There are a lot of things that business owners have to attend to, and that includes having the proper coverage not only for property damage but also for business interruption. As a rule, when something like fire, storms, or earthquakes occurs, businesses have to cease operations for the duration of the crisis, and most probably for some time after depending on the extent of property damage, if any. If damage ensues, there are not only the costs of repairing and/or replacing to consider but also the losses from the business closure.
In areas prone to natural calamities such as tornadoes, commercial insurance coverage is much more crucial for business owners than any other type of insurance. This is because in a lot of cases, an insurance claim will spell the difference between a business going on or not after a disaster.
But making a commercial insurance claim, just like any other claim, is an exercise in patience and tenacity. According to the website of Smith Kendall Buxton Law Group in Oklahoma which is tornado country, to make a successful claim for the full value of the policy it is important to have all your ducks in a row. This involves gathering together a team of contractors and engineers to put together a report objectively assessing the extent of the damage and what it will take to put it back to the way it was that will be acceptable to the insurer.
This is just for the property damage, which often goes through a long process of negotiations until an agreement is reached on the final valuation. In the meantime, the business owner has to either wait for the insurer to stop dithering and start paying, or to pay first for what is needed to get the business up and running again and hope for full reimbursement. Each day of delay has a significant impact on sales, customer retention, and production.
If you are experiencing unreasonable delays in your commercial insurance claims, you should address the issue immediately by consulting with an insurance claims lawyer in the area. An experienced attorney will have the resources and know-how to expedite proper insurance payments.