Business interruption insurance works very similarly to other forms of insurance claims. If you suffer commercial losses because of an event that has impacted your business’s operations, you file a claim with the insurance company. From there, they will assess your situation and determine what benefits you can receive under your policy agreement.
Business interruption insurance is typically a feature of a business owner’s insurance policy that is intended to cover various disruptions in a company’s operations.
Generally, business interruption insurance coverage reimburses you for “covered peril,” which may include:
Depending on the specifics of your insurance policy, business interruption insurance may also be part of your business’s property insurance coverage. Again, what you can be reimbursed for will be contingent on the wording of your policy.
In the wake of the COVID-19 pandemic, many business owners faced hindrances to their company’s operations, especially if they were considered “nonessential.”
If any of the following circumstances are relevant to your situation, you may be able to employ the coverage offered under your business interruption insurance:
You have been faithfully paying premiums on your insurance policies to have coverage in situations you have no power over. When an insurance company either denies or undervalues your coverage, you have legal protections.
The details of what your business interruption insurance plan covers will be outlined under your policy agreement. Business interruption insurance works for businesses in the event of a crisis or disaster, this means you will still be able to keep your business viable.
During the COVID-19 pandemic, many business owners had their claims for business interruption insurance denied. Some insurance companies, in general, have a bad reputation for denying claims, even when claimants have a clear right to benefits.
Whether you are just starting the process of filing a claim or have had your claim denied, a business interruption insurance claim attorney may be able to assist you during this difficult time.
You have a right to access the protections afforded under your business interruption insurance policy. Yet, some insurance companies take intentional measures to prevent claimants from getting the benefits outlined under their policy agreement. This is known as “bad faith insurance practices.”
According to Florida §624.155, a bad faith insurance practice can be defined as “[not] attempting in good faith to settle claims when, under all the circumstances, it could and should have been done so.”
The following actions on the part of the insurer signal bad faith insurance practices:
Working with a business interruption insurance claim lawyer can hold your insurance company responsible for the benefits outlined in your policy.
Your business may be at a crossroads. Even if it is not currently facing potential closure, you want protections to ensure that you can keep doing business for years to come. If your insurance company has denied your business interruption claim or given you a “lowball” settlement offer, an attorney can help.
A lawyer may be able to help you get the coverage you need by:
In the face of a crisis, business interruption coverage represents one of the clearest possible routes to compensation. Do not hesitate to contact an insurance claim attorney if you would like assistance.
At The Landau Law Group, we pride ourselves on being a service-oriented litigation firm. Our goal is to serve clients that face injustice at the hands of another party.
Whether you are just beginning the claims process, have had your claim denied, or have received a settlement offer that does not fully account for your losses, The Landau Law Group can help. We understand what a stressful time this is for you and your family and want to put our network of resources to work on your behalf.
Our business interruption claim attorneys work on a contingency-fee basis, which means that we only get paid if we are successfully able to settle your claim. When you work with us, there are no upfront fees or surprise payments.
During your free initial case review, we want to hear about your situation, your business, and any other factors that are preventing you from having peace of mind. To get started, call our legal team at The Landau Law Group today at (866) 703-4878.