Owning a business is full of rewards and challenges—all of which you may experience daily. While in the conceptual stages, thoughts of running your own business may have entailed a much different type of luxurious, fantasy scenario, once you get down to the brass tacks of owning a company, it is easy to become mired in a long list of constant tasks, from employee scheduling to inventory and ordering, dealing with vendors, other businesses—and of course, the ever-necessary customers. Along with all of that comes a huge emphasis on managing finances and taking care of issues like insurance.
For the average small business there can be a variety of different policies required, and it is critical to be sufficiently covered—as well as to understand what types of coverages you have so there isn’t a misunderstanding later or a denial that could have been prevented; however, if you think the insurance company is denying you in bad faith, consult with an experienced insurance law firm like the Bolender Law Firm as soon as possible.
In the meantime, all insurance policies should be reviewed and updated if necessary at least once a year. Here are some typical policies a small business may need to consider:
- General liability – this type of business insurance is critical in protecting you, as well as your employees—providing bodily injury and property damage coverage in the case of any claims that may arise. This type of insurance should cover expenses incurred due to such a claim, from any required investigations on the part of the insurance company to medical expenses, legal fees or settlements, and more.
- Professional liability – meant to protect you and your business in the case of a claim brought against you when a client alleges there was negligence, this insurance could be critical to saving your company should an issue arise in the future. Professional liability policies can vary greatly too, so make sure to review and update yours yearly to make sure you have the proper coverage.
- Workers compensation – as a business owner, this is one type of insurance you will probably always have to deal with as it protects your employees if they are injured on the job, insuring them for medical payments and lost income when they cannot work—either temporarily or permanently, depending on the severity of the case. Understand your policy, and work with your insurance agent to make sure you are properly covered according to the state law.
- Property insurance – even if you don’t own the building where your business is located, you may have plenty of contents that need insuring. Stay up to date on your policy every year by reviewing what you may have added (or gotten ridden of) at your office that needs to be insured.
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!