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15Jun2020

Business Interruption Insurance Claims

by James Holliday, posted in News

The COVID-19 pandemic has negatively impacted businesses across the state and around the country. With huge segments of the population forced to stay at home for an extended period except for essential shopping, many non-essential businesses are facing a crisis. If you own a business and you need immediate financial relief, you know this feeling all too well, and you’re likely looking for answers.

 

How Business Interruption Insurance Helps

One possible solution is a business interruption insurance claim. Depending on the insurer and the details of a business’ particular policy, business interruption insurance can help compensate business and property owners who lose money due to events beyond their control. A global pandemic is just the sort of thing business interruption insurance was designed for and what you paid your premiums to protect against.

If your insurer is denying your business interruption claim, you should contact a lawyer with experience in this field. At Holliday Karatinos Law Firm, we want to help Florida businesses stay open during these challenging times, and we’re committed to helping you fight for the money you are owed according to your policy. 

 

How a Lawyer Can Help with Your Claim

For many business owners, collecting on a business interruption claim due to COVID-19 has proven to be challenging and frustrating. The insurance industry has stated that most standard insurance policies for businesses do not cover pandemic-related losses. Yet, business owners have been challenging the language of “all-risk” policies that do not specifically exclude viral pandemics under the coverage.

If you decide to pursue a business interruption insurance claim, we strongly recommend you speak with one of our skilled lawyers. Here are a few reasons why:

  • Our attorneys will review your policy documents in a free consultation and explain whether you may be eligible for compensation.
  • Our lawyers understand how these policies are structured and can bring in expert witnesses to help bolster your claim.
  • Our lawyers have extensive experience taking on insurance companies, and we know how to build a strong claim on your behalf.

In some cases, a claim may be based on what’s sometimes called “time element” coverage, which protects the insured party from lost or reduced income because of damage to their property or to the property of others they depend on for an extended period. This type of coverage helps businesses recover lost income, and in some cases, it also covers the insured’s extra expenses necessary to operate due to property damage.

The trick with many business or property insurance policies is that the policy typically covers direct losses due to property damage, not losses due to a preventative shutdown when the virus was not already found on the premises. However, many states and the federal government are considering legislation or regulatory action to force insurers to pay claims to those impacted by the pandemic.

 

Don’t Wait to File Your Claim

The experienced business interruption attorneys at Holliday Karatinos Law Firm are here to help you demand the money you are owed according to your insurance policy. Schedule a free and confidential consultation by calling us or reaching out online. We have taken additional steps to ensure the safety of our clients and our team, so we are happy to conduct our consultation remotely if you’d prefer.

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