Businesses expose themselves to liability by virtue of opening their doors to customers and vendors. Commercial insurance, also known as business insurance, protects businesses from financial losses associated with running their business. The most common types of losses include property damage from natural disasters or liability insurance if the business is sued.
Depending on what type of business you have, you may have varied commercial insurance needs. The following types of insurance provide coverage for your business in the following ways.
Commercial insurance does not cover liability resulting from your negligence, or in states where strict liability is assessed.
To get business insurance, contact a licensed insurance broker or agent. They can help you assess how much coverage is sufficient for your business.
Asses the nature of your business to determine what type and how much coverage is necessary for your business. For instance, when considering how much liability insurance you need, evaluate your professional duties, the use of the premises, and the number of persons accessing the property. For property insurance, take into account your contractual obligations and the value of the property to be insured. You must also factor in any insurance requirements mandated by state law.
The following are common property insurance disputes:
If your business insurance claim is denied, first check your policy to ensure that your claim is covered. If it is, file an immediate appeal. If your insurance company still refuses to cover your claim, consider taking legal action against your insurance carrier.
Business insurance policies tend to be voluminous and complex. State laws require business insurance to state exactly what it covers, but it may be difficult for a layperson to determine what is and isn’t covered. Hiring a business lawyer to go over your policy can help your company understand your plan and coverage. If your business is sued, an attorney can represent you and gives you the best chance of prevailing in your lawsuit.
Last Modified: 03-01-2018 12:24 AM PSTLaw Library Disclaimer
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