Running a small business isn’t for the faint of heart. You’ve worked many long days and followed your dreams, even when it seemed impossible. And now you’ll do everything you can to protect your business — including getting the right property insurance. Hopefully you won’t need to use it, but if you do, learn more about what’s covered, then follow these simple steps to file a commercial property insurance claim so you can get back to business in no time.

What’s covered by commercial property insurance?

Depending on your insurer, commercial property insurance usually covers:

  • The commercial building or space. If there’s damage from an insured peril, commercial property insurance will cover the cost of repairing or replacing the damaged parts of the building.
  • Equipment, documents, inventory, and employee possessions. If there’s damage from an insured peril, commercial property insurance will cover the cost to repair or replace these items.
  • Income protection or business interruption coverage. If an insured peril forces you to temporarily close your business for repairs or makes your business inaccessible, commercial property insurance will reimburse you for lost income.

When should I file a commercial property insurance claim?

Before you file a business insurance claim, ask yourself these questions:

  1. Can I afford to have a claim on my insurance record? Some insurers offer discounts to claims-free customers — plus, your claim may cause your insurance premium to increase. If your record isn’t as spotless as you’d like and the damage is minimal, consider paying for damages out of pocket.
  2. Will the damage cost more than my deductible? If the estimated cost is less or even slightly higher than your deductible, ask yourself whether it’s worth paying for repairs or replacements on your own before filing an insurance claim that could affect your premium.

Running a small business can be stressful! Make sure you have the right commercial property insurance to cover any unexpected expenses for damage to your building, inventory, or equipment.

How do I file a commercial property insurance claim?

If you’ve asked yourself the questions above and you’re confident that filing an insurance claim is the best option, here’s how to get started:

  1. Review your policy carefully. Take a moment to review your commercial property insurance policy to double-check which perils are covered and if there are any limits on your coverage.
  2. Start documenting everything. With the help of staff or witnesses, create a detailed list of all the damaged, destroyed, or stolen property. Collect purchase orders, invoices, receipts, police reports, and warranties for damaged or stolen items, and take photos to provide as much evidence to your insurer as possible.
  3. Contact your licensed insurance broker or insurer. If you have a broker, contact them as soon as possible to begin a detailed report. If you don’t have a broker, your insurer likely has a 24-hour claims service that you can call to begin the process.

    Before filing a commercial property insurance claim, make sure you take detailed notes of the loss, snap pictures of the damage, and keep all related receipts.

  4. Keep your phone close by. After filing your claim, a claims specialist or adjuster will contact you to discuss your loss and the next steps. Keep a list of all the details to make this process as easy as possible for you and your insurer.
  5. Keep all receipts once repairs begin. Depending on your insurer, you may have to pay for repairs or replacements out of pocket and receive a reimbursement later. Make sure you keep all invoices and receipts to send to your insurer.

Commercial property insurance can help protect your business from the unexpected and save you from some serious emotional and financial stress.

Take your business protection to the next level and see how commercial liability insurance can help save you against costly, out-of-pocket expenses for others’ property damage, injury, or lawsuits.

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