Knightdale Commercial Property Damage Lawyer

As a business owner in Knightdale, you’re no stranger to the risks that come with running a commercial property. But when disaster strikes, whether it’s a natural disaster, vandalism, or simple negligence, you’re left to pick up the pieces. Call our Knightdale commercial property damage lawyers.

That’s where a Knightdale personal injury lawyer with over 80 years of combined experience comes in to help you secure fair compensation for your losses and get your business back on track. Contact Whitley Law Firm to learn more.

Types of Property Damage Claims

When it comes to commercial property damage, you may be dealing with a range of issues that can impact your business operations and bottom line. As a business owner, it’s important to understand the different types of property damage claims you can file to recover losses.

You may need to file a claim for damage to the physical structure of your building, including walls, roofs, and foundations. This type of claim is typically covered under a commercial property insurance policy.

In some cases, you may also need to file a claim for business interruption or loss of income due to the damage. This type of claim can help you recover lost revenue and expenses incurred while your business is unable to operate.

Causes of Commercial Property Damage

Commercial property damage can stem from a multitude of causes, and as a business owner, you’re likely to encounter some of them at some point.

• You might be surprised to find that human error is a common culprit, whether it’s a careless employee, a negligent contractor, or a reckless visitor.
• Natural disasters like hurricanes, floods, and wildfires can also wreak havoc on your property.
• Equipment failure, electrical issues, and plumbing problems can cause significant damage as well.
• Additionally, vandalism, theft, and arson can result in costly repairs and downtime.
• Moreover, construction defects, design flaws, and material failures can lead to property damage.
• Even nearby construction projects or environmental hazards can impact your business.

It’s crucial to identify the root cause of the damage, determine who’s responsible, and pursue the necessary actions to get your business back on track.

Knightdale Commercial Property Damage Lawyer Near Me (800) 785-5000

Calculating Business Losses and Damages

When calculating business losses and damages, you’ll need to determine the extent of business interruption, including lost profits, wages, and other expenses.

You’ll also need to calculate economic damages, which may involve evaluating the impact on your business’s value, revenue, and market share.

• Business revenue: This includes your projected income had the damage not occurred.
• Fixed expenses: These are costs that remain the same even when your business is closed, such as rent and loan payments.
• Variable expenses: These costs vary depending on your business’s operations, like inventory and supplies.
• Mitigation expenses: These are costs you incur to minimize the damage, such as temporary repairs or renting alternative space.
• Extra expenses: These are additional costs you wouldn’t have incurred if not for the damage, like hiring contractors or renting equipment.

Calculating Economic Damages

You’ve gathered all the necessary information to determine the extent of your business interruption. Now, it’s time to calculate the economic damages resulting from the commercial property damage. This involves quantifying the financial losses your business has suffered due to the interruption.

To calculate economic damages, you’ll need to take into account various factors, including the business’s pre-interruption financial performance, the duration of the interruption, and the costs associated with restoring operations. You may need to consult with financial experts, such as accountants or economists, to accurately assess these losses.

Some common types of economic damages include lost profits, increased expenses, and diminished business value. You may also need to take into account indirect losses, such as damage to your business’s reputation or relationships with suppliers or customers.

The Litigation Process Explained

Maneuvering through the complex litigation process can be an intimidating task, especially for commercial property owners in Knightdale who are already dealing with the aftermath of property damage.

You’re likely to feel overwhelmed by the legal jargon, paperwork, and court proceedings. However, understanding the litigation process can help you navigate it more confidently.

Here’s what you can expect:

• Filing a complaint: You’ll start by filing a complaint with the court, outlining the damages you’ve suffered and the parties responsible.
• Discovery: Both parties will exchange information and evidence, which can involve depositions, document requests, and subpoenas.
• Mediation: You may attend a mediation session, where a neutral third party helps facilitate a settlement.
• Trial: If a settlement can’t be reached, the case will go to trial, where a judge or jury will decide the outcome.
• Appeal: Either party can appeal the verdict if they’re unhappy with the result.

Contact Our Knightdale Commercial Property Damage Attorney

You’ve taken the first step towards recovering from commercial property damage by seeking legal guidance. Now, it’s time to let experienced Knightdale commercial property damage lawyers handle the complexities of your claim. 

With Whitley Law Firm, you’ll be able to focus on rebuilding your business while we fight for the compensation you deserve. Rest assured, we will work tirelessly to ensure you receive a fair settlement, helping you get back to business as usual. Visit our blog to learn more.