Houston Business Insurance Dispute Lawyer
For most companies, business insurance is a smart move. Carrying a policy specific to your business can protect the owner and the company against a financial disaster. Small businesses, in particular, can protect their financial stability with insurance against an unforeseen disaster.
A lawsuit or an unavoidable accident can leave a permanent scar on a business. In some cases, the owner faces business interruption or never resurrects the company. Years of hard work can be lost overnight.
Powers Law Firm is knowledgeable in the different types of business insurance and how the policy works. If your insurance company fails to uphold their end of the contract, call our Houston business insurance dispute lawyers at (713) 621-0700.
Types of Business Insurance
There are a variety of business insurance policies available to business owners. The most common types of coverage include:
- Liability Insurance
- Product Protection Liability
- Professional Liability
- Commercial Property Insurance
- Liability Insurance
General Liability insurance typically covers the business’s defense in the event of a legal suit. This can include bodily injury claims on the premises, slander, and other accusations that the company may face. For example, if a retailer carries a general liability policy and a customer slips and falls at the store and injures his or her back, the customer may sue. The insurance policy exists to cover the court costs and payment to the injured party.
Product Protection Liability
In a similar manner, product liability protection is designed to cover any harm caused by a defective product. This is more applicable to some companies than others, but manufacturers of appliances, toys and vehicles can protect themselves from costly product liability claims with this insurance policy. Many different groups can be held responsible in the case of a defective product:
- The manufacturer
- Producers of components used in the product
- Suppliers who affected the safety of the product
- Anyone who processes the product
Physicians and other caregivers can shield themselves with professional liability insurance. This coverage is purchased to cover any claims of medical malpractice, misconduct, or other accusations while operating in a professional capacity.
Commercial Property Insurance
Commercial property insurance protects the physical location in which businesses operate. These policies are intended to guard businesses against property damage due to events such as fire, looting, vandalism, hail, wind or flood damage. These events can cause damage to the inventory and physical building, and also cause an interruption in business and a resulting loss.
When a business invests in these types of protections for unforeseen events, they are trusting that the insurance carrier will honor their policy in good faith. If a business’s insurance carrier refuses to cover a claim, the business could be stuck in a difficult situation with no way out. Houston insurance lawyers know that business bad faith claims are all too common.
In the event that a business insurance carrier has acted in bad faith by refusing to honor a claim in a timely manner or offer reasonable compensation or settlement, the insured business may have grounds to file a bad faith insurance claim. Contact Houston insurance business dispute lawyers at Powers Law Firm today for a free consultation.