Changes In the Commercial Insurance Business

9/11/2018 (Permalink)

We at SERVPRO of Belle Meade/ West Nashville work closely with your commercial insurance company to provide you with a stress-free claims process and manage your insurance paperwork every step of the way. We know there have been changes in the commercial insurance business, and we have a professional staff who will properly and competently manage all your paperwork. Don’t worry about a thing and rely completely on us to provide you with a highly well-trained staff of professionals who will not only take the stress out of your situation but will also provide you with excellent service in getting your insurance paperwork done efficiently and competently.

In the world of the commercial insurance business, there are some changes coming with regards to mold claims, and these changes are something that every commercial property owner should be aware of. More losses caused by mold growth, bacterial growth or fungal growth are being denied than ever before.

How do you prepare for this change as a commercial property owner? The first step can be in looking into Environmental Impairment Liability (EIL) insurance policies. Mold growth is the number one source of new claims under EIL policies, and these policies are sold to commercial buildings for any damage or loss caused by a contamination of some degree. However, less than 5% of commercial properties are insured under EIL insurance policies.

How do you get EIL policies?

Good EIL coverages are available at good rates for those commercial properties that have an active water intrusion loss prevention plan that is provided by a certified IICRC firm. Luckily, SERVPRO of Belle Meade/ West Nashville is one such certified damage restoration firm! Here at SERVPRO of Belle Meade/ West Nashville, we are able to provide businesses with Emergency Ready Programs, or ERPs, which are plans to help a business recover as quickly as possible in the event of a disaster by implementing an immediate plan of action.

With this overall increase in denial rates for mold growth claims, it is more important than ever for commercial property owners to establish a water intrusion loss prevention plan, such as an ERP, in order to better qualify for affordable EIL Policy coverage.

Don’t wait until it is too late and the mold growth has set in on your property! Reach out to SERVPRO of Belle Meade/ West Nashville today to help set up your ERP. Here at SERVPRO of Belle Meade/ West Nashville, we have the experience, knowledge, and expertise necessary to help you with any mold damage or preventive practices. We are also available for cleanup after fire and water damage. Call us today at (615) 242-9391, or visit our website: SERVPRO of Belle Meade/ West Nashville