You had a great idea for a business, and you wanted to be your own boss. You signed your final signature and were handed the keys to your commercial property. You have an insurance agent and they walked you through your policy and gave you lists of phone numbers to call for all sorts of things. Chances are, you didn’t start your business because you wanted to file commercial insurance claims, yet at some point, you’ll have to do exactly that. Let’s take a look at a few common commercial insurance disputes and how you can prepare in the event that you need to file a claim.
Your Coverage Limits
Commercial property insurance protects your company’s physical assets from fire, explosions, burst pipes, storms, theft, and vandalism. Earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy. Coverage limits and exclusions are one of the most disputed items. That is why is it vital that you go through every detail with your agent, so they know exactly what you want to be protected in your commercial property before you sign the insurance contract.
Loss Assessment Coverage
Business insurance policies are often the most difficult policies for a policyholder to follow and comprehend. If you have a claim for structural damage, repair cost, and projected profit losses, you may end up having a dispute with your insurance company about the amount they want to pay for the claim. This is when you may want legal help to ensure you get what you deserve from your insurance company. If you have a business claim that has been denied or undervalued, legal recourse may your only recourse.
To Avoid Trouble, Document Communication With Your Insurance Agent
Communicating with your insurance company is an incredibly important part of the claims process. The insurance company may try to handle your claim by telephone, with no records. However your claim is handled, you must make sure that everything gets documented in writing. Document every communication with your insurance company in a notebook or diary so you can keep track of the status of your claim. Create a paper trail. Confirm representations and promises made in person or over the phone by insurance company personnel by sending them a short follow-up letter or email. It is essential to keep track of your communication with your insurance company from the start of your interaction with them.
Strategies For A Smoother Claims Process
Just be aware that your insurance company is not as kind and accommodating as they are in their commercials. Do not have unreasonable expectations but do not go into the conversation with boxing gloves on.
Prepare yourself in advance for situations like these:
- Review what was agreed upon and how clear the agreement was.
- Assess the loss you have suffered as a result and consider any loss you may claim to have suffered.
- Collect evidence (written contracts, correspondence, and witness statements).
- Try to negotiate an amicable resolution.
Not Satisfied With Your Insurance Claim Dispute? Miller Trial Law Can Help!
If you still are not satisfied with your insurance agent’s decision, you may need to have a lawyer help settle your dispute. By preparing well and taking advice on the strengths and weaknesses of your case at an early stage, negotiations can lead to an earlier and more cost-effective resolution of a dispute and may save you from having to move on to a more formal method of dispute resolution.
About Miller Trial Law
The personal injury lawyers at Miller Trial Law work closely with victims and families who have been hurt due to the negligence and neglect of another person or party. If you have been hurt in a car accident, truck accident, slip & fall accident, or due to medical malpractice, or nursing home neglect, you are not alone. We may be able to help you seek damages from negligent parties, negotiate with insurance companies, and more. If you’ve been hurt in an accident, you may have the right to seek compensation for your medical costs, rehabilitation expenses, lost wages, and pain and suffering. However, you may only have a limited amount of time to make a claim under the law. Contact Miller Trial Law today and learn how our personal injury lawyers may be able to help you.
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