Does Your Commercial Insurance Cover Fire Damage?

5/14/2021 (Permalink)

If a fire happened in your Southeastern Wisconsin business, the loss could be overwhelming. The good news? Commercial insurance policies do provide some type of coverage for fire damage.

What Type of Fire Coverage Does Your Commercial Insurance Policy Offer?
The coverage you have for your business depends on your insurance provider and your specific policy. Before you purchase or change insurance, be sure to discuss your policy with your agent so that you know exactly what is covered. Commercial Insurance typically covers these fire- related causes:

• Fire damage
• Smoke damage
• Damage from fire-extinguishing efforts: broken windows, water damage, etc.
• Fire-fighting fees incurred
  

Make sure your commercial insurance policy covers everything you would want to replace if damaged by fire. This includes the building itself, as well as any assets inside like equipment, machinery, and inventory. Keep in mind that there may be exclusions to your coverage, such as liability. This means your policy would not pay for damage to any surrounding homes or buildings caused by a fire originating on your property.

What Can You Do Before and After a Fire?
If your business experiences a fire, the first thing to do after it’s safely out is to call your insurance provider.  Your agent will give you specific claim filing instructions. But before a fire or any other loss of any kind happens, here’s what you should do:

• Take inventory. Make a list of purchase dates and prices of equipment, software, machinery and everything else covered by your policy.
• Keep a record. List and take a video or photographic evidence of all the items. Keep the photos and list in cloud storage or in a secure off-site location.

After a fire, there are some important steps to help streamline your insurance claims process:

• Take photos or video. Before any repairs begin, make sure you do a walk-through to take photos or shoot a video of the damage, including as much detail as possible. In a video, it helps to narrate and explain what the damaged items are.
• Submit your records. With accurate records of the covered property before and after fire damage, you’ll be giving your insurance company the information they need to sufficiently reimburse you.
• Hire a cleanup and restoration professional. Commercial insurance may help your business recover financially, but you may also need professional help with cleanup and repairs. A certified restoration company like your local SERVPRO team can help you get your business back in business as soon as possible.

Want to know more about other cleaning and restoration services that your SERVPRO of Southeast Milwaukee County teams offers? Contact us at your convenience.