If you are wondering how to file a business interruption insurance claim, you will need to call your insurance company. This is the clearest way not to expend any unnecessary effort when filing a business insurance claim. According to the Insurance Information Institute, you will generally need to:
Your insurance company may require you to take additional steps—possibly including providing documentation beyond what is listed above—in order to file your claim. Generally, you will need to take each of the above steps in order to file a complete claim.
If you are unclear on whether you are eligible to receive coverage for any stoppage in your business—including one related to COVID-19 (novel coronavirus)—then you should take several steps. Understand that business interruption insurance (if you have it) is generally included in either:
Business interruption insurance included under your property and casualty insurance policy generally pertains to physical damage incurred to your business, according to the Insurance Information Institute. For coronavirus-related business stoppage, your business owner’s policy may be the most likely source of coverage for your losses.
Still, it is important that you:
Even if your policy has a “bacteria or virus”-related exclusion, it may be worth filing a business interruption insurance claim. The circumstances surrounding the COVID-19 economic shutdown are unprecedented, and your business may ultimately be able to collect compensation through a claim or subsequent legal means.
You may or may not be aware of what your business-related insurance policies cover.
A lawyer can help you understand your policy. They can also:
If you are eventually able to obtain compensation through business interruption coverage, you may be able to collect funds to help you sustain your business through the indefinite stoppage in operations.
Coverage for a business interruption will vary depending on:
Some possible forms of coverage may include:
As you may already know, obtaining business-related financial relief has not been easy for most small business owners during the coronavirus pandemic. Obtaining any business interruption coverage that you are entitled to may ultimately require legal action.
If you are concerned about how to file a business interruption insurance claim, do not try to fight for the financial relief that you need on your own. Call our team at The Landau Law Group today at (866) 703-4878 for a free consultation regarding your pursuit of business interruption insurance coverage. We may also be able to advise you on other matters that could prove beneficial to your business.