In Texas, commercial property damage can impact your business at any time, and often without warning. Severe weather, fire, theft, vandalism, and associated costs can threaten the people who depend on your business. You may be hoping commercial property damage insurance will cover the costs of repairs, replacement, or lost income when your business is forced to close due to such damage, but insurers do not always honor a valid claim right away.
Your ability to draw an income or pay employees may depend on properly filing a claim and knowing what to do if your claim or your appeal is denied. Read below to prepare for the steps ahead, and contact us at McLaurin Law if you have questions about the commercial property damage insurance claims process or if you are ready to file a claim, appeal, or lawsuit with your insurance company in Houston, TX.
Recognize & Respect Your Insurance Policy Terms When Making a Claim
You pay for commercial property damage insurance to seek security against interruptions, delays, and lost revenue. When you make a claim, your insurance company has similar concerns of its own, and both sides will need to act according to your agreed policy terms.
It is your responsibility to be true to your policy terms and report your claim in a prompt and accurate manner. You need to determine what is included under your policy and what is excluded. Speak with an experienced commercial property insurance attorney at McLaurin Law to identify the extent to which the damage you have suffered should be covered under your policy terms.
Important Steps To Take When Preparing To File Commercial Property Damage Claims in Texas
Before you file your commercial property damage insurance claim, you should take the following steps to prevent falling victim to some common pitfalls:
- Identify the statute of limitations in your policy’s terms
- Prepare accordingly to file your claim before the deadline
- Protect your damaged property from any additional damage from weather or the elements
- Thoroughly document all physical damage with photographs and detailed notes
Our commercial property damage claims legal team can help you identify the steps and information that will be important for your claim.
Filing a Commercial Property Damage Insurance Claim in Texas
You need to act quickly and immediately take the time to understand your policy, understand the process, and gather the necessary documentation before proceeding. Policy terms often require you to notify your insurance company as soon as possible after the damage occurs.
Be sure to have your policy number handy, and be prepared to provide details about the incident with documentation, such as photos or receipts, on hand. Your Texas insurance attorney can assist you throughout this process.
What Happens After You File a Commercial Property Damage Claim in Texas
Once you have filed your claim, an adjuster should promptly and thoroughly investigate the damage. They will then prepare a report that your insurer will use to determine how much coverage you are eligible for under your policy, and you or your attorney will need to work with them to settle the claim, which requires agreement on a fair value for the damaged property.
If you agree on the cost of repairs and you proceed to make repair and replacement arrangements, you will submit a final bill to the insurance company for reimbursement. However, agreeing on a settlement may require some negotiation. Insurance companies are notorious for seeking to undercompensate you when you make a claim, and you may need to appeal.
Appealing The Decision When Your Commercial Property Insurance Claim is Undervalued or Denied in Texas
The first step towards an appeal is to contact a commercial property insurance claims attorney to review your case and advise you on the right course of action. If you have a strong case, your attorney can help you file an appeal and negotiate with the insurance company on your behalf.
You will need to work with your attorney to provide additional evidence to support your claim when you appeal. Working with an experienced Texas commercial property insurance lawyer to maintain proper documentation early in the process can put you in a good position to make a strong appeal following a denied insurance claim.
Filing a Bad Faith Lawsuit Following a Denied Claim Appeal in TX
If your valid claim was denied in bad faith, then your attorney can help you to file a lawsuit. Whether your insurance company failed to promptly and properly investigate your claim, denied your claim by citing false reasons, or used misleading policy terms to make a sale and lead you into a false sense of security, the law in Texas is on your side in these matters if your insurer knowingly deceived you.
You can also claim additional damages beyond the losses from your commercial property damage in a bad faith lawsuit. Understand there is a two-year statute of limitations to file a lawsuit for bad faith on a property damage claim in Texas, starting from the date of the deceptive act or your diligent discovery of the act. Insurance companies should not be allowed to take advantage of business owners and their stakeholders. At McLaurin Law, we sue insurance companies to help policyholders like you seek fair and appropriate compensation.
Hire a Houston, Texas Commercial Property Damage Insurance Attorney That Knows Insurance Companies’ Tactics
If you have questions about filing an insurance claim, or if your claim or your appeal has been denied, contact our experienced commercial property damage attorneys at McLaurin Law today in Houston, TX at (713) 461-6500 or fill out our online form to schedule a free consultation.
We use the insights gained as an insider for the insurance companies to help your case. There are many business expenses that you can claim if your business has been the victim of commercial property damage, so don’t give up after a bad break. We’re here to help you. McLaurin Law — When you need more than luck on your side