Business Insurance Law Austin. When it comes to the business world, perhaps one of the most stressful situations to have to deal with is getting served with a lawsuit. In the event that your company has prepared itself for this kind of issue, you will need to ensure that you have one or more insurance policies implemented that will help you in terms of expenses.
Here are three of the best tips for increasing business lawsuit insurance coverage to consider making note of.
*First and foremost, perhaps one of the best tips for increasing business lawsuit insurance coverage is to issue notification to all of your excess carriers. Many businesses will often purchase something referred to as excess coverage. This is coverage that is designed to provide limits in excess of an underlying liability policy. In the event that there is any chance that the claim itself will reach any excess layers, you will need to put your excess carriers on notice from the start, as this will help you avoid an oversight later on.
*Another of the best tips for increasing business lawsuit insurance coverage is to properly identify all applicable policies from the start. Once you receive a demand letter, or even a lawsuit, investigation, demand for arbitration, or more, take the time to review all of the alleged facts and make sure that someone in risk management is able to properly identify any and all potentially applicable policies.
*Business Insurance Law Austin. One other tip for increasing business lawsuit insurance coverage is to always be aware of all coverage triggers. Some policies will end up getting triggered whenever an “occurrence” takes place, while others can get triggered whenever a “claim” is made. Make sure that you identify the proper policy period when you give notice.