretty penny to hire professional help for the clean-up process. All that leftover debris has to go somewhere. Between cleaning up, rebuilding, replenishing inventory and calculating the lost revenues, there are many insurance coverages to navigate, and protocols to follow. Having an expert well versed in navigating complicated, layered policies can be advantageous to getting your business back up and running as quickly as possible.
As a commercial property manager who doesn’t have insurance on the mind 24/7 (we get it, you have more important things to tend to), it can be easy to overlook these minute details that can turn into large claimable items. That’s why it’s always a smart idea to hire a public adjuster in Miami so that no stone is left unturned.
Get Your Business Back Up and Running When You Call Altieri Insurance Consultants Miami!
Altieri Insurance Consultants Miami is the partner property owners rely on. We help commercial property managers and business owners in the area get their livelihoods back on track with damage claims services, pre-loss planning, and everything else you need for smooth operations. Call us today at (813) 247-4757!
