General Liability Insurance, which is often called business liability insurance or commercial general liability insurance, shields your firm from mishaps that hurt a person’s body or property while they are on your premises. Let’s say you choose not to get this kind of liability insurance and an accident occurs. You will be required to cover the costs out of your own pocket in that situation.
For brand-new business owners in Florida, general liability insurance is a good place to start. In no state is general or corporate responsibility required by law. Nonetheless, you should seriously consider purchasing a general liability policy if you are just going to get the most basic level of insurance for your business.
Hartford estimates that the typical slip-and-fall can cost a company owner $20,000 in medical bills and legal fees. Thus, it is advised that businesses have general liability insurance for at least $50,000 so that they are fully insured in the event of a major incident.
With a thorough knowledge of Florida law, our lawyers at My Insurance Case will do all in their power to get you a fair settlement as soon as physically possible. We are here to give you the legal guidance and assistance required to resolve your Florida commercial insurance claims and disputes in a way that is beneficial to you.
Common Types of Commercial Insurance Claims
Before going through the different types, it’s important to know that there exists a Duty to Defend policy in an insurance. Your insurance provider has the authority to represent your firm in any legal proceedings that may be included by your commercial general liability policy if you have a duty to defend insurance cover. It gives your insurer the authority to choose which attorneys to retain as well as whether to negotiate or go to trial.
Subsequently, commercial insurance may shield you from a number of the losses that affect business owners most frequently, including property damage, business interruption, errors and omissions, liability, and employee injuries. Here are more specific explanations as follows:
Property damage claims
One type of claim involves damages to your property rather than your person, is referred to as property damage. The major basis of the claim, however, is damage to real property that necessitates compensation. This is not to suggest that a property damage claim cannot also contain bodily injuries, which is the case in certain car crashes.
Commercial Property Loss is among the several examples of this. Your company’s physical assets are covered by commercial property insurance against theft, vandalism, hurricanes, fires, explosions, and broken pipes. Unless certain perils are specifically included in the coverage, commercial property insurance normally does not protect earthquakes and floods.
Business interruption claims
Business interruption insurance is a kind of policy that pays out in the instance that a company is forced to close down because of an immediate physical loss or damage, such as what may result from a wildfire or a natural catastrophe.
Whenever an insured contacts an insurance provider for aid or financial support about a third party’s claim that the policyholder is accountable for some damages or losses, this is known as a liability claim.
There are acts that an insured could do in the course of their everyday lives or company operations that could result in third parties suffering financial loss or physical harm. Typical instances include crashing with another vehicle while driving or inadvertently knocking a pricey vase over when installing something at a client’s house.
Additionally, if ever you encounter losing a valuable item in marine transport it’s critical to know your rights and who’s liable for it. The damage or loss to the products sustained during transportation between the place of origin and the endpoint is covered by marine insurance. The insurance policy also covers hull, maritime liability, and exposed commodities that are stored either ashore or offshore.
Workers’ compensation claims
Workers’ compensation is a type of company insurance that provides benefits to employees who are hurt on the job or suffer a disability as a result. The employee forfeits their right to file a lawsuit against their employers for damages by claiming workers’ compensation funds.
Errors and omissions claims
Liability insurance includes errors and omissions coverage. It safeguards businesses from the total expenses of a claim brought by a customer against a professional who offers advice or a service, like a consultant, financial adviser, insurance broker and agent, or attorney. It is a typical type of commercial insurance that defends a corporation against claims that it committed a mistake.
Whenever a business offers a consumer a service in exchange for payment, they frequently get E&O insurance. Most significant business insurance providers offer this type of insurance.
A good example of this is on agent and/or broker liability. According to Florida law, where there is no coverage or just insufficient coverage obtained for the damage incurred, the insured may file a claim against their agent or broker for negligence, violation of contract, breach of fiduciary responsibility, and misrepresentation, depending on the specific circumstances.
Moreover, an insurance broker who agrees to obtain insurance for an insured must exercise sufficient skill, care, and diligence, and they may be held responsible to the insured if they negligently fail to secure the coverage that the policyholder has explicitly requested or clearly necessitated.
Challenges Faced in Commercial Insurance Claims
For businesses, filing commercial insurance claims can be difficult for a variety of reasons. Denied claims are one of the most frequent problems when the insurance company declines to settle on a claim for a variety of reasons, among them not satisfying the conditions of the policy or application mistakes. Businesses could feel overwhelmed as a result and run into subsequent financial problems.
Payment delays are another frequent issue with commercial insurance claims. Even when a claim is approved, the insurance provider’s processing and payment times might be lengthy, placing a burden on the company’s finances. Together with reduced production, this may also mean lower income.
Businesses may also experience underpayment of claims when filing commercial insurance claims. Insurers could make settlements that are less than what the firm is entitled to, which might result in disagreements about how much is due. This may lead to additional payment delays and costly and time-consuming legal conflicts.
Lastly, there may be disagreements over coverage in commercial insurance claims. “Complex coverage issues” allude to insurance conflicts that are challenging to settle because of the nuanced language of the policy, the specifics of the claim, or the presence of several parties. Lawyers and insurance consultants are often called to investigate and resolve these concerns. Complex coverage difficulties sometimes involve disagreements over the interpretation of current policies, coverage for claims that overlap, and the division of responsibilities among many insurers.
When to Hire a Florida Commercial Insurance Claims Lawyer
You should consider hiring a lawyer to help you if you need assistance with commercial insurance claims in Florida. An essential first step in this procedure is determining if legal assistance is necessary. It can benefit you to obtain legal counsel if your claim is extremely complicated or if you are having trouble with the claims procedure. A lawyer can similarly help you in navigating Florida legal system if you are uncertain of your rights or the requirements of your insurance provider.
Choosing a lawyer to handle your commercial insurance claim certainly has several advantages. For starters, a lawyer may assist you in negotiating with your insurance provider so that you get the reimbursement you are entitled to. A lawyer can also manage the administrative and legal procedures related to your claim, giving you time to concentrate on your business.
Regarding commercial insurance claims, handling them swiftly is also highly essential. Insurance companies frequently impose stringent deadlines for filing claims, and if these dates are overlooked, your claim may be rejected. Additionally, it takes time to gather proof and put up a compelling argument, so you must move promptly to give yourself the best chance of prevailing.
What to Look for in a Florida Commercial Insurance Claims Lawyer
There are several important variables to take into account while looking for a commercial insurance claims attorney in Florida. The most vital point is finding a lawyer that has a lot of experience and knowledge managing commercial insurance claims. Given that you encounter issues that can be difficult and requires specific expertise from the legal profession, it’s indeed necessary to hire someone well-versed.
The ability to communicate effectively is another important aspect. Your attorney should be capable of keeping you engaged throughout the whole claims procedure and explaining legal topics in simple, laymen’s terms. This includes swiftly responding to your inquiries and keeping you informed of any changes to your case.
Also, it’s imperative to seek a lawyer with experience winning cases comparable to yours. This will reassure you that they are qualified and experienced to successfully defend you and assist you in securing the optimal outcome.
Last but not least, opt for a lawyer whose price structure is accessible to all. For you to have a comprehensive knowledge of the costs involved with your case, your attorney should be transparent about their rates and charges. This one will enable you to avoid any unpleasant circumstances later on and guarantee that you can manage the necessary legal assistance.
How a Florida Commercial Insurance Claims Lawyer Can Help
Your insurance policy can be examined and interpreted by a lawyer, which is one way they can serve you. They can assist you to comprehend the coverage you have and what your policies do and do not cover. This is particularly crucial for intricate plans with several endorsements or exclusions.
Your attorney may also represent you in negotiations with insurance providers. A lawyer can assist you in obtaining the amount you are entitled to as insurance companies sometimes endeavor to reduce claims. They can represent your interests, engage with adjusters, and submit facts.
Another crucial area where a commercial insurance claims attorney may help you is with the preparation and filing of required documents. They can assist you with compiling and organizing paperwork, such as witness accounts, hospital bills, and police reports. They are also capable of handling any necessary follow-up and completing and submitting paperwork, such as evidence of lost forms.
Lastly, a commercial insurance claims attorney can advocate for you in court if litigation is unavoidable. They will bring a lawsuit on your side, stand up for you during the phase of the investigation, and represent your perspective on the case to the judge or jury. Having an experienced lawyer on your side might significantly improve your odds of succeeding and guarantee that your rights are upheld.
Tips for Working with Your Florida Commercial Insurance Claims Lawyer
You must maintain communication channels open and upfront while working with your Florida commercial insurance claims attorney. This entails being open and truthful about your expectations and reservations. You should also respond to your attorney’s questions and give them any extra details they require to manage your case effectively. For your lawyer to comprehend your goals and successfully work toward attaining them, communication is key.
While working with your Florida commercial insurance claims attorney, it’s also important to be aware and active in the process. To guarantee that you are aware of the status of your case, you should often inquire about developments and request updates. In case you have concerns, voicing them out right away to your attorney can address these promptly.
Whenever you take part in the process itself, it may help your attorney in developing a stronger case and obtain the best resolution for your claim.
Protect Your Interests With Qualified Legal Representation
You need to protect your business interests to help secure that it thrives and is sustainable. There are always hazards that might endanger your business, whether you run a tiny startup or a major multinational. These risks include natural disasters, litigation, theft, and much more.
You can mitigate said risks and secure the future of your business by taking proactive measures for your company’s interests, such as purchasing insurance coverage and engaging legal assistance. Neglecting to safeguard your company’s interests can have disastrous repercussions, such as experiencing financial losses, damaged reputations, and even bankruptcy.
Protecting your company’s interests may be made much easier if you have a knowledgeable Florida commercial insurance claims attorney on your side. Business insurance policies can be intricate, and filing a claim without the right legal advice can be difficult. You may negotiate with your provider to guarantee that you obtain just recompense in the case of a claim by working with a skilled attorney to help you grasp the provisions of your insurance policy.
To arrange a free consultation, please get in touch with us online or give our My Insurance Case Florida office a call at (866) 780-7585. We assist Floridians just like you in battling the major insurance providers who disregard your rights to a fair settlement.