You have worked long, hard hours to build your business. You have carefully chosen the right insurance policies to protect it. You rely on your insurance coverage to help keep your business running smoothly across a wide variety of circumstances.
When you submit a claim and the insurance company refuses to pay, it may feel like you were dumping your money into premiums for nothing. Your bottom line can be hit hard if you have to cover a loss that insurance was supposed to address. Thankfully, you have other options.
If you think your insurance company is wrongfully denying your claim, then you may need the legal team at VG Law Group, LLP to help you work through the dispute with your insurance company.
Types of Business Insurance
Depending on the type of business you have, you may need more than one type of insurance coverage. For example, if you operate your company entirely online, you likely do not need business insurance that covers real property damage. You may be more focused on coverage for liability or business interruption, for example.
Some of the most common types of business insurance are set out below.
General Liability Insurance
Commercial general liability coverage (GCL) is one of the most common types of coverage that a company will (or should) have. It addresses things like:
- Bodily injury and property damage: Used when your customers are harmed
- Products completed operations: Used when your products damage someone else
- Damage to rental property: Such as when you rent real property for your company
- Personal and advertising injury: For occurrences where someone alleges that your advertising harmed them
GLC covers a wide variety of liability-based claims. It will not cover your personal property damage, but it addresses situations where a third party alleges that you caused them harm. This type of insurance will usually pay for your legal fees in the event of a lawsuit, too.
Business Property Coverage
This type of insurance specifically covers just your property. It acts like a homeowners policy for your physical business location.
Property coverage and general liability coverage are often combined into one broader policy, but not always. You should review your declaration page with your insurance company to determine what coverages you have in each policy.
Professional Liability Insurance
If you work in some professions, you may need to get insurance coverage for your professional services to others. This type of coverage helps deal with mistakes and oversights when someone asserts a claim based on professional negligence. Lawyers, doctors, financial advisors, and other similar professionals may be required to have this type of insurance in some circumstances, such as a medical malpractice case.
Cyber Liability Insurance
In today’s world, virtually everything is kept electronically, often with easy access, in the cloud. That ease of access certainly comes with some risks, however. If hackers or other cybercriminals get into your network, your customer data and sensitive business files may be exposed.
You can also end up with a data access problem if you have untrustworthy or careless employees.
Cyber liability insurance addresses situations where personal client data or other privileged information may have been exposed to others.
Disputing Business Insurance Denials
If you have filed a claim and your insurance company denies it, you still have options. With the help of VG Law Group, LLP, an insurance law firm in Florida, you may be able to dispute the denial. In some cases, the insurance company may reverse their decision once you fight back. In other cases, you may need to actually go to court to force the insurance company to pay the claim as they should.
Before you start the dispute process with the insurance company, talk to the team at VG Law Group, LLP. In some situations, you need to go through a very specific method to dispute the denial—and you may need to act quickly. You certainly don’t want to limit your abilities to get the claim paid because you did not understand the dispute process.
Contact VG Law Group for Help with Your Business Insurance Claim
At VG Law Group, we have extensive experience working against insurance companies. We know the underlying reason that they deny claims could be just to save money—not because your claim isn’t covered.
Contact our team today to schedule an appointment to discuss your situation. You often have other options, even after the insurance company says you don’t have coverage.