Business And Commercial Loss

Suffering a business or commercial loss varies dramatically for each insured. There is no blanket approach or policy when dealing with commercial losses. The loss could be a large big box store, a business tower, residential apartment building, strip mall, stand alone store-front and all the way down to a rental duplex. Each type of fire requires the knowledge to navigate the intricacies of the insurance policy and how we can maximize your claim while ensuring your business remains in tact and you're reimbursed for loss of income. This is doubly concerning if the building owner also owns the business involved as well.

Terms that need to be addressed after a commercial fire

  • Triple Net Lease--if your business suffered a loss, your insurance policy may have a provision which makes you responsible for the repairs of the building. This generally is the case in higher risk businesses such as restaurants, machine shops and manufacturers, but can also apply to retail tenants as well.

  • Co-Insurance--many building owners decide not to insure the building to its full value to save costs, but then become liable for the difference if a loss occurs to the property. This is extremely complicated and a tool the insurance company will use to try and not pay towards the claim. We minimize the penalty for the building owner and get as much back as possible.

  • Business Interruption/Extra Expense/Loss of Income--Many owners are concerned about having their business closed for an extended period of time and make the mistake of quickly trying to re-open and cutting corners. In most cases you are compensated for your business interruption. The extra expense of relocation, advertising, maintaining key employees while closed are just a few of the areas we negotiate for. Determining your loss of income and reviewing past financials is a crucial aspect of most business insurance claims.

  • Loss of Rents--if you're a landlord and have one tenant or hundreds, calculating your loss of rents, determining fair market value and processing the claim is tricky. What if you're building is not being rented to capacity? Are you still allowed to collect on the empty units?

The list of variables is long and these are just some of the key points. This is why you need professional adjusting help for your insurance claim. This is why you need The Clear Choice public adjusters.