Commercial and Business Insurance

Business Insurance – commonly referred to as Commercial Insurance – is vital for businesses to function and survive. We have experience representing businesses in New York and New Jersey in insurance denial cases.

A business can suffer damage to its building, inventory, or other property due to a covered loss or event. The damage can be so serious that it can result in the cessation of the business. In these situations, business or commercial insurance coverage is critically important.

In addition, a business can be the subject of a lawsuit involving injury to another person or business. Insurance provides important protections in these situations for both the business and the injured plaintiff.

When the Business Suffers a Loss

Businesses can suffer a variety of different losses that are, or should be, covered by insurance. For instance, a business could be severely damaged from a fire, natural disaster, environmental cause, due to theft or vandalism, or some other scenario.

When a covered loss occurs, the business could suffer loss, damage or harm to:

• The building or property where it is located;
• Valuable business property and inventory; and
• Business interruption (which is the lost income the business suffers).

These losses make receiving an insurance payment critical to the survival of the business.

Of course, the applicable insurance coverage can depend on the type of business. For instance, a corporation in the high-tech sector may be susceptible to harm or loss caused by a technological event or cyberattack. A more traditional business, such as a restaurant, may have a more conventional type of loss – and hence insurance claim.

After suffering a loss, the business should promptly report it to the insurance company and then document and photograph the loss. In addition, a proof of loss must be submitted to the insurer.

When a Business is Subject to a Lawsuit

When a business is named as a defendant in a lawsuit, the insurance company should provide it with a legal defense and cover any settlement, judgment, or verdict up to the policy limits.

Sometimes, however, the insurance company will disclaim coverage alleging that the incident does not fall within the scope of insurance coverage or that a coverage exclusion applies.

We have had great success representing clients in these cases. For instance, a state court ordered that a commercial liability insurer had to provide a defense and indemnification for our client in a defamation action.

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