Listing Some Common Business Insurance Claims in Texas

Running a successful business is no easy task. There are a lot of avenues you need to focus on and many places where unexpected incidents can occur. This is where business insurance comes into play. It differs from conventional policies because it offers a range of coverages and plans. These policies protect the business’s premises, provide liability coverage, workers' compensation, and more.

As a business owner, you should always have a reliable public insurance adjuster when filing claims for losses. They can provide you with expert commercial claims assistance that ensures a swift and speedy settlement.

Some small business owners who buy commercial insurance policies assume they wouldn’t face any losses because incidents and accidents don’t happen often. However, that assumption is wrong. Here are some common business insurance claims that companies in Texas usually file.

Burglary and Theft

Burglaries and thefts are quite common business insurance claims. These events may be committed by internal employees or unwanted intruders. You can always have internal protocols such as background checks, fences, gates, lighting, and devices to control access to the building. However, there might be an instance where unwanted intrusion occurs. Therefore, you should always have adequate insurance coverage that protects you from such instances.

Wind and Hail Damage

Exterior and roof damage due to hail and wind is a common insurance claim filed by business owners in Texas. Due to its geographic location and the frequency of environmental hazards, Texans spend 34% more on insurance policies covering wind and hail damage than the national average. Buildings also suffer damage from flying objects, tree branches, and signage that flies around due to heavy winds.

Hail is also one of the most expensive weather conditions in Texas and can cause substantial damage. Many commercial property owners are caught off guard due to unpredictable weather events and pay a lot of money for repairs.

Businesses can mitigate such events by maintaining trees around their premises, anchoring outdoor equipment, and taking necessary precautions to protect windows from flying objects. However, you can only take precautions to a certain extent, and it is important to take out adequate insurance that covers your losses.

Fire Damage

Another common commercial claim in Texas is fire. As a business owner, you should always be prepared for the likelihood of fire because it will take a lot of money and effort to get your premises up and running again.

Comprehensive fire insurance coverage ensures you don’t suffer substantial monetary losses. In addition, you should hire a competent and reliable public adjuster in Texas who can help you evaluate losses, document the damage, and file a subsequent claim with the insurer. They can also assist in negotiating and ensure you receive a swift and speedy settlement.

Water Damage and Freezing

Even though Texas is generally warm and most areas experience moderate temperatures, some regions experience freezing temperatures in winter. As a result, commercial property owners can experience frozen and busted water pipes.

Damage due to floods is also a cause of concern for businesses in Texas. Approximately 25% of all flood damages occur in low-risk zones in the state, which shows the importance of having an insurance policy covering repairs for accidental and sudden water damage. Even if your business operates in an area that is extremely unlikely to be flooded, you should consider getting flood insurance as a precaution.

Product Liability Claims

If your business manufactures goods, you may be vulnerable to product liability claims. To avoid such issues, you must engage in quality agreements with suppliers, ensure appropriate invoice documentation, and monitor customer complaints. In addition, make sure your business has high-quality standards and your products comply with industry and government guidelines. Moreover, ensure that you have adequate liability insurance to cover you from such losses.

Types of Business Insurance Policies

There are various types of business insurance policies you should look to have. Some of them are the following:

· Business Liability Coverage

· Business Property Coverage

· Workers Compensation

· Auto Insurance

Hire a Competent Public Adjuster in Texas for Your Insurance Claims

If your commercial property experiences damage from any of the instances mentioned above, you should immediately file a claim with your insurer. However, dealing with complex commercial insurance claims can be a headache, especially if you’re doing it for the first time. In such instances, it is worth hiring experienced public insurance adjusters in Texas.

If you’re looking for reliable and transparent adjusters, head to Morgan Elite Specialist Services. Their reputation and experience of more than 75 years are a testament to the quality of services they provide. Having worked with several businesses in Texas, they are well-positioned to handle your complex commercial claims.

Visit their website for more information on Mass Tort Settlement, forensic accounting services, claims handling services  or contact them today.