It is important for Ohio businesses to set-up and maintain insurance coverage that will insure against possible business losses. Avoid common mistakes by following these tips.
February 06, 2014 /24-7PressRelease/ -- Common insurance mistakes made by Ohio businesses
Article provided by Rutter & Russin
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Owning and operating your own business can be very rewarding, emotionally and financially. However, it may not always be a bed of roses and it is necessary to insure your business assets and interests in the event of a loss.
Business losses may occur due to a variety of reasons. For example, your company may suffer a loss due to one of the following:
-Act of nature -- such as a tornado, flood or earthquake
-Illegal act or wrongdoing by an employee, co-owner or vendor
-Fire at or near your place of business
-Economic loss due to interruption of your business operations
While you may carry insurance for these types of issues, obtaining compensation for your insured losses from your carrier may not always be easy. Inadequate coverage, failure to follow proper claim procedures or a denial by your insurance carrier may keep you from collecting what you are rightly due. The following tips may help.
Prior to a claim
It is vitally important to obtain insurance that is appropriate for your type of business operation. Different businesses need different types of coverage. Your company may need malpractice or professional insurance in addition to property loss coverage. For example, flood insurance is not just for those in high-risk areas as leaky or burst pipes on a neighboring property may cause damage to yours. If you have employees, employment liability insurance is usually advisable.
Carefully scrutinize your policy before you sign on the dotted line. You should have a thorough understanding of what your policy covers and what losses will not be covered. Do not rely on oral statements made by an agent; make sure you every statement made is in writing.
Making a claim
Immediately upon realizing you may have a compensable claim, contact your insurance carrier. Often, there are strict deadlines for filing claims and time is of the essence. Prompt action on your part may help you remember details, provide better evidence of your losses and may expedite the entire process. Be sure to document all communications you have with your carrier and do not sign anything without first reading and understanding what you are executing.
After submitting a claim
Contrary to popular advertisements, your insurance carrier is not always looking out for your best interests. Follow up on the status of your claim and be proactive during the entire claim process. Do not immediately accept a lowball offer and pay attention to deadlines regarding the appeal process for a denied claim. Delays are common and may require the assistance of a professional.
A lawyer can help
If your Ohio business suffers a loss, consult an experienced insurance dispute lawyer. An attorney knowledgeable about business insurance claims can assist you at every step of as you set-up necessary polices, submit claims and appeal denied claims.
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