What Types of Damages Can Commercial Property Insurance Cover?

As a homeowner, you likely purchased residential property insurance to protect your personal property if unexpected damages occur. So, if you are a business owner, you should purchase commercial property insurance for a similar reason. Continue reading to learn what types of damages commercial property insurance can cover. And also, find out how one of the experienced New York commercial insurance claim denial attorneys at The Law Office of Craig A. Blumberg can passionately fight on your behalf if your insurance company gives you difficulty.

How does commercial property insurance work?

Put simply, commercial property insurance allows you, as a business owner, to help restore your business to pre-loss conditions. More specifically, it often includes language regarding the following:

  • Physical property damage.
  • Business interruptions.
  • Extra expenses.
  • Contingent business interruptions.
  • Interim payroll coverage.
  • Loss of rents.
  • Extended periods of indemnity.
  • Loss of ingress or egress.

Unfortunately, oftentimes, commercial insurance policies include limitations on coverage, deductibles, conditions precedent, and the requirements needed to make the claim. Also common, these insurance companies will either refuse to make certain payments or make an offer that is far less than what your business deserves. Or, if your policy does not have language regarding business interruption insurance, you may need to consider having a separate policy. This is where one of the skilled New York business interruption insurance attorneys can step in.

What damages does commercial property insurance typically cover?

Typically, most commercial insurance policies claim to cover damages such as those caused by wind/storms, theft/vandalism, fire, and water/floods.

To recover these damages, you will likely be responsible for satisfying several requirements that your insurance company has instilled. They include the following:

  • You must prove that the “peril” interrupted your business for a certain period.
  • You must prove that the damage caused by this “peril” was caused by the peril.
  • You must prove that the property that is damaged is where your business takes place.
  • You must prove that the loss was directly caused by the shutdown of your business.

If you believe your insurance company is not giving you the assistance to which you are entitled, especially after fulfilling these requirements, you must attain the services of a passionate attorney. That said, do not hesitate in giving our firm a call today.

Contact our experienced New York City firm

If you require quality assistance after having suffered a property loss due to a fire, a flood, a severe storm, or a robbery, please do not hesitate to contact The Law Office of Craig A. Blumberg to schedule a free initial consultation.