As a Florida business owner, you have undoubtedly invested considerable time, money, and resources into making your business a success. To protect your investment, you probably purchased business insurance and have paid your premiums in full and on time with the expectation that your insurance company will reimburse you if you ever file a claim.
Unfortunately, this is often not the case. Many Florida business owners are disappointed and frustrated when they file a business insurance claim for legitimate covered losses and their payment is unnecessarily delayed, undervalued or denied altogether. Despite having held up your end of the contract by paying your business insurance premiums as required, you may find yourself in a situation like this.
If your business insurance claim has been unnecessarily delayed, undervalued or denied, an experienced Orlando insurance claim attorney from Malik Law can help you get the payment you deserve. We are experienced insurance litigation lawyers who have helped hundreds of families and businesses throughout Florida get the settlement or award they need from insurance companies.
What Is Business Insurance?
Business insurance helps you manage risks that could threaten the success of your business. You likely purchased homeowner’s insurance when you purchased your first home to protect that financial investment in the event of a loss caused by a natural disaster, theft, fire, or other risks. Business insurance works in much the same way.
Because your business is unique, your business insurance coverage should be customized to fit the size of your business, as well as the needs and risks that apply to your business. Common examples of coverage that might be included in your business insurance policy include:
- Property Damage Insurance. This typically covers damage or loss caused by things such as fire, storms, sinkholes, water, mold, and vandalism or deliberate property damage.
- Vehicle Insurance. This covers company vehicles in the event of an accident or theft.
- Product Liability Insurance. This type of insurance covers your business in the event you are named as a party in a product liability (defective product) lawsuit.
- Professional Liability Insurance. If you have a professional license (physician, attorney, real estate agent, etc.) you need to carry liability insurance to protect you against disciplinary action and lawsuits.
- General Liability Insurance. As the name implies, this covers a wide range of situations in which your business might be held financially responsible for damage, loss, or wrongdoing.
- Business Interruption Insurance. This covers financial losses caused by things that are not under your control, such as a natural disaster or damage to the surrounding environment that interferes with your ability to conduct business.
- Worker’s Compensation Insurance. This insurance covers workers who suffer a work-related illness or injury.
Why Might a Business Insurance Claim Result in a Dispute?
Your primary motivation for purchasing business insurance was to mitigate financial risk to your business. If your insurance company questions the value of a claim, takes an unreasonable amount of time to process your claim, or outright denies your claim, you will end up in a dispute with your insurance company and your business will suffer financially – precisely what you aimed to prevent by paying for business insurance.
Common situations that lead to a business insurance claim dispute include:
- Uncovered losses. Business insurance policies are typically complex documents that include numerous provisions relating to what is, and what is not, covered. Insurance companies often use exceptions and exclusions to coverage to try and deny what should be a covered loss.
- Disagreement about the value of the claim. Many business insurance claims involve complicated loss calculations. Insurance companies frequently try to undervalue the claim to minimize what they must pay out on the claim, which can lead to a dispute over the total value of the claim.
- Procedural delays. When your business has suffered a financial loss, time is of the essence when you file an insurance claim. Your insurance company, however, may intentionally put procedural obstacles in your way (excessive requests for documents, lengthy review times, etc.) to delay paying the claim. This delay tactic can be a strategy for inducing policyholders to settle for less than what they really need because they cannot afford to wait longer for payment.
When Should I Hire an Orlando Business Insurance Claim Attorney?
If a dispute arises between you and your business insurance company, consulting with an Orlando business insurance claim attorney immediately is in your best interest. The experienced insurance claim attorneys know all of the tactics insurance companies use to unfairly delay payments, undervalue claims and deny claims and can fight knowledgeably and aggressively on your behalf. The longer you wait to get the help you need, the longer it will take to get your dispute resolved, and your claim paid in full.
Keep in mind that like your business, insurance companies need to show a profit each year to remain in business. As such, your insurance company has an incentive to avoid paying claims when possible. An Orlando business insurance claim attorney will protect your rights as an insured and attempt to resolve your claim quickly. If a swift out-of-court resolution is not possible, your business claim attorney will represent your interests throughout the litigation process to ensure that your claim is paid in full.
Experienced Orlando Business Insurance Claim Attorneys Can Help You Get the Payment You Need
If you are having trouble getting your business insurance claim settled, please don’t hesitate to contact the experienced business insurance attorneys at Malik Law. A delay or denial from your insurer could put your company at risk, so getting sound legal advice and having the authority to hold your insurance company accountable is extremely important.
At Malik Law, we understand the law and know the tactics profit-seeking insurance companies use to wrongly undervalue and deny claims. We have established a reputation for excellence in serving policyholders throughout Florida obtain the payment that is rightfully theirs from their insurance companies and want to help your business.
Call us today at 407-500-1000 or submit the Free Case Evaluation form on our website for a free consultation with one of our expert Orlando insurance claim attorneys.