In today's world, most people have embraced the idea of entrepreneurship and want to own a business. But owning a business means assuming risks. If not planned for, these risks could lead to the closure of the business in the event of a crisis. One key way of managing risks is by having a business insurance policy.
A business with insurance coverage would be able to get money to pay for any damage or loss they might incur in the future.. However, while it sounds simple enough, there are always roadblocks to successful condo insurance claims.. This is where a Pompano Beach business insurance claim lawyer comes in.. At VG Law Group, our lawyers know the ins and outs of business legal matters and will provide you with excellent advice and legal representation.
Just as a motor vehicle driver must have auto insurance coverage and a homeowner, a homeowner's insurance policy for events like hurricane damage, a business should have insurance. Business insurance is a policy taken out by the business owner to protect physical property, intellectual property, and financial assets.
Additionally, business insurance protects the business against thefts, natural disasters, vandalism, and defective product lawsuits. The policy would also apply to motor vehicle accidents suffered by an employee, workplace injury, or illness that might result in loss of income. Any of these occurrences could lead to financial loss for the business if it had to pay out-of-pocket. But if the business has an existing policy, they can claim compensation.
Thus, a business insurance claim is a formal written notice sent by business owners to insurance companies after a loss. The loss must be the type covered by the policy for the claim to succeed. Once you file a claim for property damages, the insurance adjuster would commence an investigation.
The essence of the investigation is to ensure you have a legitimate claim. If they find it is not a frivolous insurance claim, they will pay you to the fullest extent your policy allows.. But if they find you claimed in bad faith, they will deny the request.
As a business owner, you can get different types of insurance policies. Generally, they are widely classified as liability policies, employee insurance policies, and property policies.
A business liability insurance policy protects your business against:
Suppose a person visiting your business premises slips and falls and suffers broken bones or a brain injury. Your liability insurance will pay for their medical treatment and give them a fair settlement to avoid litigation. A business without this coverage will pay out of pocket.
The most common liability insurance covers:
Employers in Pompano Beach are mandated to have an employee insurance policy. Under Florida law, employers must have workers' compensation insurance for employees who suffer on-the-job injuries or illnesses. Thus, while handling heavy machinery, if an employee suffers catastrophic injuries, this policy covers their medical care and loss income. With this coverage, employers can prevent personal injury lawsuits.
Cities in Florida like Pompano Beach, Boca Raton, Palm Beach County, etc., are prone to natural disasters like hurricanes and flooding. Hence, a business owner who is a property owner ought to own a property insurance policy. Unfortunately, most businesses, especially small businesses, who do not have this coverage do not reopen after a natural disaster. This is because they cannot make property damage claims and do not have enough capital to carry out repairs.
One common property coverage is commercial property insurance. With it, you can pay for fires, storms, thefts, and other covered events. It would help if you also got a commercial flood insurance policy. It protects your business premises and properties against flood damage.
Contact us if you are having problems with a contractor insurance claim in South Florida.. There are a wide variety of reasons why your insurance provider would reject your compensation claim.. Some of them are:
While the above are legitimate reasons why insurance companies deny claims, insurers can also deny your claim based on bad faith insurance.. When this happens, you need to know the steps to take to get what you deserve. Below are some of your options:
At VG Law Group, we pride ourselves as business insurance attorneys with vast experience in insurance claims and litigation. Our combined years of experience make us the best people to handle insurance claim disputes.. We also have excellent trial attorneys who will represent you in a civil action.
Our attorneys will work to gather the evidence, sit in on negotiations, and get you a fair settlement. We work on a contingency basis and will demand no upfront fee. Contact us today for a free case review.