When disaster strikes, whether it’s a flood, an unexpected fire or storm force winds or even vandalism, the aftermath can leave business owners overwhelmed.
Faced with significant damage to commercial property, many businesses simply cannot continue without extensive insurance cover and urgent business strategic advice.
Filing a commercial building damage claim doesn’t have to be daunting. With the right knowledge and approach, you can navigate through this complex process with confidence.
You will need to file a claim with your insurance company. However, the process of navigating through the claims process can be confusing and time-consuming if you are not familiar with it.
YourClaim Assessors are licensed by the Financial Conduct Authority, who provide financial reimbursement to customers in the event a licensed firm financially defaults on their contractual obligation. YourClaim have extensive knowledge and experience in handling all types of property damage claims, including those for commercial buildings.
Filing your commercial property damage claim
Filing your commercial building damage claim principally involves contacting your insurance company as soon as possible. Most insurance policies have specific timelines within which claims must be filed, so it is important to act promptly.
Before making any repairs or clean-up efforts, it is essential to document damage thoroughly. Take photos and videos from multiple angles and make a detailed list of all damaged items within the property, as best you can. YourClaim Assessors will help you with this.
We strongly advise before you contact the insurer you review your policy cover, consult with YourClaim Assessors to help and help mitigate your position, should insurance cover be incomplete, or insufficient.
Once you have reported the damage to your insurer, and the claim is in excess of £10,000 for example, Insurers will generally assign a third party loss adjuster who will assess the extent of damages and determine claim validation on behalf of insurers.
It is essential for business owners to review their insurance policy carefully beforehand so that they are aware of what types of damages are covered and not fall victim to a claim repudiation.
After documenting and assessing the damage, YourClaim Assessors will obtain repair estimates from approved professional advisers such as building surveyors, engineers and contractors.
YourClaim Assessors will prepare a schedule of loss or repair to present to the loss adjuster. It’s important you do this before you consider any settlement proposals
It is also important to understand the difference between replacement cost value and actual cash value (ACV) when determining coverage for damages. RCV refers to the amount needed to repair or replace damaged property with materials of similar quality without deducting depreciation. ACV takes into account depreciation when calculating the value of damaged property should a cash settlement be considered.
Business owners should be made aware of any policy exclusions listed, which could limit their coverage in case of damages. YourClaim Assessors would advise on such matters.
Accidental damage and escape of water claims may be policy exclusions, policy excesses may vary accordingly. Flat roofs maybe excluded unless they have been specifically disclosed and written into the policy. Policy covenants and endorsements need to be clearly understood.
The documentation process should begin as soon as possible after the damage has occurred. Take photos or videos of the entire building, including both interior and exterior areas. Be sure to capture any visible damage, such as broken windows, water leaks, or structural issues. It’s also important to take photos of any equipment or inventory that has been damaged.
YourClaim Assessors are licensed by the Financial Conduct Authority, who provide financial reimbursement to customers in the event a licensed firm financially defaults on their contractual obligation. YourClaim have extensive knowledge and experience in handling all types of property damage claims, including those for commercial buildings.
The main role of a loss assessor is to advocate for the policyholder and ensure that they receive fair and just compensation from their insurance company. They understand the intricacies of insurance policies and can help business owners interpret their coverage to determine what damages are eligible for compensation. Additionally, they have strong negotiation skills and can work towards maximising the claim settlement amount for their clients.
So when exactly should you consider contacting a licensed loss assessor?
The answer is as soon as possible.
Time is of the essence when dealing with an insurance claim and having a loss assessor on your side from the beginning can greatly benefit your case.
Loss Assessors generally work on contingency fees, meaning they only get paid if you get paid. This ensures that they will do everything in their power to secure the best possible outcome for your claim. However, it also means that it’s crucial to choose a reputable, experienced and fully licensed assessor. If Assessors are charging you directly for building damage claims, contingency fees should not exceed 10 percent.
An Assessor can assist and advise on all aspects of your commercial claim. Contents and tenants’ improvements, interpreting policy cover and ensuring you reach a settlement that fully indemnifies your business. We arrange plant and equipment restoration and repairs, with payment on account to ensure cash is flowing smoothly at your time of need. YourClaim have developed an excellent stock loss inventory tool that enables clear and concise schedules of loss that can be easily understood and validated by your insurer’s appointed representatives.
In addition to advocating for fair compensation for property damages, a licensed assessor can also assist with business interruption claims. These types of claims involve lost income or profits due to damaged premises or suspended operations, identifying and securing alternative trading premises for your business operations. Calculating these losses can be complex, but a skilled loss assessor knows how to accurately document lost profits and present them effectively and concisely to insurers.
Throughout the entire process, an experienced assessor will provide regular updates, guidance and support to business owners who may feel overwhelmed by navigating through complicated insurance policies and procedures. As experts in their field, they understand what it takes to successfully negotiate with insurance companies and will work diligently to ensure that their clients receive a fair and timely settlement.
The role of a loss assessor is crucial in the commercial building damage claims process. They provide an objective assessment of damages, handle all necessary paperwork and negotiations, act as advocates for policyholders, and offer support throughout the entire process. Hiring a reputable assessor can greatly increase the chances of receiving fair compensation for damages and minimise disruptions to business operations.
Speak to YourClaim if you need any help with your insurance claim.
