Tag: Business insurance

commercial property

Commercial Property and the Margin Clause

There are many different reasons to buy insurance. You may find yourself worrying about whether to buy one or more policies, putting out thousands per year for protection that may never be needed. The greater worry, however, is what could happen if you did not purchase insurance. Without auto insurance, you could find yourself facing an enormous lawsuit if someone were injured due to your negligence—or serious property damage to your own vehicle left unpaid for if you had an accident without anyone else even involved. Without homeowner’s insurance, if your home suffered catastrophic damage and became uninhabitable, you could have little recourse for rebuilding. Without medical insurance, your health could be in jeopardy—and without life insurance, your surviving spouse and heirs may be left hanging in the balance, quite literally.

Commercial insurance is on another level entirely, however, as it not only protects all the hopes and dreams and hard work you may have contributed decades to, but also because it reduces any financial risk to your livelihood—and without that, protecting your family can be extremely challenging. In working with your insurance agent, however, you may feel overwhelmed with the complexities of understanding what your risk is, what you need, how much you can budget for premiums annually, and which deductibles to choose.

Understanding the basics of your policy, from coverages to exclusions, limits, and endorsements can be an ongoing education in itself—and it should be that way as you purchase insurance and then confer with your agent about updating it at least once a year if necessary. Complexities such as the margin clause may have you shaking your head wondering how it benefits you at all—and the answer is that it generally does not as the insurer adds the margin clause as an endorsement to your policy to offset the latitude of a blanket limit should there be the potential for a major pay-out.

The margin clause usually comes into play if there is a catastrophic loss to your commercial property that has become more valuable over time—without any updates regarding the value being discussed with your agent or resulting in changes to your initial policy. Substantial limits are placed on your property with the margin clause, meaning that only a specific percentage of the value of your commercial property would be paid for in a claim. You could be left paying thousands more on your own. It is critical to discuss all the details of your policy with your insurance agent—and whether your policy contains a margin clause or not, if it is not being paid, you may be a victim of bad faith practices. Signs of bad faith usually include unreasonable delays or requests for large amounts of documentation that may not seem relevant, or other intimidation tactics, along with complete denial of the claim with little explanation.

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!

Business partnership agreements

Business Partnership Agreements: Five Things to Include

You may be taking on a new business partner (or vice versa) in an existing company for numerous reasons, or upon founding a company, you and one or more individuals may be in it together, sharing all the stress—and the excitement–along with working on business partnership agreements. Going it alone in business can be difficult, forcing you to bear all the responsibility on your shoulders. And although that means not having to divide up as much financially if the company begins to thrive, there are so many benefits to having one or more partners. Finding capital to open the doors—and keep them open—is one of the greatest challenges in business ownership. But even more importantly, you and your business partner may have dreamt up your business model together, and there may have never been any question about working together in the future.

No matter who your business partner is though, a contract is necessary. Even if you have a solid plan and a verbal agreement in place, consult with experienced attorneys from The Bolender Law Firm for assistance in drafting a comprehensive written agreement so that all partners know what to expect from beginning to end. Here are five major details not to overlook:

  • Job titles – whether you decide to use conventional titles such as CEO or not, designate titles for each partner working within the company.
  • Delegation of responsibilities – while this may be something that changes from time to time, outlining work duties in the contract can prevent serious misunderstandings later, as well as warding off resentments from growing—assuming the details of the contract are being followed.
  • Pay and profit distributions – finances are one of the main issues that can land partners in court against one another, so this is another section of your partnership agreement which must be carefully thought out and prepared. Along with consulting your attorney, you may want to speak with an experienced accountant too.
  • Exit strategies – although this may seem awkward to discuss at first, it is a routine subject for many agreements, and knowing that a plan is in place can offer great peace of mind to everyone. Discuss what should happen to business shares in the company should a partner decide to leave. Also, decide ahead of time how to handle any partner’s shares should they die or become debilitated due to an illness or major accident. Even divorce should be discussed as there is the potential for a spouse to fight for a portion of business profits as they relate to personal assets.
  • Dispute resolution – this can be easy to overlook when everyone is getting along, but a dispute resolution clause allows you and your partners to decide ahead of time how to handle any potential legal issues. You can outline how a major disagreement is to be handled and where, whether through litigation or alternative methods such as mediation or arbitration, as well as deciding how any potential attorney’s fees would be paid.

If you are involved in a serious disagreement with partners or another business dispute, 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!

claims made

Claims Made Policy: Consider This Before Terminating

While the insurance industry gets a bad rap—and sadly all too often with good reason—you probably usually feel good about knowing you have coverage in place in case something goes wrong, resulting not only in injury but sometimes opening you up to enormous liability too. There is also the possibility that expenses for such a loss could be catastrophic to your finances. Because of that, most of us are relieved to have insurance and the accompanying peace of mind, despite high premiums and the long list of complexities that accompany many policies.

Getting educated about what you need is critical. Although your insurance agent may be able to explain all the details to you, researching different types of coverage and features included in varying policies will benefit you greatly; for example, you may not understand the differences between the occurrence policy and the claims-made policy. The occurrence policy protects you with coverage even if a claim is made later after your policy has been terminated—as long as the claim is regarding an incident that occurred while your policy was in force.

And although you may be tempted to cancel your claims-made policy due to issues such as the need for broader coverage or better service from your insurance company, keep in mind that there are benefits to the claims-made policy that you may miss out on later; for instance, although the claims-made policy usually states that any claim must have happened during the time the policy was in effect only, there is exception to this with the extended reporting period.

Commonly referred to in the insurance industry as a ‘tail,’ you can purchase an ERP as an endorsement with your policy that may last anywhere from one to five years, or sometimes even as long as ten—and although it may be more expensive than the basic policy, it can be extremely effective for professionals like doctors in the case that a malpractice suit or other claims are brought forth after the policy expires. The ERP may also be referred to as optional or supplemental or be listed as a ‘discovery period.’ They may also be included in your original policy, but only for the very short term such as 30 to 60 days.

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!

extended reporting period

Extended Reporting Period Could Be Your Saving Grace

Have you ever really looked at your insurance policy or examined details on items like an extended reporting period? For so many policyholders, the insurance transaction means communicating with a new agent—or perhaps one that you have had for years—and purchasing whatever coverage is necessary, putting the policy in a file, and then reminding yourself of the due dates for payment. In exchange for this ‘product’ you are buying, you receive a policy outlining all the details of how the insurance company will pay for any claims.

Most consumers are concerned with the features offered in basic auto policies, such as what types of coverage they need for bodily injury, property damage, comp and collision, and more. For homeowners, they may wonder about coverage for their home structure, the contents inside, and liability in case someone is hurt on the premises. In some cases—and especially if you are a working professional like a doctor, for instance—you may need more complex insurance in the form of a claims-made liability policy. This type of coverage protects you only if you have a policy in place when the claim is filed, however, and the policy must have been renewed continually, covering you within the time that the claim of negligence was made.

The extended report period can be extremely helpful if a claim is filed after coverage ended. Even though the event causing the claim may have occurred while your policy was in force and you were paying premiums, if the claims-made liability policy is not longer in force, the insurance company does not have to pay. With an extended reporting period in place, however (also known as a tail), you are allowed more time to report a claim to your insurance company—and this could save you from serious financial problems. Time periods for the ERP vary in length, from one to five years, or maybe even ten in some cases. An ERP for a shorter period of time may actually be included in your claims-made policy but is much shorter—usually only a couple of months at the most though. Longer ERPs are purchased as an endorsement to your policy.

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!

website claims

Website Claims: Is Your Business Vulnerable?

No matter how long you have been in business, you probably maintain a long list of responsibilities and tend to the majority of them daily, working with valued clients, handling employee issues like scheduling and performance reviews, managing financial issues, ordering and dealing with vendors, and so much more–and because of that, having to worry about something like website claims may come as a bit of a surprise.

It Can Be Challenging to Keep Up with Emerging Legal Issues in Business

Not only that, you are expected to know and comply with many different rules, regulations, and laws—from those related to harassment or discrimination charges that could potentially be filed with the Equal Employment Opportunity Commission to varying and complicated issues that can arise after someone is terminated or quits and may seek unemployment benefits. There are complexities in hiring independent contractors and creating confidentiality and non-disclosure agreements—as well as protecting intellectual property. And those are just a few examples of what you must worry about.

Even Online Businesses May Be Affected by Discrimination Lawsuits

As the digital age has progressed over the last few decades, methods of doing business have changed enormously too thanks to the internet. We all do many things differently, and much of that is due to the ease that online processes offer—especially for consumers. With that, many of the same legal issues carry over—even if you haven’t thought it about it, and especially for issues with discrimination. Because so much access is provided today over the internet and many businesses are technically run online, all companies must make sure that suitable access is provided on their websites for those who are handicapped. If you fail to do so, you could find yourself being sued with an American with Disabilities Act (ADA) website claim.

ADA Website Issues Are Often Filed as Title III Claims

An ADA website claim falls under what are known as Title III claims, lumped in with other discrimination lawsuits related to issues like lack of access for wheelchairs in parking lots or gas stations, or lack of access or allowance for service animals. Most website claims are filed regarding lack of access for individuals who are visually impaired, but sometimes also for those with hearing impairments when videos are included on websites without sufficient communication for the deaf. Along with being pressed for a settlement, your business may then be forced to show continued compliance in the future.

Contact Us for Help

If you are concerned about an ADA website claim or another business dispute, please contact the attorneys at the Bolender Law Firm. We will aggressively pursue litigation if negotiating a settlement is not possible, using our extensive knowledge of civil procedure, and corporate and commercial code law. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

copyrights

Copyrights, Trademarks, Patents: Understand the Differences & What You Need

As a company owner, you may have accrued numerous assets after years in business. You may own real estate—to include your business site—company vehicles, a large amount of office property and inventory, and other investments that relate to your industry. What about intellectual property though? You, your business partners, and independent contractors working for you either temporarily or long-term may be busy creating items that are truly some of your most valuable assets, and they must be protected.

As you begin producing different types of work, innovations, and perhaps even major inventions, you may be confused about what security measures you need to take, and how to do so; however, with the expert legal assistance of a firm like Bolender Law Firm, you will have a better understanding of your options regarding materials, negotiating licenses, preparing applications for registration, and more.

The terms copyright and trademark are sometimes used interchangeably, but they actually denote very different types of intellectual property law, along with patents. We’ve included brief information regarding each, so you can think about what may apply to your needs, and what type of protection your intellectual property requires:

  • Copyrights – whether you are applying for your own or asking permission to use a copyright assigned to another entity, this grants exclusive rights to the creator of an expression of art, whether that may be a book or a screenplay, software, music, or more. Copyrights are covered for a period of 95 years if they were published after 1922, but before 1987. If they were developed but not actually published before 1978, the work is covered for the lifetime of the creator, and an additional 70 years after that.
  • Trademarks – this type of intellectual property protection becomes critical when you are creating a brand. By registering a trademark (such as a logo), you allow your company and its products to be distinguished from that of the competition; likewise, the service mark denotes the services you offer.
  • Patents – this license is reserved to grant exclusive rights for inventions—usually for about 20 years from the time of application. During that timeframe, others may not manufacture the invention for their own purposes, use it, or sell it.

The Bolender Law Firm can assist you in all intellectual property matters. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

business owners

Business Owners: Have You Updated Your Insurance Policies Lately?

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!