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  • Writer's pictureKyle Staggs

Benefits of Hiring an Attorney for Your Business Insurance Claim

water damage Florida business insurance claim lawyer Kyle Staggs

Dealing with business insurance claims in Florida can be a complex and (purposefully) confusing process. Having an experienced property damage lawyer on your side can be immensely beneficial. We want to get you back to work. 


Here are the main benefits of enlisting an attorney's assistance:  


  • Expert Guidance: Lawyers are well-versed in the nuances of insurance policies and can help you navigate the often-confusing terms and conditions. 

  • Maximizing Claims: We know how to properly document and present your claim to ensure you receive the maximum payout you're entitled to.  

  • Negotiation Skills: Using strong negotiation skills, attorneys like Kyle Staggs, Esq. can handle discussions with the insurance company to secure a fair settlement.  

  • Legal Representation: If your claim requires legal action, a Florida property damage attorney can represent you in court, providing a critical advantage.  

  • Mitigating Stress: By handling the complexities of your insurance claim, a lawyer reduces the stress and allows you to focus on running your business. 


Current Laws in Florida Regarding Business Insurance Claims 


Now that you're aware of how we can help, let's briefly look at current laws that can impact your business. If you have any questions on how they may influence your case, please contact us. 


Florida Statute 627.70131 currently mandates that insurance companies must acknowledge receipt of a claim within 14 days and either pay or deny the claim within 90 days, provided the policyholder has submitted all necessary information. This statute aims to prevent undue delays and ensure timely resolution of claims. 


Another important aspect is the Florida Valued Policy Law (VPL), found in Florida Statute 627.702. This law requires insurers to pay the full policy amount in the event of a total loss, regardless of the actual cash value or replacement cost. This can be particularly beneficial for businesses facing catastrophic losses. 


Florida also has specific laws regarding bad faith practices by insurers. Under Florida Statute 624.155, policyholders can file a civil lawsuit against an insurance company if it fails to settle a claim in good faith. This statute provides a legal avenue for businesses to seek compensation if they believe their insurer has acted unfairly or unreasonably. 


The state also adheres to the doctrine of concurrent causation, which can impact business insurance claims. This doctrine states that if a covered peril and an excluded peril both contribute to a loss, the insurer may still be liable for the entire loss. Understanding this principle may be important for businesses when filing claims involving multiple causes. 


Lastly, Florida's prompt-payment statutes, as found in Florida Statute 627.4265, require insurers to pay undisputed portions of a claim within 20 days after the claim is settled. This ensures that companies receive timely payments and can continue their operations without unnecessary financial strain.


What Happened? I Submitted a Business Claim and it was Denied  


There may be several reasons that your claim was denied, and there are steps you can take if you'd like to resubmit it. Before your free case consultation, let's explore a few common reasons:  


One common reason business insurance claims are denied in Florida is due to policy exclusions. Insurance policies often contain specific exclusions that outline what is not covered. For instance, certain natural disasters, like floods or hurricanes, may not be covered under standard business insurance policies unless additional coverage is purchased. Understanding these exclusions is crucial to avoid unexpected denials. 


Claims may also be denied if the business is found to be non-compliant with policy terms and conditions. This can include failing to maintain proper safety measures, not adhering to building codes, or neglecting regular maintenance. This could be considered 'pre-existing damage', another common reason for denial. If the damage or loss claimed existed before the policy was in effect, the insurer is likely to deny the claim. Remember: Non-compliance can be interpreted as negligence, which may void the insurance coverage. 


Insufficient documentation is also a frequent cause of claim denials. Insurance companies require detailed evidence to support a claim, such as photographs, receipts, and incident reports. Inadequate or incomplete documentation can lead to the rejection of a claim because the insurer cannot verify the extent of the damage or loss. 


Lastly, disputes over the cause of damage can lead to claim denials. Insurance companies may argue that the damage was caused by an uncovered event or that it falls under a different type of insurance. These disputes often require detailed investigations and expert opinions to resolve. 


Negotiating Settlements for Business Insurance Claims 


First, Kyle Staggs, Esq. will thoroughly review your business insurance policy to understand the coverage, exclusions, and limits. This foundational knowledge allows your legal team to identify the specific terms that support the claim and anticipate potential challenges from the insurer. We also gather all necessary documentation, such as financial records, damage assessments, and any correspondence with the insurance company, to build a strong case to substantiate the claim and settlement negotiations. 


Attorneys like us leverage their legal expertise to draft a compelling demand letter to the insurance company. This letter outlines the specifics of the claim, including the amount of compensation sought, supported by the evidence gathered and expert assessments. The demand letter serves as a formal request for settlement and sets the stage for negotiations.

  

Then during negotiations, expect your lawyer to use their knowledge of insurance law and precedents to argue for a FAIR settlement. We are skilled in identifying and countering common tactics used by insurance companies to undervalue or deny claims. By presenting a well-supported argument, it is our goal to effectively advocate for the maximum possible compensation. 


If initial negotiations do not result in a satisfactory settlement, our law firm is prepared to escalate the matter. This may involve filing a lawsuit against the insurance company and representing your business in court. The willingness to pursue litigation can often motivate insurers to offer a more reasonable settlement to avoid the costs and risks associated with a trial. 


As your representation, property damage attorneys also play a crucial role in managing communication with the insurance company. We handle all interactions, ensuring that the business owner does not inadvertently say or do something that could harm the claim. Experienced lawyers such as Kyle Staggs, Esq. help to maintain a strong negotiating position and reduce the stress on the business owner. 


Don't worry - throughout the entire process, you can trust our firm to provide valuable advice and guidance for your unique case. We want to help business owners understand their rights, the strengths and weaknesses of their claim, and the potential outcomes of different courses of action. This informed perspective enables Owners to make strategic legal decisions that align with their best interests. 


Counsel for Your Business Claim 


When it comes to navigating the complexities of business insurance claims in Florida, having a dedicated attorney in your corner can make all the difference. 


Kyle Staggs, Esq. brings both expertise and a commitment to advocating for your best interests. Don’t let the frustration of a denied or delayed claim hinder your business’s performance. Take the first step toward securing the compensation you deserve. Contact Florida Property Damage today for a consultation and let an experienced advocate help you navigate your business insurance claims with confidence. 


 

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