Commercial Insurance Dispute Lawyers in Oklahoma City
Helping business owners throughout Oklahoma
Like residential or homeowners’ insurance, commercial property insurance is a necessity for business owners. Insurance protects your company’s physical assets from dangers like theft, fire, burst pipes, or storms. (Common natural phenomena in Oklahoma like floods and tornadoes are typically not covered under commercial policies, unless specifically added.)
Even the savviest business owners who take out expensive insurance policies to protect their valuable investments can find themselves fighting to get their insurance companies to honor their end of the bargain. After a disaster or theft, you expect your insurance company to work with you to get your business back up and running, but often it feels like the company is working against you.
At Cunningham & Mears, our insurance dispute attorneys will take on the insurance company denying or delaying your claim. We’ll examine your claim, evaluate what benefits you’re entitled to according to your policy, and work to ensure you receive compensation for everything you’ve lost. Call us today.
Types of commercial insurance coverage
Many commercial business owners purchase several insurance policies to cover their needs. Without the right insurance coverage, events like fires, theft, or catastrophic accidents could put companies out of business for months – or forever. There are many different types of commercial insurance policies available, including coverage for:
- Comprehensive general liability (CGL)
- Property damage
- Business interruption
- Legal liability
- Automobile coverage
It’s important to choose the right types of coverage for your business. Typical claims on commercial insurance include compensation for:
- Damage to buildings, machines, inventory, materials
- Compensation for business interruption
- Ingress/egress, or denial of access
- Payroll coverage
- Loss of business
- Loss of rental income
- Extra expenses
Damage to your commercial property can greatly impact your business, as it can take some time to contend with losses and set up operations again once the damage is cleared up.
Commercial insurance bad faith
Your business insurance policy is a contract between you and the insurance company. That contract requires the insurance company to treat you fairly and with good faith when you submit a valid claim that’s covered by your policy. Your insurance company may be acting in bad faith if they:
- Deny coverage of your insurance claim
- Unnecessarily delay payment on a legitimate claim
- Fail to investigate a legitimate claim before denying it
- Underpay the complete value of your insurance claim
There are many other examples. If you believe your insurance company is acting in bad faith, talk to your Oklahoma City insurance dispute attorney for answers to all of your questions.
When can insurance companies deny Oklahoma City claims?
There are certain times when an insurance company can legally deny a commercial claim:
- When the policyholder doesn’t adhere to the stipulations of the policy or contract
- When the claim is fraudulent
- When the claim is for something outside of coverage of the insured’s policy
Excepting these or any other legitimate reasons, your insurance company is required to honor the policies it sells to you. Unfortunately, many companies find out when they attempt to make a claim that some insurance companies aren’t all that eager to honor their part of the bargain.
It’s better for the insurance company’s bottom line to pay out the least amount possible for your claim. They attempt to do this by questioning your claim, offering less than it’s worth, or denying it altogether. Common strategies include using ambiguous language in their policies, making policyholders go through an unreasonable amount of red tape, or deny legitimate claims until customers become frustrated and give up.
When your Oklahoma City commercial insurance claim is denied
You expect your commercial insurance policy to protect your business – your employees, building, property, inventory, and your investment. After all, you’ve been paying for this coverage, so your insurance company should be there for you when you need them. However, as many business owners unfortunately find out during troubled times, insurance companies often refuse the full value of claim, delay paying out claims, or even deny valid claims altogether.
Some business owners may try to take on the insurance company themselves, fighting through a complicated appeals process or spending hours on the phone with unhelpful insurance company representatives. Meanwhile, their business is suffering due to the unpaid claim. An Oklahoma City insurance dispute lawyer is the first step in getting your business back on the road to recovery.
How our insurance dispute attorneys help businesses
When your insurance company tries to delay paying out your claim or simply rejects it outright, consider consulting a law firm experienced in handling commercial insurance disputes. An attorney has the specialized knowledge to work with the insurance company to help you get the coverage and compensation you’ve paid for.
The attorneys at Cunningham & Mears also understand that your business has suffered physical and financial loss. If your business has experienced damaged property, machinery, and inventory, it is likely going to take a financial hit as well. Our legal team works to ensure your insurance company takes your loss of revenue into account.
We work and negotiate with the insurance company, so you don’t have to. And if we can’t reach a settlement, we’re also not afraid to bring a lawsuit in court. With most insurance companies, the simple threat of legal action will lead to a satisfactory settlement. However, if necessary, we will take your fight to court to secure you the fair amount of compensation you – and your valuable business – deserve.
Our Oklahoma City insurance dispute attorneys can help
You’ve invested everything you have into your business, including paying premiums for your commercial insurance. When you make a claim on your insurance, you expect the insurance company to honor it. What happens if your claim is denied? Talk to an insurance dispute attorney at Cunningham & Mears to find out what to do next. For a free consultation at our Oklahoma City offices, call 405-232-1212 or fill out our contact form today.