How Insurance Policies Differ for Businesses in Need of Foundation Repair

Business meeting with financial advisor

Commercial insurance can be tricky and not all insurance policies consist of the same terms. When signing up for a policy and when filing a claim following the discovery of damage to the property, there are several considerations to keep in mind.

First of all, make sure to know the named insured party who owns the policy. While this is obvious in the case of a residential policy, there may be several names listed on a commercial policy depending on the ownership structure at the time of incorporation or purchase.

Ensuring the claim is made under the correct name removes the opportunity to dispute the claim based on the wrong party name, which is likely to at least delay a decision on the claim if not cause it to be denied entirely.

Know the Policy Details Before You Need It

Understanding a commercial insurance policy also means knowing what the policy covers. Is the policy simply for the premises itself or does the plan also cover lost revenue, damaged equipment, and other losses? Making assumptions leads to greater sunk costs and delays in necessary repairs.

The time to know details is not when you suddenly discover the need for major foundation repair or waterproofing. When disaster strikes your business, you need to be focused on getting your operation back up and running as quickly as possible, rather than dealing with insurance companies and contractors.

As a business, your real property is most likely your greatest investment, and you want to know how best to protect it. This is where a company like Tom’s Basement Waterproofing comes in.

Trust the Foundation Repair Pros to Know

A trusted waterproofing and foundation repair team guarantees that every businessowner or property manager is 100% completely satisfied with the work done. With nearly half a century of excellence backing them up, the team at Tom’s Basement Waterproofing has the experience to help other businesses protect their largest assets.

As companies determine which commercial insurance policies are right for them, some other considerations include tailoring coverage to address specific risks or multiple locations.

The best way to deal with the need for foundation repair or waterproofing is tackling the issue before it gets even more costly. Call Tom’s Basement Waterproofing at 586-776-7270 or use our online contact form to schedule an inspection of your commercial property today!