Leveraging Property Insurance to Manage Business Finances and Capital Expenses Budget

2020-07-08T01:40:46-04:00 April 1st, 2020|

For a very long time, there’s been a misconception that property insurance funds paid to policyholders must immediately be used as allocated and directed by the insurance company. Property owners believe that failing to restore their property to its condition prior to their insurance claim will result in possible insurance fraud allegations. This misconception, as well as concern that using their policy will result in higher monthly and annual premiums, has spread fear and ultimately has deterred policyholders from filing claims on their properties, and leaving their own money on the table.

In these unprecedented times of government mandated closure, business owners and property holders are left with severe loss of revenue, while maintaining the burden of the same expenses. Capital expense budgets are being stretched, and business owners across the United States are already working to find ways to balance finances. These financial obligations and their imbalances will inevitability lead to the failure of many small and medium-sized businesses, and a significant increase in unemployment and economic instability.

Premier Claims is a resource in providing information on how to leverage your property and business insurance to claim money business owners are likely already owed for existing damage to their properties – and (most importantly!) how retain cash flow in the process. While some business owners may have coverage for Business Interruption, there are many policies that exclude coverage for loss of revenue related to viruses or government closures. Regardless of the presence of Business Interruption coverage, there is hope.

It is uncommon for a policy to exclude physical damage to a property, but many business and property owners are unaware that their buildings may have significant, insurable damage. This damage, left unclaimed, is leaving available funds on the table that business owners can allocate as necessary to cover expenses until operations and cash flow resumes as normal. Repairs can be deferred while payroll is met and essential operating costs are covered.

Where do we come in? Premier Claims uses hail and wind mapping software to verify and screen properties that have been affected by these events. This mapping, in addition to our offering complimentary site inspections, is an invaluable resource to business and commercial property owners.

Once Premier Claims has virtually verified a property has been affected, our in-house team deploys damage experts nationwide to inspect and review properties on-site. Premier Claims can provide an estimated and projected value of a claim to policyholders. Once a client has agreed to contract with us, our wide range of service includes legal oversight, extensive estimating using professional software, and an experienced team ensuring claims are negotiated until they are paid to their fullest extent.

With Coronavirus affecting businesses worldwide, Premier Claims is extending and reiterating its dedication to being a resource to business and property owners across the United States and its territories. Contact us today and provide our team of experts with a copy of your policy for a complimentary property evaluation. With Premier Claims as your advocate, we are confident that business owners can weather this storm.

 

Contact information: info@premier-claims.com or 877.219.0049

Kyle Maring, Senior Public Adjuster, Premier Claims