Month: February 2019

Business Owners & Managing Partners—Keep those Minutes Updated

Posted by rainmakereditor on February 5, 2019 with 0 Comment

There may have been a lightbulb moment when you—and perhaps with a partner or two also—came up with a breathtaking idea, an invention that you knew would be in great demand later if you could just turn it into reality and become business owners or managing partners. Along with the latitude to work on and build your own business model, being your own boss means setting your own hours, making your own decisions, and being in much greater control of your life and its direction. Hopefully, there is the potential for making a good living, as well as the possibility for helping other people in your community or maybe even around the world.

There are numerous downsides to owning a company too, from typical daily stressors like managing a team to figuring out how to keep cash flow running properly. There are a variety of different little headaches in between also, and many of them relate to corporate administrative tasks. While they may seem like the easiest to procrastinate on, they can multiply out of control before you realize it. If you do not have someone handling these tasks for you, or if they need to be delegated, do so as quickly as possible. Scheduling corporate meetings, keeping up with all the records, and tending to the minutes is a perfect example. Keeping of the minutes is required for tax purposes and by federal law, and in most cases if you are the head of a traditional corporation or are the managing partner of another type of formal business entity (depending on state law), notes must be taken during at least one meeting per year.

Keeping the minutes for your company may be as simple or as complicated as you deem necessary, with notes usually expected too from meetings between shareholders, activities such as hiring new employees and giving them raises, bringing in new officers, and financial events like taking out loans or opening new accounts. All in attendance during such meetings or events should be noted, with the minutes kept in a secure location with the rest of your corporation’s important paperwork.

Do you have questions about a business issue, or do you need legal assistance regarding a business dispute? If so, contact the Bolender Law Firm. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

Bad Faith in Third Party Claims

Posted by rainmakereditor on February 4, 2019 with 0 Comment

Car insurance is a good example of a scenario where third party claims may be involved. And it is up to you to make sure they are covered, up to a point, too, so that they do not come after you personally! Buying insurance is all about risk protection—and considering that traffic incidents on today’s highways just continue to increase, hedging your bets with as much automobile insurance as possible is never a bad idea. And while none of us wants to get into any sort of accident at all, it can be doubly worse if it is our fault. When injuries and property damage are involved, there can also be a great deal of emotional stress and being able to offer financial compensation is key.

Trying to deal with an insurer that is slow in paying a claim may seem excruciating, but such an experience is even worse when they are supposed to be covering an accident where you were found at fault. If your insurance company has refused to settle in bad faith, you could be left extremely vulnerable financially; in fact, you could be sued personally. In some cases, the plaintiff may obtain a judgment against you, making life even worse with the potential for a series of wage garnishments, loss of property, and levying of financial accounts. This is not the time to go it alone! Consult with a skilled bad faith insurance attorney from a law office like the Bolender Law Firm.

If the insurer from your side (or if you are involved in a claim where the other party’s insurer is supposed to pay you) is not responding much at all, you may begin to worry that they are not going to honor the claim. Other signs of bad faith include:

Failure to even acknowledge the insurance claim
Lack of investigation of the claim
Delays with little explanation or unreasonable excuses that hold up all parties involved
Low-ball offers to pay the claim
Intimidating behavior toward you or toward witnesses involved in the case
Intimidating requests for excessive documentation
Outright denial of claim without a valid reason

If you need help reviewing your insurance policy, or if you suspect your insurance company may be denying your claim in bad faith, contact the attorneys at the Bolender Law Firm. If a dispute over a claim cannot be easily resolved through a call or written communication, our attorneys will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

Was Your Insurance Coverage Misrepresented?

Posted by rainmakereditor on February 1, 2019 with 0 Comment

In the beginning, purchasing insurance coverage is all about peace of mind, and as we so often hear, that does not come cheap! When it comes to protecting your health, home, business, livelihood, and so much more though, you most likely will be forced to bite the bullet and pay what could be hefty premiums for insurance—and perhaps for numerous policies. This usually happens via an insurance agent, and while it could be someone you have trusted for years, and who has always taken care of your coverage properly, you may have instead had to look for someone to help with new types of coverage.

Choosing an insurance agent is not an exercise that should be taken lightly, and you may want to speak with several different individuals before making a choice about which agency or insurance company to go with; after all, this person is going to be responsible for helping you make sure your home is protected in the case of a disaster, that your business is protected if someone takes a fall on a slippery floor and sues, that you and loved ones are taken care of in the case of a major car accident, and so much more. The insurance agent is responsible for making sure nothing falls through the cracks!

In some very unfortunate cases though, the insurance agent may be negligent—or customer service agents for the agency or larger corporation may not do their part sufficiently in handling your policy. While it is easy for misunderstandings to arise due to the complexities of insurance—and especially in a policy containing massive amounts of legal jargon—it is up to the agent to be the industry expert and make sure to explain your policy in full as well as answering as many questions as you may have.

Misrepresentation regarding your policy could occur for numerous reasons. While the insurer could be acting purely in bad faith, making changes to or canceling your policy without warning, it could also be that the insurance agent simply did not understand some part of what they were selling to you. They may have been confused about a clause within the policy, forgotten about an exclusion, or failed to tell you about another policy you needed to buy separately for total coverage; or, they may have failed to get coverage as promised altogether. With the help of a skilled insurance attorney, you may be owed significant damages through the agent’s errors and omissions company.