How Commercial Insurance Can Help After a Fire

1/8/2021 (Permalink)

How Commercial Insurance Can Help After a Fire

If a fire damages your business, the loss can be devastating. Fortunately, commercial insurance can ease the financial burden.

Coverage
Coverage varies depending on your provider and particular policy. It is important to discuss your policy with your agent so that you know exactly what is covered. In general, though, insurance is likely to cover expenses stemming from the following causes:

• Fire
• Smoke
• Fire-extinguishing efforts: broken windows, water damage, etc.
• Fire-fighting fees
  
  

When purchasing or updating your policy, make sure that it covers everything you would want to replace if damaged by fire, including the building itself, machinery and inventory. Remember that there are likely exclusions to your coverage. For example, your policy may not cover liability. This means it would not pay for damage to your neighbor’s building caused by a fire originating on your property.

Claims
After incurring fire damage, you should call your commercial insurance provider for specific instructions on filing a claim. However, there are certain steps that will apply in most situations. Before you experience a loss of any kind, it is important to make an inventory. Make a list of purchase dates and prices of equipment, software, machinery and everything else covered by your policy. Take video or photographic evidence of all the items. Keep the photos and list in cloud storage or in a secure off-site location. After the fire has been extinguished, take photos or video of the damage before beginning repairs. Be sure to get as much detail as possible. If you are doing a video walkthrough of the damage, it may help to narrate and explain what the damaged items are. Accurate records of the covered property before and after damage ensures the insurance company has the information that they need to adequately reimburse you.
While commercial insurance can help your business recover financially, you may also need help with the cleanup and repairs. A certified restoration company can help you get your business back to preloss condition.