You may be able to find out if you have business interruption insurance by:
Business interruption insurance coverage could be a critical lifeline for those who have it. For many, it means the difference between having their business take a brief hiatus versus closing its’ doors for good.
Many businesses, both big and small alike, found themselves struggling to conduct regular operations during the COVID-19 pandemic.
During that time, many businesses turned to their business interruption insurance seeking coverage for the following items:
Ultimately, how to know if you have business interruption insurance and what your plan covers rests in the wording of your policy. Business interruption coverage is often included as part of one or more policies; it is meant to protect your business from unexpected cessation or a significant decline in your business’ operations.
Business interruption insurance generally kicks in when a company suffers:
Filing a claim for losses with business interruption insurance is very similar to how you would report any other claim. The amount of assistance you receive (if any) remains at the discretion of your insurer and the policy in place.
Let us say that a hurricane tore through your area and left the region without power. In this situation, you might use your insurance for business interruption, since your operations will likely be hindered for an extensive period.
During this time, you would find yourself seeking funds to support your business through several means, possibly including:
None of these options are ideal, as they may require you to take on more debt, deplete funds that you had set aside for your future, or both. This is where the benefits of business interruption coverage can provide useful protections.
Yet, despite filing a claim on perfectly reasonable grounds, you may find your claim for business interruption benefits denied. This can be exceptionally devastating, especially when you rely on your business for a regular source of income.
Every business’ insurance coverage is different, and it is important that you:
A denied business interruption insurance claim does not have to be the end of the road for seeking the compensation your business needs. If you have just entered the claim’s process, have had a claim denied, or are dealing with an uncooperative insurance company, an insurance claim attorney can help.
Some insurance companies partake in what is called “bad faith insurance practices,” where they purposefully try to discourage you from seeking the protections covered by your insurance policy. Unfortunately, some companies do this because they want to save their organization money.
Some of these actions include:
While your business is struggling, you deserve the benefits offered under the insurance plan that you have been paying for. In these situations, working with an insurance attorney can help you navigate the claims process, whether that be in or out of court.
Our insurance claim attorneys understand what a challenging time this must be for you, your family, and your employees.
When you work with us, we can handle all communications with the insurance company, negotiate for a settlement on your behalf, and fight for the benefits outlined under your policy agreement.
Call our team at The Landau Law Group today at (866) 703-4878 for a free consultation.