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Business Insurance Law

Business insurance laws govern the various aspects involved in getting a business insured. These laws may differ in various parts of the country. An individual who owns a business or wants to start one needs to be aware of what the business insurance laws stipulate in his/her state of residence. Given below are some of the important questions that are answered by the Experts about business insurance laws.

What can an individual do if his/her insurance agent does not cooperate after he/she informs the agent about closing the business?

If an insurance agent does not cooperate after being informed that the individual is closing their own business, and then this individual can inform his/her bank to stop any automatic payments to the insurance company. The individual may also file a complaint against the insurance agent and the company and notify the agent in writing about the policy that he/she wants to cancel.

Can a business insurance company charge more premium than was mentioned in the contract?

A business insurance company may not charge more money than was mentioned in the contract unless the contract allows for the premium amounts to be changed. The individual may refuse to pay the extra amount if the company asks him/her to pay it.

Can an individual collect money from two of his/her insurance policies if he/she has suffered a loss in business?

An individual may be able to collect money from two of his/her insurance policies if he/she suffers from a loss in business. However, the individual may be able to collect only the amount that equals the loss. The second policy may only cover the amount that is left after the first policy has paid the individual.

What type of insurance policy would an online business need to protect itself from potential lawsuits?

An online business may need to have a business insurance policy in order to protect itself from potential lawsuits.

Would an individual require worker’s compensation and business liability insurance if he/she is the only employee of a locksmith business?

An individual may not require worker’s compensation if he/she is the only employee of his/her business. The law may not require the individual to have business liability insurance as well. However, the insurance may minimize his/her loss in case of a potential liability suit.

What can a company do if its insurance agency refuses to cover a claim made by one of its clients?

If the insurance agency refuses to cover a claim made by a client, the company may hire a lawyer who may file a declaratory judgment action in order to get the insurance company to pay. If the lawyer wins the action judgment, the agency may also have to pay for the lawyer’s fees. The company may also contact the insurance commissioner and file an unfair claims practices complaint against the insurance agency.

Can an individual register his/her vehicle under his/her business but insure it under his/her own personal insurance?

If an individual registers a vehicle under his/her business, he/she may have to get it insured under the business insurance itself. The personal insurance may refuse to pay the coverage. Also, if the vehicle is covered under the personal insurance, anyone suing the individual for a business liability may be able to sue them personally as well.

Starting a business is not easy and involves a lot of responsibilities with many details to look into. Protecting your business from potential liability is one such thing. Not insuring your business can lead to heavy losses if the business gets sued in the future for any reason. Hence, it is very important for you to know what business laws cover insurance and liability. You may consult an Expert if you are looking for specific business insurance laws or need more information on them.
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