With Covid-19 raging across the world, some businesses are being impacted by certain regulations. This represents a significant loss of income. Does business interruption insurance cover these losses?
Before you contact your insurer, consult with us first. You can rely on us to provide a fair interpretation of your policy’s words and language. This increases the chances of getting the compensation you may deserve for your business interruption claim.
Business interruption insurance generally cannot be purchased as a stand-alone policy. Instead, it is one component of a broader business owner or commercial property policy.
Claims under business interruption insurance can cover things like:
- Lost profits
- Loan payments
- Relocation costs
- Rent or lease payments
- Taxes
- Employee wages
Before business interruption insurance can come into effect, a “covered peril” must occur. Examples of a covered peril may include a fire, flood, hurricane, tornado, or other natural disaster. Of course, it’s critical that you review your insurance policy to determine precisely which perils are covered.
Unless there is a distinct and demonstrable loss of the physical use of the business property, then it may be difficult, if not impossible, to make a claim under a business interruption insurance policy.
Entrepreneurs are encouraged to contact Your Insurance Attorney for a full policy review.
If you’ve experienced some form of business
interruption, there is a possibility that you
may be able to make a successful claim.
Whether you are in the midst of a claim,
have been denied, or have been offered
a lowball settlement, you are within
your rights to consult with
a business interruption
insurance claims lawyer.
Contact Your Insurance
Attorney today for reliable
advice that you can trust.