The fallout of a disaster can be overwhelming and stressful. Going through the insurance claims process can be especially complicated and frustrating. No two claims are alike, rules change based on location and policy provisions, and business claims are always complex and require specialized expertise. Here are five things to be aware of when filing commercial large loss business claims.
1. Hire a Public Adjuster
Public adjusters represent you throughout the insurance claim process. Unlike an insurance adjuster, they are not paid by your insurance company, and are able to fight for the best settlement for you without bias. Hiring public adjusters for property damage ensures that you have someone with experience and expertise navigating the claims process for you. They will create an action plan for your unique situation, and will review your policy with a fine-toothed comb to maximize your claim.
2. Your Property Will be Fully Restored
The goal is to get you up and operational again after significant damage has occurred. Time is money, and being out of business for any length of time will have a major impact on your revenue. Getting your property fully restored and up to current codes and standards is a priority for your large loss insurance claims adjuster.
3. Know What’s Covered
Your public adjuster will interpret your insurance policy for you and read the fine print. They will help you understand endorsements and other technical aspects of your policy you likely haven’t read. They’ve done this many times before, so they know how to maximize your coverage.
4. Be Patient
Insurance claims can take a long time. Normal claims can take up to a year to reach a settlement. Know what you need to become operational, and let your public adjuster navigate the path ahead for you.
5. Negotiate a Settlement
Your public adjuster is in the best position to help you understand what your insurance company offers, and whether it is reasonable, or an unreasonable low-ball offer. Your public adjuster will actively advocate for you to receive the maximum your policy allows. You can count on them to negotiate the best settlement for you.
Your commercial large loss claims are complex, and the road to settlement can be difficult. A public adjuster works to represent you throughout the insurance claim process to ensure your business is well taken care of.
If your business has experienced large loss property damage, contact D.A. Lamont Public Adjusters at 800-342-6690.