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California Business and Commercial Insurance Claims

Jul 14, 2016 | Business

How Does Business and Commercial Insurance Work?

Business insurance is a agreement between an insurance company and a business and/or business owner.

In the event of a covered loss, a business and or business owner files a claim with their insurance company for any damages, financial losses, and other losses the business has sustained. Depending on your insurance policy limits your business may recover all losses. Thus, your business will only obtain the applicable amount of compensation for the loss(es).

However, many times, adjusters may give business owners the round around and offer to pay a compensation amount below actual damages sustained. For example, say your business property damage has policy limits of $50,000.00, but your business actually incurred $100,000.00 in damages, you may be out of luck.

When a loss occurs, the business will usually file a claim with their insurance company and an adjuster will open up a claim. Let’s assume for example, that a faulty pipe burst causing water damage and destroys a portion of your business’ premises, your insurance company will repay you for the damages incurred as well as aiding in the restoration process.

It’s important to remember, however, your insurance policy may only cover the type of coverage included in your insurance policy. If your business has inured loss or damages and you are unsure if you have coverage, call our office and schedule a free consultation with one of our business insurance attorneys.

What Is Business Insurance?

Business insurance includes a broad range of policy options designed to protect a business from financial loss. Every commercial operation has its own unique set of risks, which means a commercial insurance policy must be tailored to the business. Many factors, from the size of your company, to the number of workers you employ, the materials they handle and whether you have business vehicles, will determine the specific coverage you need to mitigate risk and protect your company’s financials. A business lawyer at KAASS LAW can provide you with the specific legal assistance that you may need.

Business insurance includes a comprehensive range of policy options intended to defend and protect a business from various financial and property damage losses. In order to alleviate risks and safeguard your businesses livelihood it is vital to weigh out the types of coverage and policy limits your business needs.

Not all business operations are created equally. Each business has its own unique and distinctive set of risks. Thus, commercial insurance policies must be tailored specifically to your business operations.

What Does Business or Commercial Insurance Cover?

Business insurance policy may include coverage such as, general liability insurance, which covers injuries sustained by third parties for reasons such as, negligent maintenance, slip and fall accidents, various premises liability accidents, and other personal injury claims. For instance if a patron or consumer was injured due to liquid substance, a claim with you may file a claim with your general liability insurance.

Property insurance coverage protects your business’ property in the event your business sustained loss and damages arising out of water damage, fire, flood, storms, faulty pipes that caused a burst, or vandalism due to a break-in.

Loss of income coverage protects your business and business owners in the event that your business was non-cooperation during times of cleanup & restoration. For instance, your business sustained water damage due to a faulty pipe that burst and you were unable to operate while damages were being repaired. Loss of income may be able to cover the losses you incurred during the clean up and restoration costs.

Business lawyers at KAASS LAW can provide you with any sort of legal assistance required with insurance companies.