business loss

A “business loss” comes in many forms. Many are covered by your insurance policy, or should be if you do not have that coverage already. As a small or medium-sized business owner, you must be prepared for business losses and how to file a claim. You might wonder what coverage exists, what you should cover, and how to deal with an insurer who wants to deny your claim.

At the Saxton Law Firm, our team helps businesses throughout Kansas City with business loss claims. We help you through every step of the legal process and in getting the compensation you deserve.

Defining a Business Loss Claim

A business loss claim is a legal action or other application to cover a business loss. Most commonly, this occurs through your business insurance provider. After suffering a loss, you can follow the prescribed process from your insurer to seek compensation for whatever occurred.

Business insurance losses can be a great many things. As a business owner, you know that there are countless risks you must be ready for. Typical business losses include, but are not limited to:

  • Property Damage: Damage to your premises, manufacturing, or other structures can cost your business a great deal of money.
  • Fire: A fire is one of the most destructive losses for your company. It can obliterate your inventory, business site, and even cause catastrophic personal injuries.
  • Cyberattacks and Hacking: Hacking and cyberattacks are more and more common as the years pass. They can lead to data loss, fines, and much more.
  • Floods and Water Damage: A large flood, burst pipe, or other water damage are majorly destructive events. They can require repair or replacement of your property.
  • Employee Injuries: Workers’ compensation should help with most employee injury costs, but your business insurance may also need to cover certain aspects of these costs as well. 
  • Auto Accidents: Commercial and business-owned vehicles can cause accidents or be damaged by others.
  • Product Liability: If your company designs or manufactures products, product liability can be a major expense. Lawsuits and reputational damage stemming from this issue can be quite costly.

How To Submit a Business Loss Claim in Kansas City

How you properly submit your business loss claim will depend on the circumstances. In any situation, it is best to have a business loss attorney at your side. Your attorney can guide you through the complex legal process and ensure your rights are protected along the way.

The first common claim process is through your insurance company. If you have business loss insurance, many of the incidents listed above are covered. Your insurance company has a process for how you submit a claim, how long it takes to consider it, and how you receive compensation. There are typically appeals processes as well, in case an insurance claim is denied or is lower than you are owed.

The second common process is through litigation. If an insurance company or third party responsible for payment refuses to compensate you, a civil lawsuit may be the answer. This claim is filed in court to enforce your rights and seek monetary damages from the liable party.

READ MORE: What to Do After a Business Loss: Steps to Take When Filing an Insurance Claim

Your attorney can help you identify business losses and how they will impact your company. A lawyer can also assist you in enforcing your rights to compensation so you are fairly paid for the company’s business loss.

At Saxton Law Firm, our Missouri small business lawyers can help with whatever you face. We also help our clients with litigation whenever necessary. Contact Saxton Law Firm for a FREE case review!