Business Interruption Claims

Business Interruption Claims

Florida Insurance Claim Lawyers

There are many types of insurance policies for business owners. When your business is doing well generally there is not a need to know exactly what coverages you have or what conditions are required to get properly paid for your insurance claim. Business interruption insurance is intended for many types of damages. The policy agrees to compensate the insured for the income lost during the time period of interruption resulting from a disaster or the business being forced to close down like what has occurred with the COVID-19 a/k/a Coronavirus that we are now experiencing, to assist with making this type of claim more real to business owners.

Business interruption coverage pays for the income that is lost as a result of the property being damaged or closed for the income lost during the time the business is forced to be closed. Contingent business interruption provides the insured with coverage for loss to the property of suppliers or consumers of its products or services.

Has your business been interrupted? Call our Florida office at (954) 749-3151 to discuss your options.

Business interruption insurance is intended to allow a business to return to normal operation after a disaster as though the disaster never occurred. Business interruption insurance cannot be purchased as a stand-alone policy but as an addition to the property insurance policy.

Standard time provisions on a business interruption policy are defined as the starting date of the peril, through the repair, and to the restored condition the loss, yet there are conditions to fulfill to make sure the carrier fully pays the claim. In preparation of filing a business interruption claim, a few supporting documents are needed. These documents include business expense reports, business revenue reports, details regarding business history, number of employees, and more.

The calculation of the amounts generally as owed in a business loss is the net Income plus the continuing expenses and additional expenses.

There are several elements to be evaluated when handling a business interruption claim. Some of the damages include:

• Utility costs
• Payroll
• Taxes
• Loss of inventory
• Accounts Receivable
• Advertising

There are many other items that may be available and unknown unless you actually read the hundred plus pages of the insurance policies that are drenched with exclusions that continue to have new exclusions annually. Our firm is here to help you save your business and make certain that all the benefits you pay for in your premiums allow you to continue growing.
Business Interruption Claim? Call Our Firm!

Do not let your claim be undervalued, and do not accept unfair treatment by your provider. Involve our Florida insurance claim lawyers and level the playing field so you can pursue a fair – and timely – outcome. We can help.

Contact The Knoerr Law Group today to talk about your claim and how we can help