Understanding Business Insurance: Protecting Your Company From the Unexpected

It’s possible that if your medical condition or lifestyle is unusual, you’ll need to buy a “specialty” policy, which tends to have a higher premium. This is due to the fact that these policies require extra underwriting, and some insurers have a hard time determining if they’ll pay a claim. Super fit people who love to heli-ski or rock and ice climb can have trouble getting life or disability coverage because of their risky activities.

It’s important for insurance professionals to stay vigilant and recognize the red flag behaviors that indicate fraud. While this is a difficult task with heightened scrutiny, it’s an essential responsibility of the industry to protect the integrity of our insurance products and services.

For example, if an agent seems to be speaking in a scripted manner and cannot answer basic questions about coverage or benefits, they could be acting in bad faith. A professional should always be prepared to provide detailed information and be transparent throughout the process.

Additionally, if an insurance company is dragging their feet on claims processing, this can be a red flag that they are not acting in good faith. Insurance companies are legally obliged to respond promptly to claims and investigate the situation thoroughly. Delaying this process and failing to communicate effectively is an unethical tactic and a violation of the California Insurance Code.

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Unreasonably low settlement offers are also a sign of bad faith. It’s common for insurers to offer lower settlement offers than the value of your claim, hoping you will accept them out of frustration or financial necessity. In this scenario, it’s crucial to consult with a reputable lawyer in Charleston to help you pursue fair compensation.

Another unprofessional behavior to look out for is ghost writing. This occurs when an agent who has had their license or appointment revoked due to fraud or other business concerns partners with a new appointed agent to submit insurance applications and engage in the same poor business practices that led to the original agent’s termination. This is an example of churning and should be reported to the appropriate authorities.

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