3 Most Common Commerical Insurance Disputes
In most cases, those who have commercial insurance policies rarely have to deal with any disputes that may arise over policy coverage limits, claims, duties to defend, and other issues. Before you reach a point where those minor setbacks could become complicated matters, make sure you are aware of these common commercial insurance problems and are prepared to avoid them.
Among the most common commercial insurance problems is a dispute over coverage limits and what may or may not be excluded by your commercial insurance policy. To avoid this particular dispute, make sure you thoroughly review the coverage options and exclusions before finalizing your policy.
Another common dispute for commercial insurance policy holders and insurance carriers is loss assessment. You may value your assets much differently than your insurance carrier. Many people often have an inflated view of what things are worth, but everything depreciates over time and can also lose value depending on a variety of circumstances. Your insurance carrier has access to individuals who make professional valuations for a living, so don’t let a layman’s assessment get in the way of a skilled one.
Lastly, a common commercial insurance dispute that can frequently be avoided is one that involves a breakdown in communication. Be sure you understand precisely what your insurance agent is explaining to you and make sure you ask as many questions as possible to ensure that you have a good grasp on all the facets of your coverage. Also make sure that your insurance carrier understands what you want and what your expectations are, so you can avoid disputes in the future over simple communication differences.