Business interruption coverage varies from policy to policy, but some of the expenses or losses not generally covered by such insurance may include:
Exclusions will be largely dependent on your specific policy and the business interruption-specific language within.
Business owners who have seen their revenues dry up amidst the COVID-19 (coronavirus) economic shutdown may be more interested in what their business interruption insurance may cover more so than what it may not cover.
According to the Insurance Information Institute, it is possible that your business interruption insurance will cover:
Business interruption insurance may be included as part of your property and casualty insurance, which may cover any damage that caused your business to be temporarily shut down, but business interruption insurance could be included in a business owner’s policy (BOP).
If your business has been impacted by the mandates stemming from COVID-19, you may have considered what insurance coverage could qualify you for financial assistance. If you have not already, you should:
It may not be immediately clear what your business interruption insurance does or does not cover, even after speaking with a lawyer. There is also a chance that any claim you have filed or will file could be denied. Do not worry, as the laws and insurance precedents surrounding coronavirus and its impact on businesses is far from final.
Business owners have no shortage of headaches and responsibilities during this confusing, uncertain time. As somebody responsible for a business, you may be:
Each of these responsibilities have likely added stress to your plate and consumed an abnormal amount of your time. Calling a lawyer may allow you to:
A lawyer can help you wade through the difficulty of this period.
Most lawyers are familiar with long, carefully-worded documents. This may make them a helpful resource when it comes to interpreting your insurance policies. You may expect a lawyer to:
Many business owners are facing a critical juncture in the future of their company, and you may be in the same boat. A lawyer can help you.
The law surrounding COVID-19-related business losses is far from settled, and precedent for business interruption insurance and the novel coronavirus also remains unclear. It may be in your interest to file a business interruption insurance claim and (perhaps) to take legal action in pursuit of coverage, if such a step is necessary.
Call our team at The Landau Law Group today at (866) 703-4878 to discuss how we may be able to help you fight for your business.