Understanding Commercial Fire Damage Insurance Claims

For company owners, the aftermath of a fire is a stressful period. While waiting for an insurer to settle a claim, many business owners may confront cash-flow challenges, rebuilding and construction issues, and exceedingly tough decisions. Continue reading to learn about the various types of fire damage losses and what owners can do before submitting a commercial fire damage insurance claim to optimize their insurable settlement.

About Commercial Fire Damage Insurance Claims

According to the National Fire Protection Association (NFPA), roughly 500,000 structural fires occurred in the United States in 2017, with property loss totaling $10.7 billion. Fires in commercial, institutional, or public buildings accounted for one out of every four fires, with manufacturing and industrial enterprises being the most prevalent victims.

Businesses are in danger not just because of the high possibility of fires, but also because of the wide range of damages that flames may produce. The vast majority of fire insurance claims are for structural damage and business disruption.

Steps to Consider for Commercial Fire Damage Insurance Claims

  • Consider Business Interruption Coverage

When there is significant damage to your business or property, one of your primary worries is likely to be the loss of revenue as a result of the stoppage in business activities. Though business interruption coverage is frequently included in a comprehensive insurance policy, it can be confusing. Before calling your insurance company, check your policy to determine if business interruption coverage is covered and how much it covers.

If you will need to file a business interruption claim, you should clearly mention it to your insurance agent. Prepare to bring in professionals to assess the problem and offer detailed financial paperwork to demonstrate the effect of lost business as a result of the damage. Because these sorts of claims are difficult, insurance companies may deny them or provide a lower settlement amount to simply resolve the claim. You may need to hire a lawyer to guarantee that your claim is treated properly.

  • Contact Your Insurance Company

If your business or property has sustained significant damage, you should call your insurance carrier as soon as possible. They may go through your policy with you and walk you through the processes necessary to file your claim. After you register your claim, your insurance company will dispatch an adjuster to inspect the damage.

  • Call a Trusted Restoration Company

Following the filing of your claim, you should contact a damage restoration professional to safeguard and repair your company or commercial property. There are several firms that claim to offer these services. It is critical to employ an expert and qualified business to protect your property from any damage or issues. Though your insurance company may recommend a firm, this is merely a recommendation; it is ultimately up to you to select a reputable restoration contractor.

Claim What’s Rightfully Yours with Stone Claims Group

Stone Claims Group’s mission is to use cutting-edge investigative techniques to push the boundaries of claims investigation for our clients. Our public adjusters have a long history of success and experience working with customers from all walks of life, and we serve over 15 locations across the United States.

You will receive a committed team of individuals as well as our combined talents to provide frequent contact, attention to detail, and varied opinions on how to substantiate your claim when you employ our services.


    Notes (optional): "Please feel free to address anything else (your title, number of buildings, number of stories, number of units, etc.)"