Contact your insurance company immediately if your business experienced losses during the COVID-19 pandemic. Many business have suffered heavy losses to the income of their business, filing a business interruption claim is the first step to protecting your assets and usually is in the best interests of your business. Forrest Law law has helped hundreds of business file a claim as well as dispute unfair denial of insurance claims.
Commercial insurance policies are known as “all risk” policies. This means that just because you did not specifically purchase what is known as “business interruption” insurance, does not necessarily mean that your business does should not make a claim for business losses due to Covid-19. You need to have a legal professional review your policy to see if coverage is available and what arguments can be made in favor of coverage.
Insurance policies provide coverage for many types of business losses including losses caused by weather related events and losses caused by Covid-19 government mandated closures in many instances. Have a trusted insurance lawyer review you commercial business policy to see if your business has insurance coverage. Your business may have Covid-19 pandemic insurance coverage that you are unaware of. Schedule now.
Although there are many similarities, every insurance policy will be different. Some businesses have multiple policies, and all or none may provide coverage for COVID-19 losses. The key is to have a legal professional review the policy language. Whether you have business interruption insurance, specific insurance that triggers due to government intervention (“civil authority), specific insurance that provides virus/bacteria/fungus coverage, or a basic “all risk” policy, a thorough review is recommended. Although many agents are helpful and will assist in advocating for you on your claim, ultimately, if the claim is denied, you will need a legal professional for assistance.
A TOP INSURANCE CLAIM LAW FIRM THAT WINS
Business interruption insurance (sometimes known as business income insurance) covers losses of business income that occur as a result of disasters, as well as indirect losses that may occur from suspended operations. It is common for business to file a business interruption claim when fires, earthquakes, floods, and other extreme weather conditions cause serious damage to an operating facility or other physical location. Businesses may also want to consider filing an insurance claim for COVID-19 losses.
WHAT DOES MY COMMERCIAL BUSINESS INSURANCE COVER?
Although business interruption insurance policies may vary from one carrier to the next, they generally cover most direct and indirect losses that occur during a disaster or a similarly “insured event.” While property insurance may only cover physical damage done to a business, business interruption insurance covers profits and other monetary losses that may occur as a result.
Direct and indirect losses covered by a business interruption policy include:
- Business profits that would have been earned
- Fixed costs/operating expenses incurred
- Commission/training on new equipment
- Reasonable expenses other than fixed costs
- Government mandated closure (civil authority ingress/egress)
BUSINESS INTERRUPTION CLAIMS FOR BARBERSHOPS, HAIRCARE, AND OTHER HEALTH AND BEAUTY PROFESSIONALS
Barbers, hairstylists, and nail salons were hit particularly hard during the COVID-19 pandemic due to required social distancing measures enacted by government authority. The insurance policy you have purchased and have faithfully paying premiums for may provide insurance coverage and financial relief but you must assert your rights. Beauty and barber industry professionals contact The Cedrick D. Forrest Law firm to schedule a free business interruption insurance policy review.