You purchased business insurance to protect your company from the unexpected. Now something has happened so you submit a claim to the insurance company you have faithfully paid for so many years. Yet, they deny your claim.
Sadly, this is an all too common experience for many business owners. Insurance companies commonly delay or deny claims simply to save money. They may offer a low settlement or deny your claim outright, even if you did everything right. Or, they may focus on a small mistake in the paperwork and deny the whole claim, rather than helping you fix a technicality.
At the Saxton Law Firm, our business insurance litigation attorneys know how to fight back against claim denials. We analyze your situation, your claim, and your claim denial to challenge the decision and seek the coverage you deserve. Schedule a consultation to get started.
What Is a Business Insurance Claim Denial?
When you purchase a business insurance policy, it has an explanation of benefits. It contains fine print about what is covered, what is excluded, and many other details. It outlines what the insurance company will pay for in the event you suffer some loss covered by the policy.
A claim denial occurs when the company refuses to pay your claim for some reason. They may claim several common reasons for denying your claim, such as:
- You failed to file your claim in a timely fashion
- You made a mistake in your paperwork
- They claim you fabricated information or lied about your claim
- The company delays investigation of your claim or fails to respond to communications
- The company continually requests more information to support your claim
These and countless other reasons may be used as an excuse to deny your claim. Unfortunately, wrongful denials are a common occurrence. Insurance companies save money by denying claims they know they should have to pay. They will look for whatever excuse possible to deny your claim or reduce the amount they have to pay.
What To Do After Your Business Insurance Claim Is Denied
The first step you should take after a claim denial is to speak with your business insurance attorney. They can help analyze why the claim was denied and chart a path forward for challenging that denial. Your attorney can also help protect you from common tricks insurers utilize to avoid coverage and deny claims.
A business insurance attorney in Missouri can also help fight back against claim denials by:
- Negotiating a Resolution: Your attorney can negotiate a fair resolution of the claim denial with your insurance company in many cases. In fact, many insurance companies back off from wrongful denials when an attorney gets involved. A skilled negotiator can often resolve the case more quickly and more effectively for you.
- Filing an Appeal: Insurance companies have appeal processes for handling claim denials. These are purposefully complicated processes in the hope that you will try to handle it yourself and make a mistake. Your attorney can ensure the appeal happens properly.
- Civil Litigation: Another method is to file a civil claim against your business insurer. You may claim bad faith, vexatious refusal to pay, or a breach of contract in order to get the coverage you deserve.
- File With the Department of Insurance: You may also file a legal complaint with the Missouri Department of Insurance when the situation is appropriate.
At Saxton Law Firm, our Missouri business insurance lawyers are ready to help you with insurance claim denials. We know the tricks and excuses these insurers use and how to fight back against them.
Speak with us about your claim denial to learn how we can help. Contact Saxton Law Firm for a FREE case review!