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(713) 461-6500
(713) 461-6500
February 15, 2023
Jason McLaurin

5 Small Business Insurance Questions You Should Ask Business Insurance Claim Lawyers

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Let’s address 5 small business insurance questions you should ask a business insurance claims lawyer to ensure you adequately protect your business and assets. Too many small business owners make the mistake of thinking superficially about business insurance, primarily considering it in terms of claims they can already imagine they might have to make in the future. As a result, they risk being blindsided by unforeseen issues threatening their businesses and assets.

At McLaurin Law, we are here to help you break that mindset. We want to help you position yourself ahead of future problems by taking inventory of threats and risks and guiding you toward appropriate insurance options. We can also help you with claims, appeals, and lawsuits when necessary. Read below to discover the questions you should ask, then, contact our small business insurance claims legal team at (713) 461-6500 today to schedule a free strategy session in Houston, TX.

Understanding Small Business Insurance

Businesses are subject to many types of threats, from personnel and health issues to liability for customer injuries, damage or loss involving company assets, and various lawsuits that may lead to garnishment of bank accounts and/or other business interruptions. Incorporating your business is not enough to shield you or your company from disaster, and small business owners are often especially vulnerable.

To ensure your assets are secured and your business can continue during times of trouble, you must invest in sufficient insurance coverage appropriate for your needs. The first step is to understand the scope of your business operations for the foreseeable future and identify the inherent risks with a full assessment.

Am I Carrying The Right Types of Business Insurance?

Several different categories of business insurance may apply to your small business. Discuss with your Houston insurance attorney which of the following would be appropriate for you to carry:

  • Business Interruption Insurance
  • Liability Insurance
  • Property and Casualty Insurance
  • Commercial Auto Insurance
  • Product Liability Insurance
  • Professional Liability Insurance
  • Workers’ Compensation Insurance
  • Health Insurance
  • Life and Disability Insurance
  • Identity Theft Insurance
  • Umbrella Insurance

Do You Have a Business Owner’s Policy (BOP)?

You can often combine many types of coverage under a Business Owner’s Policy (BOP). It is a more cost-effective approach that usually bundles property, casualty, liability, and business interruption coverage. While you may need to supplement your BOP with additional types of coverage from the list above, this is a good start.

You should also be aware of home office policies that combine homeowners’ and business insurance. Additionally, a business pursuits endorsement to your homeowners' policy can provide a small amount of protection. Coordinate with our team of experienced business insurance attorneys to determine the appropriate mix of policies for your small business endeavors in the Houston area.

Given My Risks and Assets, Am I Carrying Enough Insurance?

Small business owners may be more likely to be held personally responsible for the liabilities of their companies; therefore, more insurance may be advisable. As a small business owner, you should consider appropriate steps to protect your personal assets from the risks associated with your business.

Part of your strategy may include organizing as an LLC, or a corporation, or utilizing other means of asset protection. However, be mindful of the need to carry sufficient insurance when you do not have the financial backing many larger companies enjoy. We help our clients address these types of concerns every day, and we will be happy to guide you towards practices that will help to safeguard your assets and the future of your business.

Am I Satisfying All of the Terms Required To Be Able To Make a Valid Claim If An Issue Arises?

No one wants to be surprised by a denied claim due to overlooked fine print. Rather than neglecting to comply with requirements hidden deep within the policy terms, your business operations should include monitoring for compliance with the terms of your insurance coverage so you will be prepared in the event you would need to make a claim. Anything less would be throwing money away while enjoying a false sense of security. While insurance companies, unfortunately, profit from these types of oversights, you don’t have to be a casualty.

This is your opportunity to prevent the shock, disappointment, and potentially business-crippling effects of a claim denial following an emergency. Imagine how you would feel in such a situation, and then, use that horrific thought as motivation to prevent it from happening by reviewing whether you are covering all of your bases according to your policies. Our team of business insurance claim lawyers is here to help you assess and maintain claim-ready operations throughout your business.

Should I Appeal or Sue If My Small Business Insurance Claim Was Denied?

If you have prepared properly by maintaining appropriate coverage for your small business and you need to make a valid claim, then the insurance company should follow through on their contractual obligations and provide you with the specified benefits of the policy. Unfortunately, insurance companies have profit motivations that may discourage them from properly compensating you according to the terms specified in a given policy.

We can assess your situation against the terms of your policy and determine whether your claim is indeed valid. We are well-prepared to work on your behalf to appeal a claim denial or sue for bad faith if your claim merits those actions. We can address the details in your free strategy session.

How Can I Buy Insurance For My Small Business in Houston, TX?

In coordination with our assessment of your existing coverage, our business claim insurance lawyers can direct you to insurance solutions that will fit the needs of your business. After years of experience as an insider working for insurance companies, our founder was inspired to start McLaurin Law to empower individuals and businesses to gain the protection of insurance coverage that truly helps them when they need it.

This often means identifying the right policies for a client well before we help them make a valid claim or appeal, if eventually needed. Our relationship can start with a free strategy session, after which we can connect you with the right insurance coverage options.

Work With McLaurin Law’s Business Insurance Attorneys in Houston, TX, to Bolster the Stability of Your Business

If you are a small business owner in the Houston, TX area, you need to make sure you are protected with coverage appropriate for the risks and latent threats to your company and assets. We can guide you to fine tune your small business insurance coverage. Then, we’ll be here to help you retain stability in the future if you have to make or appeal a claim. We also hold insurers to their policy terms with lawsuits when necessary.

Schedule a free strategy session with McLaurin Law’s experienced small business insurance legal team by calling (713) 461-6500 today, or filling out our online form. Proper planning for success includes preparing for problems that could force failure if they manifest. We’ll walk you through steps to prevent unexpected problems from becoming overwhelming disasters. McLaurin Law — When You Need More Than Luck On Your Side

Copyright © 2023. McLaurin Law, PLLC. All Rights Reserved.
The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
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