Do I Have A Business Interruption Insurance Claim Due To COVID-19?
As the COVID-19 global pandemic continues to disrupt life as we know it — continued business closures, shutdown orders and a growing number of Floridians out of work — many business owners and families are finding themselves navigating through unique challenges. Some businesses have been able to adapt their business models to continue to service their clients, while others have made the difficult decision to close their doors for the time being.
While other business owners are counting on their insurance companies to come through during this disaster, as they have made the large investment of purchasing business interruption insurance — which is meant to protect against the loss of income due to a disaster such as the coronavirus. However, insurance companies have been denying coverage to clients filing business interruption claims. LaBovick Law Group’s experienced attorneys can help!
What is Business Interruption Insurance?
First, let’s establish what business interruption insurance is and what it is supposed to cover. This coverage is added on to your policy to protect against the loss of income a business suffers after a disaster, such as a fire, hurricane or other natural disaster.
The income loss covered by business interruption insurance can be due to disaster-related closing of the business, or due to the rebuilding process after a disaster.
Business interruption insurance can be purchased by all types of businesses, as it is designed to put a business back in the same financial position it would have been in if no loss had occurred. And unless specifically excluded, this coverage should include pandemics like COVID-19.
This type of policy differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage of a business interruption policy covers the revenue you would have earned, based on your financial records, had the disaster not occurred.
How Do I Know if I Have a Valid Business Interruption Insurance Claim?
If your business has experienced loss of revenue due to the coronavirus global pandemic, you have a business interruption insurance policy and your insurance company is not assisting you, you may have a business interruption claim.
How do you know for sure? We recommend that to begin, you first read your policy. Really read through your policy to determine which type of coverage you’ve purchased. Insurance is a hedge against unexpected losses, but policies may be hard to understand or ambiguous when the cause of injury (i.e. natural disaster, global pandemic, etc.) is unprecedented.
Also, insurance policies must be written clearly — if it is too difficult to comprehend, that will work in your favor, as the insurance companies know the policies are meant to actually be understood by the policyholders.
However, if you’ve read through your policy and you’re just as confused as ever, we can help! We will read the policy and try to explain it to you so you can make the claim without any lawyer involvement. We can review your policy for free to determine if you’re in a real fight — and at that point, we’ll help you fight for your insurance benefits on a contingency basis. That means we don’t get paid until you do.
How Is A Business Interruption Insurance Policy Different From A Property Damage Insurance Policy?
Business interruption insurance differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage of a business interruption policy covers the revenue the business would have earned, based on financial records, had the disaster not occurred. Business interruption insurance was created to cover things like:
- Lost Revenue
- Employee Payroll
- Loan repayments including your mortgage or rent and even many lease payments
- Tax Obligations
CHOOSING A BUSINESS INTERRUPTION INSURANCE LAWYER
At LaBovick Law Group, we have been preparing for this type of event for many years.
Being your South Florida law firm, we have been particularly focused on preparing to serve our clients throughout the impact of hurricanes. But in concept, any reason we can’t meet face-to-face with our clients is a valid reason to have protocols in place that will allow us to fully serve our clients the best way we know how – at 100%! So rest assured, even during these trying times, LaBovick Law Group is fully equipped and ready to handle your legal matter, completely virtually. And while we do understand that the current climate of the business world has changed, we are working tirelessly to help business owners file and win their business interruption insurance lawsuits.
We are currently accepting Business Interruption Insurance claims to pursue on behalf of a wide variety of business owners that have incurred lost income and additional costs during the COVID-19 global pandemic.