Understanding the ins and outs of a commercial insurance policy is a challenge for most business owners. With complex legal jargon and page after page of exclusions, it is a wonder anyone can read such specialized terminology. Unfortunately, this is exactly how adjusters want it.
During a consultation, the knowledgeable property damage insurance claim attorneys at Kirk Law Firm, PLLC can break down these legal contracts in a way that makes sense to you. Stick with us to learn how to navigate a commercial insurance policy, despite its deliberately non-intuitive structure.
Demystifying Your Policy’s Terms and Coverage Limits
Your commercial insurance policy includes a declarations page where you can find helpful information about your coverage, including your policy’s limits and your deductibles. As you review your policy, several keywords may become familiar, such as “occurrence” and “claims made.” Occurrence refers to an event that takes place during your coverage period, resulting in property damage. “Claims made” asserts that a policy only provides coverage for property damage claims that are properly filed within the coverage period. During an initial consultation, our attorneys can further define important terms that may appear throughout your policy.
Understanding Different Policy Types
It is also important that you understand the different commercial insurance policy types, as there are several. A general liability policy protects your business from bodily injury or property damage caused by your operations, while commercial property insurance would replace your buildings, equipment, and inventory in the event of a loss.
Commercial auto protects your company’s fleet with Texas’s mandatory 30/60/25 liability limits. It is also important to have property coverage to insure your buildings from damage caused by fire, storms, hail, or other perils.
You Have Policyholder Rights in Texas
The Texas Department of Insurance provides policyholders with certain rights. Your insurer has just 15 days to respond to a claim, and when approved, 30 days to send you a check. If an adjuster denies your claim, your provider must supply a written explanation why. If your insurance company misses these deadlines, it can be forced to pay interest, as well as your Kirk Law Firm, PLLC attorneys’ fees.
Reach Out to Our Experienced Attorneys for Help Understanding a Commercial Insurance Policy
Understanding how to navigate a commercial insurance policy takes time, but Kirk Law Firm, PLLC is here to help. If your company operates in Texas, you deserve a legal team that knows how to ensure your adjuster treats you fairly and pays for your damages as required by law.
Reach out to our lawyers for straightforward, practical advice that you can put to use. Having a dedicated legal team on your side from the onset of your loss provides the best chance at a fair settlement. Schedule a free consultation today.
