In the wake of COVID-19, many businesses are experiencing severe interruption to their normal service. Due to shelter in place and social distancing measures, businesses are either forced to close or have been impacted by such reduced business they are no longer profitable.
As US businesses face the unprecedented loss arising from the pandemic, many find themselves turning to business interruption insurance policies for relief. Sadly, they are finding that relief from possibly the largest business interruption event US owners have ever faced is far from certain.
Reports have been surfacing that insurers are delivering blanket rejections for these claims, citing various reasons for COVID-19 interruption policy rejections. But after paying thousands of dollars in premiums for protection from just such an event as this, we believe you deserve to be protected from financial loss and ruin.
Our business interruption lawyers at Oshan and Associates have been investigating these claims on behalf of businesses. Despite what your insurer says, the language of your policy may entitle you to full and fair compensation.
If you have a business interruption policy and your insurer is denying payment, delaying your claim or underpaying, you may be entitled to claim against them. Contact our experienced insurance bad faith attorneys and we will help you understand your rights and options in a free, no-risk consultation.
Business interruption protection
It is typical for business insurance policies to include some protection for events that cause loss to a business or prevent it from operating as usual. These policies usually include a clause that provides for business interruption or loss of business income and they are designed to protect businesses from the financial fallout of unforeseeable events.
These policies will usually protect you from having to bear the operating losses and impact to revenue that a business interruption from covered events causes. However, the protection can also extend to:
The language of the policy may also cover expenses related to the loss including storage or moving expenses, employee overtime or rent for a new location. Depending on your policy, this coverage may apply for periods up to 12 months.
However, insurance policies are usually complex and understanding the scope and limits of coverage can often be difficult. Due to this, we are offering no-risk reviews of insurance policies to help business owners understand the ambit of protection they are entitled to and what rights this gives them against your insurer.
What will trigger a business interruption policy
Standard policies have a closed requirement for factors that must be satisfied before coverage becomes available. These typically include that:
Where things often get hairy with most insurers is when it concerns whether an event that caused damage was covered under the policy. Many insurers have maintained the position that pandemics or viruses do not come within the language of the policy.
In the aftermath of the SARS outbreak of 2003, many of these insurers intentionally re-wrote business interruption policies to exclude losses from viruses and bacteria. However, this does not mean that your claim for compensation should be rejected out of hand.
Many insurers are ignoring government action that led to enforced shelter in place measures and consequent loss for businesses. If your business insurance policy includes other language that covers loss from “civil authority”, you may be entitled to recover compensation, despite other language that excludes loss from viruses.
Some others may claim that your business must have suffered direct physical loss and that financial loss alone does not entitle you to protection. But this will not be the case in all instances.
Our business interruption claims attorney has extensive experience handling claims that have been undervalues or entirely denied by insurance companies. What we see often is that insurers prefer to emphasize portions of the policy that seem to favor them, at the expense of the businesses they should be protecting.
When you contact us to review your business interruption claim, our first task will be to thoroughly review your policy and help you see where your insurer may be shortchanging you.
Your insurer may have wrongly denied your policy
It is considered bad faith under US law for an insurer to intentionally and wrongfully deny a claim they are obligated to pay. Currently, many insurers are engaging in bad faith by wrongly denying coverage for business owners that should receive compensation under interruption policies.
The situation with these wrongful denials has become so rampant that regulators are issuing notices requiring insurers to properly investigate business insurance claims. If you have already had your claim denied by your insurer, our business interruption and bad faith attorneys can hold them responsible for you.
Even if you do not understand what protections you are afforded, contact us immediately if you have a business interruption or loss of business policy. Relying solely on what your insurer claims may be detrimental for you, as they are only looking out for their bottom line eventually, not yours.
Speak to our insurance bad faith attorneys today and we will immediately get to work understanding your situation and helping you enforce your rights.
How can a business interruption claims attorney help me?
Our skilled business interruption claims attorney will be able to help you build a strong argument on why you deserve coverage under your policy. We offer free case evaluations and our attorneys have the experience and skill to advocate for your business. When you contact us, we will:
Receiving complete protection under your policy will be vital to the survival of your business. We understand this too and will be working very hard to ensure your hard work over your business does not go down the drain.
Contact our business interruption attorney today
Do not let your insurance company get away with denying you the compensation you deserve. If your COVID-19 business interruption claim is being ignored or denied, contact Oshan and Associates rights away.
Time is of the essence for business fighting the implications of these unprecedented times. The sooner you contact us, the sooner you can rest easier knowing that your business is protected from damaging loss.
To get started, call us at (206) 335-3880 or (646) 421-4062 to schedule your free consultation today.
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A lot of businesses have taken a hit since the outbreak of the coronavirus in the US. Business outfits are thus looking to find protection under their various business interruption policies. This article provides information on business interruption policies in the light of COVID-19 pandemic.