Business Interruption Insurance – What You Need to Know During the Coronavirus Crisis
While we have all been doing our part to protect our community by staying home, many local businesses have suffered huge economic losses due to the COVID-19 pandemic. Forced to lay off or furlough employees or even to completely shut down, many local business owners are desperately trying to keep their companies afloat. Making claims against their Business Interruption Insurance policies may help businesses replace lost income and pay for extra expenses due to the Coronavirus pandemic. It’s important to understand how to present a claim to your insurance company and fight against any claim denial. Our dedicated team of expert attorneys at Edward M. Bernstein and Associates has the knowledge needed to help you with your claim. We are available for a FREE consultation via phone at 702-240-0000 or by email or live chat.
What is Business Interruption Insurance?
Business Interruption Insurance helps protect against economic losses after a covered event such as suspension of operations or a natural disaster. This insurance coverage indemnifies for loss of revenue that otherwise would have been earned should the crisis not have occurred. COVID-19 has shuttered many doors and forced many small and large businesses to cease operations. However, many insurance companies are denying claims related to COVID-19 due to their argument that a pandemic is not a qualifying event for coverage. If you have been forced to close your business or have lost significant revenue due to the Coronavirus pandemic, you may be entitled to compensation. You don’t need to go through this alone. Our team is here to assist you with filing a claim and gathering necessary information to do so.
Should you file a Business Interruption claim for COVID-19 related losses?
If your company is facing financial hardship due to COVID-19, it is recommended that you file your Business Interruption claim as quickly as possible. Below are recommended steps in making sure your claim is filed correctly.
1) Gather your insurance information: Make sure you review your insurance policy in detail. Knowing what protection you have in advance will help you in navigating the process. If you are having a hard time deciphering what the contract language means, our team of business interruption attorneys will assist in explaining everything to you.
2) Some important policy provisions include:
- Suspension of business due to a government authority
- Closure of business due to economic peril or hardship
- Rental income
- Loss of business revenue(s) due to unplanned decrease in business as a result of a mandated closure or slowdown
If you discover any of this language as part of your insurance agreement, you should file a claim with your insurance provider. However, it’s important when filing the claim that you know your rights as a business owner. Our team can assist you by explaining your rights and even help you file your claim. Reach out for your FREE consultation today.
Your claim has been rejected… what’s next?
So you have filed your claim, and the insurance company rejected it based on any number of factors. This may be frustrating and a challenge, but it doesn’t mean you need to lose hope. Just because your claim was denied doesn’t mean you are not entitled to compensation under your Business Interruption Insurance. If your insurance provider advises you that pandemics are not covered as part of your plan, you can still fight to get the help you need.
Your insurance provider could have wrongfully denied your claim, or perhaps your claim was not submitted correctly. The important thing is, there are always options. The best way to navigate where to go from here is to let our legal team guide you in the right direction.
Who should you turn to?
Edward M. Bernstein and Associates has experienced attorneys to help you with your Business Interruption Insurance lawsuit. Even though we are all apart right now, we can still help you and your business in the fight against COVID-19. With our FREE consultation, there is nothing holding you back from getting help. We are here! Reach out to us via phone at 702-903-4306, via email, or visit our website to speak to a team member via chat.