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Steps to take if your business insurance claim is denied

When you purchase a business insurance policy you don't do so with the idea that you'll absolutely make a claim in the future. Instead, you hope you never have to do so, but realize that protection is important nonetheless.

If the time comes to make a business insurance claim, you'll contact your company for more information on the process. It's your hope that things go as planned, but you never know what could stand in your way. It's possible to receive a denial, either over the phone or by mail, which will put you in a more challenging spot.

Here are some steps to take if your business insurance claim is denied:

  • Review the notice of denial: This is where you can learn more about the reason for the denial, such as: Claim was not filed in a timely manner, the insurance company suspects some form of fraud, or you already met or exceeded your coverage limits.
  • Prepare a response: Before doing so, review the finer details of your policy to ensure that you understand your coverage. It's here that you'll find details regarding policy limits, what is and isn't covered, and the claims process.
  • Create your appeal letter: This is the letter that shows why you believe you should receive coverage for your loss. You can use information in your policy to back up your argument. Also, if you have additional evidence, now is the time to bring it to light.
  • Wait for an answer: Your insurance company will either stand by its original decision or reverse the denial and approve your claim.

If you're unable to reach an agreement upon filing an appeal, it's time to dig deeper. It's not something you want to do, but litigation may be your only option at this point. This shows your insurer that you're serious about getting the money you're due.

As frustrated as you may be, keep in mind that not all denials are the result of bad faith. You may simply need to provide more information in order to receive compensation for your loss.

As you review your policy documents, you'll come to better understand your legal rights and the steps you can take to protect them.

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