Commercial building water damage is debilitating, but it’s also unfortunately common. A small leak can lead to a lot of trouble for your business, especially if that small leak worsens into a significant issue that might put your business on hold. Having the proper insurance and getting everything filed quickly will help you get back to working order again when you have water damage.
Water Damage Insurance Tips
Realistically, what you have covered depends on what type of insurance policy you have. Certain policies will cover various issues such as overflow of water, sewer backup, flood damage, or storm-related water damage.
You have to check your policy to be sure, although sudden or accidental damage tends to be covered in most cases. If it’s a problem you have known about for a while, your claim will likely be denied.
Commercial Damage
Commercial water damage is usually caused by flooding, storms, or faulty piping. You might also notice damage if you live somewhere with extremely cold temperatures, damaging your pipes as they freeze.
This is why you need to check over your insurance policy. This is because you might already have a standard policy but may want to add additional coverage. Since leaks and burst pipes are some of the most common causes of water damage, make sure that your insurance covers these at a minimum.
Not Covered
A few things will not be covered in most insurance policies for commercial properties. This includes gradual leaks, which are often seen as negligence, and which you need to try and prevent with proper maintenance over time.
You might be able to get additional coverage for anything else that isn’t covered if you want to make sure that you are completely protected.
Determine Loss
When you do experience water damage in your property, the first thing you should do is determine your loss. Evaluate how much damage you have and whether the amount of your loss exceeds the deductible.
This deductible will be different depending on the type of damage you experience. For example, what your insurance covers will differ depending on whether the damage is caused by a storm or burst pipe, which will also alter what type of claim you file.
How to File
Proceed to file your claim quickly. This will get things moving with your insurance company to start the process and get your business working as soon as possible. In addition, the quicker you file, the faster you can get someone out there to check on the damage and help clean things up.
From here, you can do a few simple things yourself, like moving your undamaged possessions out of the path of the water, but make sure that you have documented all of the damages. This means taking photos and videos, noting standing water, and being clear about what is damaged by the water. This will make the process go that much smoother overall.
If Your Claim Is Denied
Your initial claim might be denied, which isn’t that uncommon. Unfortunately, your insurance company might not even provide you with a lot of information on why. In this case, keep asking questions, and provide your insurance company with any documentation that you have gathered.
You may also fight your denial in this case since insurance companies do sometimes wait. If you believe that your first offer is disappointing, you can go through the process again to ensure that you get a fair settlement. It’d be a good idea to seek professional help at this point
Conclusion
Water damage is significantly problematic for your business. It can leave you waiting for a while to get everything fixed up. However, if you know how to file your insurance claim and have already checked to ensure that you are covered, it will be that much easier to get your business up and running again. If you have any questions or need help with your commercial water damage, don’t hesitate to call us.