If you own a business, you likely purchased business insurance to protect your financial investment. You paid your premiums on time and now find yourself turning to your insurance company for help because you suffered a loss; however, the claim is delayed, denied, or otherwise in dispute. Do you need a lawyer to help get your Florida business insurance claim paid?
Unfortunately, it is not uncommon to run into a problem when you file a business insurance claim. If your business insurance claim has not been processed in a reasonable amount of time, has been denied outright, or you do not agree with the value of the claim, it may be time to contact a Florida business insurance claim attorney at Malik Law.
A claims study conducted by The Hartford analyzed claims filed under more than one million property and liability policies by small business owners over a five-year period. One startling conclusion of the study is that, on average, 40 percent of small businesses would incur a property or liability loss within the next 10 years. Common types of business property and liability losses, according to the study, in order of frequency include:
The Hartford study also looked at the average cost of business insurance claims. Claims for reputation harm were the most expensive at an average cost of $50,000, followed by vehicular accident claims ($45,000), fire claims ($35,000), and product liability claims ($35,000). Interestingly, although burglary and theft claims topped the list as the most frequent type of claim, they were the least costly, averaging just $8,000.
If your business has suffered a loss that you believe is covered by a business insurance policy, there are several important steps you should take when filing a claim, such as:
Ideally, your business insurance claim will be paid in full within a reasonable time frame after submitting the claim. Several problems could occur that prevent you from being reimbursed, such as:
The purpose of paying for business insurance is to cover losses that could jeopardize the financial stability of your business. If a dispute arises over a claim, the Florida business insurance claim attorneys at Malik Law can help. We understand how insurance companies operate and are familiar with the tactics they employ to try and avoid paying claims.
Our Florida business insurance claims lawyers will evaluate your policy and your claim to determine if your losses are covered. We will communicate with your insurance company on your behalf and attempt to negotiate a full and fair settlement of your claim. If litigation becomes necessary, we will aggressively advocate for your business in court to ensure that you are compensated for all your losses.
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 Florida business insurance claim attorneys.