According to recent estimates, Hurricane Ian may be Florida’s most expensive storm in history.
Included in these losses are property damage, total losses, and lost revenue.
If you own a business in Florida, then there’s a great chance that you lost out on a significant chunk of potential revenue as a result of the storm. Depending on where you’re located, you might still continue to experience significant business interruptions and losses for the near future until things return to a semblance of normalcy after Ian.
The good news is that you might not have to bear the costs of these losses entirely on your own if you already have a solid insurance policy. Hurricane Ian business interruption claims help businesses replace lost revenue so that they can thrive through the aftermath the storm and re-open when things clear up.
Are you currently considering seeking out a business interruption claim, or did you recently have your business interruption claim denied? Learn more about this type of claim and how Landau Law can help you navigate a denial below.
Business Interruption Claims: The Basics
As Floridians know, hurricane business interruptions start days (and even weeks in some cases) before a storm actually hits. In the recent Hurricane Ian, meteorologists knew how severe the storm would be for days, so the general public started to respond to the potential for a storm days in advance.
Depending on your specific type of business, you might have seen an initial surge in business. Shoppers may go to your location for gas, hurricane essentials, or other supplies. On the other hand, your business might see a sharp reduction in business as tourists avoid the area and locals brace for the worst. After the storm, cleanup can take weeks and even months. During that lull, your business might be losing a lot.
To stay afloat, you might consider filing a business interruption claim with your insurance. This will help you recover lost income and expenses related to Hurricane Ian (or another type of natural disaster).
How Hurricane Ian Will Increase Claims
Hurricane Ian caused a massive amount of damage in the state of Florida. Considering that the storm was predicted days in advance and it even created a complete blackout situation in Puerto Rico, most businesses in the state suffered from a temporary lull in business operations prior to the storm. Not too many individuals decided to weather out the storm at home, especially once officials started to urge for residents to evacuate.
After the storm, tourism has been slow to return. Some economists believe that tourism reductions in the state will cost about $7 billion collectively.
How to File a Business Interruption Hurricane Ian Claim
If your business is a part of this statistic and you’ve suffered business interruptions, then it makes sense to consider filing a claim with your insurance provider. Here’s what you should do:
- Gather documentation: Insurance policies, financial statements, tax returns, etc.
- Identify and document your losses: potential profit, sales, etc.
- File a formal claim with your insurance company
Once you file your claim, you should receive a timely response. If approved, then your insurance company will begin paying you for your business interruption losses. If your claim is denied, then you’ll receive a letter regarding the situation.
Steps to Take if Your Claim Gets Denied
Did your business recently receive a denial letter? While it’s normal to feel frustrated, don’t panic. Instead, thoroughly look over the letter to see what made your insurer deny your claim. Once you’ve identified what went wrong, you have a few options moving forward.
Sometimes, you’ll be able to correct the error, mistake, or lack of documentation on your claim to get a denial reversed. At other times, you may need to appeal the insurance company’s decision. If your claim was denied and you think your business is rightfully owed coverage, then it makes sense to consult with a lawyer who can help you determine what to do next. A good lawyer will help you file a strong appeal, come up with the proper proof of your losses, and help you get the coverage you paid for.
Common Reasons for a Claim Denial
There are several reasons why your business interruption insurance claim might initially get denied. For one, if you wait too long to initiate your claim, then there’s little chance that it will be successful. For that reason, be sure to process your claim in a timely manner. Another common reason for a denial is that you had insufficient coverage prior to the hurricane. If you didn’t have enough coverage or if your policy lapsed due to nonpayment, then you might not be eligible to get any benefits.
You might also get denied if you don’t provide enough documentation or you make an error on your claim.
Are You Looking for a Business Interruption Lawyer?
If you operate a business out of Florida, then there’s little doubt that you were impacted by Hurricane Ian’s arrival. Even if you weren’t directly struck, your business’s operations were likely interrupted. Even Disney World closed their park for a few days!
The good news is that you should be able to financially recuperate from some of your losses by seeking out a business interruption claim through your insurer. If you’d like help with your claim or you recently received a denial, then it might be in your best interests to consult with a business interruption claim lawyer in your area that can help.
To learn more about how Landau Law can help you navigate a business interruption claim after Hurricane Ian, fill out our online contact form.
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