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Business Property Loss Claims

Being a business owner can be a rewarding endeavor, especially if your hard work pays off with success. Being genuinely successful is difficult when you consider the cost of staying open for business and the amount of patience and perseverance a business owner must display to become profitable. But sometimes even hard work is not enough to deal with unforeseen circumstances, like damage from a tropical storm or hurricane, which can force business owners to file a property loss claim with their insurance company to indemnify them for damages to their business establishment.

Depending on the circumstances, business owners may be in for a fight to get their claim approved. Insurance companies will often claim to have their back when they are paying the monthly premium, but when it comes time to approving a valid claim in an efficient manner it can be a frustrating and grueling experience, particularly if a business owner is unrepresented. A person’s business is likely their life and time away from focusing on growing the business is an additional cost of property damage.

Business Property Loss Claims Lawyer

Unfortunately, natural disasters can strike at any moment. From storms to an unforeseen fire, insurance companies must treat their insured’s fairly and indemnify them for their loss without issue. In reality, often times this does not happen. Abrams Justice Trial Attorneys is an experienced property law firm that will deal with insurance companies and fight for the best possible outcome. In fact, the attorneys at Abrams Justice used to represent insurance companies, so they have an intricate understanding of what it takes to resolve a claim fairly or whether filing a lawsuit is necessary.

If you need legal counsel to go toe-to-toe with insurance companies, contact Abrams Justice at 305-709-0880 or fill out an online form for your free consultation. Ivan and Isabel Abrams will make it their personal mission to hold insurance companies liable for your business property loss claims, because this is why you purchased insurance in the first place.

If you live in Miami-Dade County including Miami, Kendall, Cutler Bay, Hialeah, Coral Gables and any other surrounding areas, contact Abrams Justice Trial Attorneys at (305) 709-0880 today.

Business Property Loss Claims Information Center

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Typical commercial property insurance policies

A business property loss claim can be a complicated process. Not only does the business owner need to have his/her property restored to pre-loss conditions, but the business itself must be able to continue to operate during the time required to repair or rebuild damaged property. This can make the insurance claim process difficult, time-consuming, and complicated, especially if the owner is unable to keep the business open.

It is important for a business owner to know and understand what insurance coverage they choose for their business including deductibles, limitations of coverage, conditions and any specific requirements necessary to make a claim. The following are some of the losses typical commercial property policies cover.

Business Interruption– This insurance coverage is intended to pay for continued operating expenses including profits and payroll if a property loss has caused the business to suspend operations.

Contingent Business Interruption– Provides coverage of lost profits resulting from damage to a third party’s property in certain situations:

  • The insured depends on the third-party to purchase its products
  • The insured business relies on a third-party to deliver goods such as materials or products
  • The insured business depends on the third-party to manufacture and distribute products
  • The insured business depends on the third-party location to attract customers

Property Damage– This includes the exterior/interior building, fixtures, furnishings and inventory.

Ordinary Payroll Coverage– Intended to pay hourly employees and salaries as a continued expense while the business is closed.

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Business Property Loss Claims

One of the most common reasons for property loss in Florida is Hurricane damage and dangerous storms. Although these are not the only reasons for property loss, they have cost property owners and their insurers millions of dollars per year. Hurricane Irma alone has caused well over 40 billion dollars of damage in the Florida Keys. The problem with these storms is that they are unpredictable and can cause other damage you wouldn’t expect like fire damage, mold, wind and water. Here are some common damage claims in the state of Florida:

Water Damage: Water can be a disaster to deal with and repair especially if you live in a tropical climate like Florida. This is by far one of the most common claims and can include burst pipes, flood damage, and plumbing backups.

Fire/Smoke Damage: As one of the most unforgivable and unrelenting forces of nature, fires can be devastating to your business. Fire can consume your business and everything of value inside within minutes. If contained, a fire can still cause permanent smoke damage, which can be just as bad as the fire itself.

Hurricane/Wind Damage: This has unfortunately become an all too familiar part of living in Florida, especially in the last few years. The sheer power of the winds can cause enormous amounts of damage to your business. Add to this debris flying everywhere and it is easy to see why hurricanes are the worst-case scenario for most Floridians.

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Miami-Dade County Resources for Business Property Loss Claims

FEMA– This link provides resources for anyone dealing with natural disaster that has affected their business. This website provides up to the minute information on things like hurricanes, wildfires and major storms. They will also help with shelter, cleanup, and property loss claims if you are not covered by insurance.

Insurance Statute– This link provides information for statutes regarding insurance companies, their rates and contracts. This link gives information on laws pertaining to how long an insurance company has to communicate with the insured during the claims and investigation process.

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Abrams Justice Trial Attorneys | Miami-Dade County Business Property Loss Claims lawyer

If you or someone you know is having trouble settling a business property loss claim do not hesitate to contact Abrams Justice at 305-709-0880] as soon as possible. Abrams Justice represents anyone throughout the Miami-Dade area including North Miami, Miami Beach, Miami Gardens, Doral, Homestead, and Pinecrest.

Abrams Justice Trial Attorneys will use their experience and knowledge to review your case and help you understand all of your legal options regarding your business property loss claim.

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