Get Back to Work

How your commercial property insurance can help you get back on your feet following business closures. 

It’s no question that small businesses have struggled across the country due to closures related to the global pandemic. Paycheck Protection Program loans have helped some, but business owners should also consider submitting a claim to their commercial property insurance company to cover costs outside of payroll. 

Most insurance companies offer policy options to cover losses related to natural disasters such as hurricanes, flooding, fires and destructive winds. You might even be covered in the event of theft or vandalism. There are several types of coverage available with different insurance agencies, but policies commonly cover the following issues.

Property Damage: This can include buildings, fixtures, machines, furnishings, raw materials and inventory related to the function of your business.

Business Interruption:If the damages are so great that business cannot continue as normal, an insurance policy could provide funds for a set period of time to sustain the cost of business operations, payroll and profits. An extended policy may be available to cover additional costs.

Extra Expense: This can help offset expenses incurred as a result of mitigating business loss, such as moving the business until the property can be repaired, and may include equipment breakdown coverage.

Payroll Coverage: Can help cover employee salaries for a set period of time while the business is closed.

Loss of Rents: Based on your rental agreement or lease, this could pay for lost income in a situation where a rental property becomes untenantable after a covered event.

Utility Services: Protects against losses in the event of service interruption for utilities such as water, power, or communications.

Insurance lawyers can help

If you’re unsure if your losses are covered under your insurance policy, an experienced insurance lawyer can help you navigate what’s included. A well-versed insurance attorney can also help you dispute an undervalued or denied claim so your business has access to a lifeline when it’s needed the most. Insurance lawyers can help in the following ways.

• Examine your insurance coverage

• Identify any policy compliance issues

• Evaluate property losses, including building, equipment, and inventory

• Develop comprehensive presentations with expert reports

• Proceed with litigation, if necessary

Business property loss is more than just the building that your company works out of. If you haven’t received reasonable compensation to help get your business back on its feet, an insurance lawyer can review all of your losses to ascertain what you’re owed. They will work on your behalf to recover the payout you deserve to avoid loss of income, company layoffs and even a full shut-down.

Your business insurance should work for you. And when it doesn’t, it’s important to have someone on your side who has the experience required to recover equitable compensation.


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Written by Michael Brehne

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