When contractor insurance claims are either dismissed or poorly paid, people suffer. The contractor and his/her company suffers, the employees suffer, the client suffers. That is no way to try and run a business. What can you do? How do you fight the good fight legally and still run a business? The following will help.
Contractor Insurance Claim Funding Services
Contractors filing insurance claims rely heavily on those claims being approved and the money coming through in a timely manner. When an insurance company refuses to pay or negates your claim, you may feel trapped. Insurance claim funding services is often a separate type of business that can help by giving you a percentage of the funds you expected to receive from the insurance company. You do have to repay these funds when your claim finally comes through.
Legal assistance is another form of contractor insurance claim funding. This type of funding will help you pay for legal counsel to fight the denial of your insurance claims. In most cases, the funding is provided free of charge, but it may also come in the form of a loan. Before you seek out this kind of funding and apply for it, make sure that you can either afford to repay it later or that it is free.
The third and final form of funding includes financial services that provide you with operational funding. These funds are also loans, but they are based on your previous profit margins and previous jobs. The amount you are allowed to borrow from these non-traditional funding sources can be up to 100 percent of your total profit margin on your latest job. Borrow only what you need to keep going until the insurance claim issue is resolved.
Investors That Provide
There is funding available for the growth of your construction business as well. Private investors put money into a pot to give you to help your business for whatever you need to make it work and make it grow. There may be some requirements or stipulations on how to use those funds, but most of the funds from investors only come with profit strings attached. When you profit, you pay some of the profits to the investors. You may choose to continue this arrangement, even after the insurance claims have finally been approved and cleared for payment. You can cross that bridge when you come to it.
Contact a company that offers contractor insurance claim funding services to learn more.