Texas business owners know that having a good commercial insurance policy is extremely important, and one of the best ways to protect their business. When an unexpected event occurs that causes your business to suffer damage or losses, your commercial insurance policy can mean the difference between the ultimate success or failure of your business.
Like most insurance policies, your commercial insurance policy can be complex, filled with confusing terms and language. It can be easy to overlook information on topics such as deadlines.
Your claim must be acknowledged within 15 days
There are several deadlines commercial insurance companies must follow. Texas law states that your insurance company has 15 days after you file your claim to send you a notice confirming that they received your claim, are investigating it and tell you what, if any, additional information or documentation they need.
Be sure to provide any additional information as soon as you can, so as to not delay the process any longer than necessary. Once the insurance company has all necessary information to make a decision, they must send you a decision within 15 days.
Approved claims must be paid out in 5 days
If the insurance company approves your claim, it must send your money within 5 days of the date the approval notice was sent. If the insurance company denies your claim, it must provide specific reasons for the denial. They cannot just send a letter saying, “claim denied.”
There are some situations where the insurance company may legitimately need more time to investigate the claim. They are allowed to extend the decision deadline for 45 more days; however, they must explain exactly why the extension is necessary.
Waiting to hear about your commercial insurance claim can be a stressful time. If you have questions on the process, or have issues with delays or denials, there are attorneys who can help.