The protections that you are afforded under your business interruption insurance plan will be specific to your policy agreement. However, business interruption insurance generally does cover rent for the space where your establishment is located, according to the Insurance Information Institute (III).
In addition to rent, a business interruption insurance plan may provide coverage for:
Again, you will need to check your policy to confirm what benefits you can receive in the event of a qualifying crisis.
Business owners, especially those who operate small and medium-sized businesses, know that profit can never be taken for granted.
Business owners have to account for a variety of fixed costs, which, depending on their industry, may include:
When a business is interrupted, these costs do not simply go away. Depending on the nature of your business’ closure or reduction in operations, business interruption insurance may be one means of obtaining financial relief.
When a business loses unsustainable amounts of money, either during normal operations or an unanticipated disruption in business, there are a few ways to keep the company afloat.
Some of these methods include:
Each of these options will cost you. Most business owners choose to avoid these steps, if possible. It is preferable to tap into any business interruption insurance plans that you have when hard times hit. These protections could keep you from paying for your business’ expenses out of pocket.
As a business owner, it is likely that you have one or more forms of insurance pertaining specifically to your business.
Many company owners have business interruption insurance, generally as part of either:
You may have consciously elected to add business interruption insurance to any of these policy types, or it may have been included in either policy without you being aware. If you are facing a business interruption either because of the COVID-19-related economic slowdown or for another reason, now is the time to dive back into your policy.
Insurance policies can be daunting and difficult to understand, especially at a time when you have much on your mind. A lawyer may be able to help you understand the wording of your policy, while also helping you file a claim.
Many claimants elect to work with a lawyer while filing a claim. These legal professionals can provide many services that are designed to promote a smooth claims process.
A lawyer may be able to assist you by:
Right now, your business may be at a crossroads. Even the smallest mishap can mean the difference between keeping your company viable versus ceasing operations for good. You do not have to fight for the protections offered under your business interruption insurance plan on your own.
We feel the pain of business owners such as yourself in this trying time, and we want to help you pursue any compensation that may help your business survive, including business interruption insurance that covers rent.
We can help you at any stage of the claims process, whether you are:
Our team seeks to help those who have been faced with injustice. You deserve the benefits outlined under your current insurance policy.
Call our team at The Landau Law Group today at (866) 703-4878 for a free consultation.