Businesses, big or small, need insurance. Commercial insurance policies protect the business in all types of legal trouble. As a business owner, legal action is an occupational hazard. Good insurance mitigates financial damage to your business. Make sure you understand everything in your policy. Understanding your policy will save you a headache later. It is better to understand a complicated policy when you have a clear head than try to piece it together during a stressful time.
Freundlich & Littman, LLC are commercial insurance claims lawyers. If you are in need of a lawyer to fight your commercial owner’s insurance claim, we are here for you.
Benefits of Commercial Insurance
Commercial insurance policies cover the most common areas of legal trouble for businesses. This includes workmen’s compensation and auto insurance for work vehicles. General liability insurance and “umbrella” insurance are general protections. They cover personal injuries related to the business and anything else that may fall outside.
As a business owner, it is important to have at least general liability insurance. For small claims, it is easier to have your insurance deal with it.
Commercial insurance also protects physical damage done to your property by looters, cars, and Acts of God. In the event of property damage, your priority is maintaining all the evidence. It is important that you take pictures and properly document of all the damage.
If necessary, call the police. The police will give you a full report for your records. Any forms that you sign or fill out in connection with your insurance claim should be in your personal records. Keep all documents in a safe place until the insurance claim process is complete. If your business loses profit, keep records of your lost profits in case of a lawsuit.
Making A Commercial Insurance Claim
A commercial insurance claim is a similar process to a regular insurance claim. Commercial insurers are more likely to be skeptical of fraudulent claims. The monetary stakes are higher.
Your insurance company will ask you to provide your basic demographic information and details about the reason for the claim. Especially if it involves costly damage, your insurance company will have an insurance adjuster contact you. The adjuster is there to determine whether there is coverage and if so, the value of your claim.
Prepare yourself for several questions about your claim. The insurance adjuster’s job is to make sure the insurance companies only pays for what they have to by law. Insurance companies may also need you to show proof for whatever insurance payouts you feel entitled to receive. Insurance adjusters will try to get you to settle your claim. In short, never agree to a settlement offer that you are not comfortable with.
If you feel that you are not getting the full amount that you feel entitled to, do not accept payment. If an offer from the insurance adjustor does not feel fair, do not hesitate to contact legal counsel to review your options. Insurance companies have a lot of weight in the legal world. They have adjusters and attorneys on their side. Depending on the size of your damage, an insurance attorney will be helpful to guide you through the process to ensure you receive the compensation you deserve.
What Happens With The Claim?
Your insurance company may assign your claim to an insurance adjuster. The job of the adjuster is to save the insurance company money, determine the insurance company’s liability and put a monetary value on your claim. At some point, your company’s representative will contact you.
Their agent will ask you many questions about your claim. They may even call you into an examination under oath. If you find yourself with a summons to an examination under oath, do not hesitate to contact an experienced insurance attorney. During this whole process, the insurance company is not on your side. Having a lawyer to fight for you will make the process smoother.
The insurance adjuster will offer you an initial settlement offer that is congruent to how much they think the claim is worth. If the amount is not enough to cover everything and you feel entitled to more, make sure to deny the initial offer. Contact an attorney immediately to discuss the validity of your claim. An attorney will have the negotiation skills necessary to get your insurance company to comply.
Commercial Insurance Claims Lawyers
If your insurance company will not pay your claims, call us immediately. We are commercial insurance lawyers in the greater Philadelphia area. Insurance companies can take a few weeks to process your claim from start to finish. Call Freundlich & Littman today at 215-545-8500 to schedule a free consultation.