How to Address Unfair Business Insurance Claim Settlement Practices
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If you are a business owner that has experienced some sort of major damage or loss to the building from which you operate, obtaining a fair and timely settlement of a business insurance claim is imperative. Absent a timely settlement of a business insurance claim, the ongoing financial and associated losses to your company may prove catastrophic. Unfortunately, with shocking regularity, insurers that cover business losses engage in improper or unfair claim settlement practices. If you’re a business owner and find yourself battling an insurance company over a claim, you need to give serious consideration to getting a seasoned Florida business insurance claim lawyer at your side.
Overview of Unfair Insurance Claim Settlement Practices
In basic terms, an unfair claims settlement practice is defined as:
Unfair Claims Practice. Unfair claims practice is the improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. By engaging in unfair claims practices, an insurer tries to reduce its costs.
The National Association of Insurance Commissioners, or NAIC, has identified a set of 13 acts that are deemed unfair claims settlement practices in certain situations. A couple of the more commonplace examples of unfair claims settlement practices as discussed in greater detail in a moment.
Common Examples When Florida Insurance Companies Improperly Settle Valid Claims
Florida business insurance companies have proven themselves absolutely ingenious when it comes to engaging in what classify as unfair claims settlement practices. Some of the most commonplace examples of unfair insurance claims settlement practices include (but are not limited to):
- Attempting to immediately settle a claim made by a Florida business. This tactic is employed by an insurer in an attempt to entice (or force) a business owner to accept a low-dollar settlement, to agree to a settlement well below what the claim warrants. Florida insurance companies also utilize this tactic to attempt to force a claim settlement before a business owner has the opportunity to seek legal representation.
- At the other end of the spectrum, Florida business insurance companies have been known to attempt to drag out the settlement of claim for a truly inappropriate period of time. They do this by making unfounded requests for additional information, failing to respond to a business owner claimant in a timely manner, and other illicit tactics. The hope on the part of insurance companies is that a business owner will wear down or feel truly pressured to settle a valid claim for a dollar amount far below what damages and losses warrant.
Protect Your Company with a Skilled, Experienced Florida Business Insurance Claim Lawyer
The first step in retaining the services of a skilled, tenacious Florida business insurance claim lawyer is to schedule an initial consultation and case evaluation. You can schedule a consultation with a Doan Law Firm Florida business insurance claim lawyer any time of the day or night by calling us at any one of our local Florida offices:
- Jacksonville – (904) 901-0000
- Miami – (786) 671-0000
- Orlando – (407) 289-0000
- Tallahassee – (850) 601-0000
- Tampa – (813) 609-0000
Each of our local Florida business insurance claim lawyer hotlines are staffed 24 hours a day, seven days a week, 52 weeks a year, including all major holidays.
We can schedule an initial consultation for you at any one of our law firm’s offices, at the location of your business, or at any location that is convenient for you. There is no fee charged for an initial consultation with a Doan Law Firm Florida business insurance claim attorney.
About Attorney Fees and Your Florida Business Insurance Claim
There are a couple of important points that need to be made regarding attorney fees and your Florida business insurance claim. First, The Doan Law Firm never charges an attorney fee unless we win your case for you. You pay absolutely nothing until we obtain a favorable resolution of your claim and case.
Second, some business owners balk at the idea of retaining legal counsel in regard to a situation involving an unfair business claim settlement practice. Indeed, entrepreneurs oftentimes avoid retaining legal counsel when dealing with a business insurance claim of some sort. They reason that they save money by not hiring an attorneyAs mentioned a moment ago, The Doan Law Firm charges no fee unless we win your case for you. Another reality is that in nearly all cases, when an attorney is involved in the claim settlement process, an insured business receives more money in the way of compensation than is the case in the absence of legal representation. More claim compensation is received even when attorney fees are taken into consideration.
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Miami, FL 24131
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