COVID19 Business Interruption
Understanding business interruption insurance Claims
The Coronavirus Pandemic (COVID-19) has affected life worldwide and its long term effects will not be determined for some time. What has drastically been hit hard at this time are businesses. Unfortunately, many businesses struggle and may collapse, and few may have any insurance that would help or provide assistance. Understanding policy language in regards to Business Interruption in relation to the closing or reduction of business due to COVID-19 is difficult.
Normally, a Business Owner’s Policy provides coverage when there has been direct physical loss to the insured property by a covered peril (ie: storm, fire, water, etc.). How does a virus cause physical damage? Although a virus would not normally be viewed as causing physical damage to a property, it may possibly looked at as causing a dangerous premises where employees or other individuals have been identified as having the virus. Or even further, where local government has mandated closures under Civil Authority to prevent the spread and keep those in the area safe from the virus.
Business Interruption Coverage
Your business interruption insurance policy should list or describe the types of events it covers. Events that are not listed on, or not described in, the policy are typically not covered. It is important to review the policy exclusions, coverage limits, and applicable deductibles. You should also determine if the policy requires your business interruption to last for a certain time period before you are entitled to any policy benefits. If you have any questions, please feel free to call us at 800-800-6500.
Although a virus would not normally be seen as having the ability to cause physical property damage, COVID-19 may compromise the premises to create a dangerous risk, such as contaminated surfaces or the overall air quality. That’s the argument attorneys for a New Orleans’ restaurant are presenting in a civil district court in what was believed to be the first U.S. business to file suit against an insurance company to cover losses due to a government-ordered coronavirus closure. Other cases are now following suit around the country under the same theory to challenge the exclusions and allow coverage under these policies, as the virus is now having such a devastating effect on business.
Interpretation of Business Owner’s Policy
The interpretation of how these policies will provide to their insured business owners are a topic of debate as this pandemic continues. What is important at this time, is to identify whether your policy has BI coverage and what stated exclusions are named in the policy. This important measure is something that the experienced attorneys at The GONZ.LAW Group can assist you with. If we identify that your policy may provide for coverage in this time of crisis, we will then be able to assist in gathering the necessary documentation needed to substantiate and submit your claim accordingly.
Beginning April 2, 2020, Florida Governor, Ron DeSantis, implemented a 30-day, state-wide stay at home order to counter the spread of COVID-19 in our communities.
With business closures ordered throughout the state, including restaurants and other service industry staples, owners and operators are facing more than employee layoffs — they are fighting for their livelihoods.
For individuals, small businesses, and even corporate entities, the loss of business and ongoing closures are threatening their futures as the sheer uncertainty and timeline behind the virus leaves more questions than answers.
At The GONZ.LAW Group, our Florida business interruption lawyers develop solutions for business owners whose insured property is suffering losses from closures due to COVID-19.
Our Florida business loss attorneys will review your insurance policy and identify whether your policy has BI coverage and what stated exclusions are named in the policy. If we identify that your policy provides coverage, we will then be able to gather the necessary documentation needed to substantiate and submit your claim accordingly.
How Do I Know If My Florida Company Has Business Interruption Insurance Coverage?
Business interruption insurance coverage is designed to provide financial stability for policyholders who can no longer do business, usually when there has been direct physical loss to the insured property by a covered peril (ie: storm, fire, water, etc.). Although a virus would not normally be viewed as causing physical damage to a property, it may possibly be looked at as causing a dangerous premises where employees or other individuals have been identified as having the virus. Or even further, where local government has mandated closures under Civil Authority to prevent the spread and keep those in the area safe from the virus.
Simply put, although your business insurance policy should outline your specific coverage, your provider may translate the fine print into a language that allows them to deny or underpay your claim. When our community’s business owners are facing a health crisis like COVID-19, delays and denials can devastate their financial standing.
At The GONZ.LAW Group, our Florida business loss attorneys will outline exactly what is covered in your policy and protect your rights while pursuing the recovery that you deserve.
Can The GONZ.LAW Group Help Me File a Florida Business Insurance Interruption Claim?
Business interruption insurance policies are designed to compensate owners for revenue that was lost during their forced closure.
At The GONZ.LAW Group, our Florida business interruption insurance policy lawyers will discuss your coverage and outline the required documents you need to establish a claim that is accurate, complete, and backed by the support of our experienced Florida law firm.
What If My Florida Business Interruption Insurance Claim Has Already Been Denied?
Like most insurance coverage, business interruption insurance policies are purchased to offer protection when you need it most — when businesses are unable to generate revenue.
If your Florida business interruption insurance claim has been denied for any reason, our skilled Florida business interruption insurance claim attorneys will review your policy and the insurance company’s response to ensure they are not operating in bad faith.
This is a very difficult time for Florida businesses, and if your insurance company has wrongfully denied your claim, we will take the lead in holding them responsible for the financial coverage you should be guaranteed through the coverage you pay for.
Contact The GONZ.LAW Group to review and discuss your business owner’s policy with our experienced Florida business interruption and loss attorneys today by calling 800-800-6500 to learn if your coverage includes losses due to COVID-19 during a free consultation.
Contact Our COVID-19 Business Interruption and Loss Attorneys in Florida Now
Contact Florida business interruption insurance claim lawyers at The GONZ.LAW Group to review and discuss your business owner’s policy today and see if you may have coverage for losses due to COVID-19. Call us at 800-800-6500.