The Businessowners insurance policy provides property and liability insurance for small business owners. Loss of Business Income coverage is a common addition. When business owners make a claim under one of these policies, they are often surprised by how slowly their insurance company calculates their benefit payments – you would think your insurer wants you to be back to business as soon as possible so they can stop paying Loss of Income and Additional Expense benefits – so why are they so slow? While the answer to that question is complex and requires an in-depth knowledge of the policy and insurance claims operations, what is important is what you can do about it.
Business owners also encounter the same claim underpayment and denial problems that homeowners face when seeking their (business) personal property and building benefits. Without expert assistance, you can find yourself struggling to understand the building terms, the policy language and its proper application, and the complex insurance benefit calculations. Even if you can afford the time and energy to devote to understanding the process, it would take years to research the applicable laws, regulations, and current consumer issues in the insurance marketplace. Without expert advice and assistance, businessowners’ claims are routinely underpaid – particularly when the business owner becomes frustrated with the immense amount of work needed to prepare and submit invoices, expense reports, and spreadsheets (that actually meet the insurer’s stringent requirements) and the detailed inventory of the lost business personal property.
If you are a business owner in need of assistance with an insurance claim, or you already have a claim and the process is overwhelming you while you are trying to continue to run your business, contact the experts at Defever Law for help. If you feel your benefits are being unfairly denied, delayed, or underpaid, we can advise you.
Commercial Liability (CGL)
Commercial General Liability insurance coverage is purchased for larger commercial operations in need of comprehensive coverage for more than building or property loss. CGL coverage also covers extensive potential liability exposures caused by triggers which may occur repeatedly and over time. The policy typically covers necessary medical payments and liabilities for personal and advertising injuries. Policyholders with CGL claims encounter the same issues as small business owners – insurers routinely deny, delay, and underpay claims, and meanwhile, you are trying to run a successful business. There simply are not enough hours in the day to manage both successfully, and you become vulnerable to the underpayment tactics of your insurance company.
In addition, the CGL policy is routinely more than one hundred pages and very complex. Reading these policies can be painful for the untrained eye. To ensure you receive all of your insurance benefits, you need a knowledgeable industry expert on your side. The advocates at Defever Law have experience reading and analyzing CGL policies, as well as extensive knowledge of insurance regulations and case law. Contact us and we can help you obtain the benefits you are entitled to.
Businessowners and CGL policies typically reimburse the business owner for Loss of Business Income during the period in which the business property is being restored or rebuilt. Business owners receiving this benefit are often surprised at how tedious the claim filing is and how slowly their insurance company process the submitted information before payment. Many times, at the beginning of the claim it seems that the insurer is working quickly toward a claim resolution because they issue the first check fairly promptly. However, then subsequent checks slow to a grinding halt as the insurer scrutinizes the coverage and the data.
For assistance with the complex documentation, policy interpretations, and negotiations necessary to obtain your rightful benefits covering your Business Income Losses, contact the experts at Defever Law and they will analyze your claim and determine your best course of action.