What You Need to Know About Commercial Property Insurance

What You Need to Know About Commercial Property Insurance

People purchase insurance to protect them when the unexpected happens. As a business owner, this is no different. If you are someone who owns a business, you most likely have purchased commercial property insurance to protect your business from damage–whether storm-related damages, robberies, and otherwise. Please continue reading and speak with our knowledgeable New York insurance law attorney to learn more about commercial property insurance and how we can help you if your insurance company is trying to make your life difficult. Here are some of the questions you may have:

What is the purpose of commercial property insurance?

Commercial property insurance allows business owners to help their business recover from damage, should anything happen to it. Unfortunately, though your commercial insurance policy may claim, on the surface, to cover loss of ingress or egress, loss of rentes, business interruptions, extra expenses, physical property damage, and more, there is a very good chance you may find your insurance company refuses to make certain payments, and will use the vague, non-descript language in its terms against you. We are here to help.

What types of damages does commercial property insurance generally cover?

In general, most commercial insurance policies claim to cover various types of damages, including those caused by wind/storms, theft/vandalism, fire, and sometimes even water/floods. That being said, oftentimes, despite an insurance policy claiming that it covers various scenarios, the truth is, your business will generally have to first satisfy a wide array of requirements. Some of the many typical requirements that commercial property insurance demands policyholders meet are as follows:

  • They must have to prove that the “peril” interrupted their business for a certain period of time.
  • The will have to prove that the damage caused by this “peril” was, in fact, caused by the peril.
  • They must prove that the property that is damaged is where the business takes place.
  • They must prove that the loss was directly caused by the shutdown of their business.

Unfortunately, these cases are not always easy to come out on top of, however, if you believe your insurance policy is being dishonest or not giving you all the assistance of which you are entitled, our firm is here to help. All you have to do is pick up the phone and give us a call.

Contact our experienced New York firm

The Law Office of Craig A. Blumberg is an experienced New York City insurance law 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 our firm to schedule a free initial consultation. A knowledgeable attorney on your side in your time of need can make all the difference.