Understanding Business Liability Insurance Coverage
March 10, 2022
Businesses need liability insurance coverage to protect their financial interests and cover the costs associated with bodily injury, property damage, and liability claims. Without the appropriate business insurance policy, the business owner may be required to settle costly damages and legal claims against their business or company out of their pocket. A knowledgeable Texas business litigation attorney can enlighten you about business liability insurance coverage and determine the right insurance policy that best fits your needs.
At Uloth, P.C., I'm dedicated to providing comprehensive and knowledgeable legal guidance to clients in business liability insurance matters. As your legal counsel, I'm available to discuss your unique circumstances, enlighten you about business liability insurance coverage, and explore your available options. My firm proudly serves business owners across Dallas, Addison, and Plano, Texas.
What Is Business Liability Insurance Coverage?
Running a business involves a lot of risks. Business liability insurance coverage is an insurance policy designed to protect the financial interests of a business owner or company from third-party claims and lawsuits. It can protect a business against theft, vandalism, defective product claims, income loss, workplace accidents, bodily injury, property damage, and employee illnesses.
Types of Coverage
There are three types of business liability insurance coverage. These include:
General Liability Insurance: General liability insurance helps protect your business from claims of bodily injury or property damage that arise during the course of business operations.
Professional Liability Insurance: Professional liability insurance helps protect you and your business against third-party claims for negligence or mistakes made in professional services.
Product Liability Insurance: Product liability insurance can help cover any liability or legal expenses incurred when someone files a product liability claim seeking compensation for an injury or property damage caused by a product you manufactured, sold, or distributed.
What Texas Requires
Generally, business liability insurance isn't required under Texas law. Regardless, not having the right coverage could possibly put your business at financial risk. In order to protect the financial interests of your business, you should consider getting business liability insurance coverage. An experienced attorney can explore your available options, help identify the ideal business liability insurance that suits your unique needs, and determine what to do when your claims are denied.
When a Dispute or Denial Occurs
Claim denials are quite common. Some reasons for valid denials include:
Claims not covered under the policy
Failure to comply with insurance conditions
Failure to report previous claims
Failure to provide accurate business descriptions
Insurance bad faith tactics
If the insurance company denies your claims, the available options include:
Preparing a response to the claim denial letter
Filing a civil action against the insurance provider
A skilled business litigation attorney can help file an appeal to challenge the denial of the claim or take necessary legal action against the insurance company.
Getting Experienced Legal Guidance
Having a lawsuit or liability claim filed against your business can be difficult. Regardless of the situation, legal battles are time-consuming, expensive, and bad for your business reputation. Thankfully, business liability insurance coverage can help protect your business from claims of personal injury, property damages, copyright infringement, advertising injury, and other forms of liability claims. An experienced business insurance attorney can review your unique situation and help decide the right coverage option for you.
With more than 34 years of extensive experience, I have the knowledge, diligence, and resources to advise and guide individuals and business owners through the complexities of business liability insurance coverage. As your attorney, I can work to understand your business needs, enlighten you about the benefits of business liability coverage, and explore the different options that are available to you. Also, if your insurance claims are denied, I can help you appeal the denial. Using my in-depth legal understanding, I will fight intelligently to protect your best interests and help pursue your deserved compensation.
Contact my firm – Uloth, P.C. – today to schedule a one-on-one consultation with a knowledgeable business insurance lawyer. I can offer you the brilliant advocacy and detailed legal guidance you need to navigate crucial decisions in your business liability insurance matters. My firm is proud to serve clients throughout Dallas, Addison, and Plano, Texas.