Insurance coverages are designed to protect you and your family or clients from certain risks. Homeowner’s insurance protects homeowners from several losses, life insurance caters for your loved ones should something happen to you, and liability insurance protects your company from lawsuits. When you take up an insurance cover, especially for your business, you will usually get into an insurance contract with your insurance provider.
These documents can contain unfair terms that either cost you more than they should or don’t offer enough protection. When this happens, it is time to hire the best New Jersey employment law attorneys to handle your Insurance Contract Negotiations. Let’s take a closer look.
Contracts Are a Private Law
In the United States, a contract signed by two or more parties becomes the private law defining the relationship between the signatories. These entities can be governments, businesses, or individuals. Once the contract is signed, the courts have jurisdiction to enforce the terms.
Since insurance contracts are crucial legal documents – especially for professionals, such as doctors – you should always be familiar with the terms they contain. You need to know whether your insurance provider allows negotiations after a certain period and if some clauses can be amended. By knowing this information, you and your attorney can better prepare for your insurance contract negotiation.
Insurance Contracts Should Be Well-Drafted
As mentioned, insurance contracts are private law. One of the elements of contract litigation is the manner in which such documents are drafted. You have better odds of winning your negotiations if the contract is well-drafted with language designed to protect your rights. A poorly drafted insurance contract that favors the insurer can be difficult to negotiate.
Despite the fact that contracts should be well-drafted, some are not. Others do not foresee new conditions and can be restricting, leading to complex lawsuits involving the breach and interpretation of said contracts.
Fortunately, the enforceability of contracts in New Jersey is protected by state business law. The attorneys at the Law Offices of Usmaan Sleemi can handle your negotiation or litigation – if it comes to it – for a wide range of contractual disputes. A good example is protecting your rights against an insurer that breaches your contract by denying you coverage.
Negotiating Insurance Contracts
Negotiating insurance contracts is a crucial process because, as situations change, so do the protections in your current agreement. For example, a rise in overhead on your building can increase your risk value for a fire or robbery. It is important to ensure that these changes are reflected in your contract. You can do this by leveraging the data of these changes with your insurer when redefining the terms.
Alternatively, if your premiums are getting higher but your protection remains the same, you may need to have a discussion with your insurer. Such negotiations are better held by a professional.
Talk to a New Jersey Employment Law Attorney
Insurance Contract Negotiations can turn complicated fast, especially when the insurance provider refuses to play ball and readjust the terms. This is why your best bet is to have the best New Jersey Employment Law Attorneys representing you during the talks. If you are about to get into a business insurance contract and don’t understand some of the terms or believe that your current contract is unfair, contact the Law Offices of Usmaan Sleemi at (973) 453-4060 for legal help.
