4 Common Mistakes To Avoid While Claiming Insurance For Your Commercial Property

There are a number of reasons which can be attributed to commercial property damage. But, the most common one is weather events like hail storm, excessive rainfall etc. If you have your property insured then obviously will receive the money. But while putting the claim there are certain mistakes that we don’t want to make, but end up making it.

Always remember a simple strategy of the insurance company. They want to
. pay less to the client and earn more. So, you have to be very careful while putting your claims, to avoid the process being time consuming.

Here, I will give you an overview of a few common mistakes we commit unconsciously, while filing a commercial property insurance claim.

Inability to properly understand the provisions

While signing an insurance policy, we do not properly read and understand the provisions and exclusions. This lack of understanding of the policy, later leads to trouble when claiming for insurance. The company shows various clauses which mentions that the claim you are making is not included in the policy. The company will have a representative, whom you can ask your queries, but you yourself needs to be sure as to what questions to be raised. Therefore, the smart way to do is hiring an experienced insurance professional, who knows how to recover a proper settlement claim from your insurance carrier.


Inability to protect your property from further damage

If due to weather conditions your commercial property is damaged, then you will get the claimed money. But, if your negligence leads to further damage of the property, then I am afraid it will be difficult to extract money from the insurance carrier. For example, if hailstorm destroyed a part of your property and you did not take the initiative to remove the hails off the destroyed part, leading to more destruction, then it will be considered negligence on your part and the insurance claim will not be processed.

Inability to negotiate

If your property claim is subject to a slump, then you must know the tactics to negotiate with the insurer. The hack to this is to use a simple formulae. Calculate the actual cash value and the depreciation value and negotiate accordingly. But, here I will say that since you are not a professional in this field, it is best to hire a professional insurance company to do help you claim money.

Not hiring a professional

If you are planning to manage your claim all by yourself, think again. This is another mistake that you are doing. It is always better to get such things done by a professional. Not hiring a professional for this service can be a very costly mistake indeed. The professional inspects and measures the damaged property, properly reviews the policy and takes proper measures to get your claim.

Now, that you know what common mistakes people make while filing an insurance claim, you will be cautious while committing these inaccuracies. The best way to get all the money for your commercial property damage is to hire a good, reputed and experienced insurance professional.