Do I Need a Lawyer to Help Get My Florida Business Insurance Claim Paid?

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Do I Need a Lawyer to Help Get My Florida Business Insurance Claim Paid?

Florida Business Insurance Claim AttorneyIf 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.

Common Types of Business Property and Liability Losses

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:

  • Burglary and Theft (20%)
  • Water and Freezing Damage (15%)
  • Wind and Hail Damage (15%)
  • Fire (10%)
  • Customer Slips and Falls (10%)
  • Customer Injury and Damage (Less Than 5%)
  • Product Liability (Less Than 5%)
  • Struck by an Object (Less Than 5%)
  • Reputational Harm (Less Than 5%)
  • Vehicular Accident (Less Than 5%)

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.

How Do I File a Business Insurance Claim?

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:

  1. Contact police. If your claim involves theft, criminal activity, or injury to a person you should contact the police and get a copy of the police report.
  2. Review your insurance policy. Read through your policy to make sure the loss is covered and to check for specific steps you are required to take when a loss occurs.
  3. Contact your insurance company. Make a claim with your insurance company as soon as possible. Your insurer may send an adjuster out to view the damage or loss.
  4. Inventory and document the loss. You will likely need to provide evidence of the damage or loss. To do this, take photos and/or prepare an inventory of damaged or destroyed property along with the value of the property.
  5. Mitigate damages. Your insurance policy likely requires you to take reasonable steps to prevent further damage, such as putting a tarp over a damaged roof or turning off the water supply at the main if there is a water leak.
  6. Prepare and submit proof of loss and other required documents. You may be required to submit a signed proof of loss as well as other documents for your claim to be reviewed and processed.
  7. Obtain repair estimates. Get at least two independent repair/replacement estimates in case the adjuster underestimates the value of your claim.
  8. Keep a record of ongoing expenses/losses. If the loss causes your business to close or relocate you will have ongoing expenses/losses that you need to include in your claim. Keep detailed records of expenses and be prepared to prove income prior to and after the loss.


What Problems Can Occur When Trying to Get Paid?

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:

  • Denial of all or part of your claim. Your insurer may claim that some or all your claimed losses are excluded from coverage.
  • Dispute over the repair/replacement cost. Losses pertaining to a business insurance claim can involve not just repairing damage but also replacing lost income. Your insurance company may offer you less than you believe the claim is worth.
  • Processing delays and/or excessive requests for documents. While it can take time to process a costly or complex business insurance claim, your insurer may make it even more difficult by requesting endless documents and putting unnecessary obstacles in your way that lead to an unreasonable delay in payment of your claim.


How Can a Florida Business Insurance Claim Lawyer Help?

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.

Imran Malik
Imran Malik
Imran Malik, rated AV® Preeminent, by Martindale-Hubbell, is the founding member of Malik Law P.A. An AV® Rating signifies that a lawyer has reached the heights of professional excellence. He has practiced law for a number of years, and is recognized for the highest levels of skill and integrity by fellow attorneys in his area of practice. Martindale-Hubbell is the oldest and most trusted lawyer information service in America.