Your business insurance can help to protect many assets on your property. This includes any signage you have. Filing a claim for commercial property coverage for signage repairs is possible. You have the right to do so if your covered sign suffers damage. But, when should you do so and what is the outcome if you do?
Is the Sign Covered?
Most commercial property insurance policies cover signage for the location. This includes signs on the building, on poles in the parking lot, and other fixed signs. They do not necessarily cover temporary signs or banners.
If you have not done so, be sure to let your agent know about your signs. He or she will note what you type and size you have on your property. This helps to ensure you have stated coverage for it. Your business insurance agent can answer questions about your coverage. Be sure to ask them about the actual amount of coverage you have. They can also process your claim for you at any time.
Also, note the cause of any claims. Your policy will likely cover unintentional or unavoidable accidents. This often includes damage from fires, theft, vandalism, and storms. It does not cover damage from poor maintenance and upkeep. It also does not cover damage related to normal wear and tear. If the damage results from expected aging of the sign, you likely lack coverage. This may include breakdowns. It may include wearing out a bulb as well.
When Is It Worth Covering?
Let’s say a lightning strike hits your large pole sign. The sign no longer lights up. It has structural damage on it. It is going to cost several thousand dollars to repair. It could be a safety hazard. In this example, filing a claim makes sense. The cost of the repair is likely high enough to cover any required deductible. Filing a claim will allow the business insurance to pay for your losses.
If the sign’s damage is minor, it may not be worth filing a claim for it. You still have to pay the deductible before the coverage kicks in. Many commercial property insurance deductibles are $1,000 or more. Check with your agent to verify your deductible. In this case, filing a claim does not offer financial help to you, in most situations.
If you are unsure, call your commercial property insurance agent about your claim. Most agents can tell you right away if the cause of the claim is a type of coverage you have. They can also begin the process of getting estimates for the repairs right away. Do not avoid calling your agent if you are unsure. It can help you get your signage back up and working properly.