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business interruption

Insurance Claim

If you recently experienced damage to your business property from a storm, wind, water, fire, or theft, and have business income insurance, a skilled business interruption attorney is critical to protecting your rights.

The attorneys at the Cedrick D. Forrest Law Firm are willing and able to fight on your behalf.

What is Business Income Insurance?

Business income insurance (also known as business interruption insurance) generally provides coverage for lost income and certain operating expenses when you are forced to vacate your business property due to damage caused by a covered peril.

 

Coverage may be available through your commercial property policy, business ownership policy, or separate business interruption policy.

What Does Business Income Insurance Typically Cover?

Typical business interruption policies cover losses from fire, lightning, windstorms, vandalism and theft, vehicles, aircraft, and civil commotion. There are four types of coverage that are typically associated with business interruption coverage:

1.

Business Income Coverage.

Business income is net profit or loss before taxes and continuing normal operating expenses, including payroll. The amount of the payment you’ll receive is determined by previous sales volumes and expenses based on the business's financial records.

2.

Extra Expense

Coverage.

Extra expenses are those above your normal monthly expenses that are expended to restore a business. This coverage can also be purchased alone and could provide sufficient coverage without purchasing business interruption coverage.

3.

Contingent Business Interruption Coverage.

This coverage compensates you for any income you might have lost due to property loss or damage at a supplier’s or customer’s location.

 

For instance, this coverage would pay you for lost income if you own a fashion boutique and your main clothing supplier’s business location suffers fire damage.

4.

Civil Authority

Coverage.

This coverage would pay for loss of income or extra expenses as a result of a government denying you access to your business due to a covered loss at a location owned by someone else.

Your business income insurance policy may include all or some of these coverages. It is important to review the terms of your policy to verify the coverage(s) available. The attorneys at the Cedrick D. Forrest Law Firm are always ready and able to assist you with your property damage claim.

Schedule your FREE policy or case review here.

What if my business closes due to property damage?

If your business closes due to damage and you have a loss of business income or had to incur extra expenses to continue operations, your policy may include coverage for such losses. Let the property damage attorneys at the Cedrick D. Forrest Law Firm review your policy and represent you in your claim for damage to your business property.

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Know your evacuation zone and route.

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Build your emergency kit.

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Review your policy and confirm coverage.

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Complete your home/business inventory checklist.

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Preparing for a Business Income Insurance Claim

From the outset, it is important to understand that every case of water damage has its unique circumstances that must be assessed individually. Assuming you have an insurance policy, your rights and responsibilities with respect to coverage should be specified in your policy. The following are some suggestions for what to address following water damage to your property.

Review Your Policy.

You should review your insurance policy to confirm that your property is covered for the type of event that led to the fire damage.

Preserve Evidence.

Preserve as much evidence as possible. Take pictures, videos, document damage, etc.

Determine the Period of Interruption.

Establish the timeframe in which your business has suffered an interruption to recover business income that you would have earned absent the occurrence of a covered peril.

Calculate Losses.

Have an exact estimate of revenue your business would have earned had the loss not occurred. After you’ve calculated net profit and added continuing expenses, subtract the actual revenues earned during the repair period and non-continuing expenses.

The amount paid by your insurance will depend on the level of detail and accuracy in your calculations. So, it’s important to have a skilled business interruption attorney to advise you through your claim.

The attorneys at the Cedrick D. Forrest Law Firm are always ready and able to assist you with your business interruption or property damage claim.

Schedule your FREE policy or case review here.

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We handle all types of commercial and residential property insurance claims throughout Texas.
Please do not hesitate to contact us with questions about your claim.

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You may not have to battle another pandemic. But you should always protect your business from more common losses that cause an interruption in the goods or services you provide.

Our property damage attorneys understand the importance of getting your business back open and running as quickly as possible after a business loss. We utilize forensic accountants to properly evaluate the financial impact your business sustained from extended closures.

We help restaurant owners recoup massive spoilage losses that were undervalued by carriers. We represent business owners and commercial property owners when they are facing a crisis that could derail their entrepreneurial dreams.

GET A FREE POLICY REVIEW

The Cedrick D. Forrest Law Firm and business interruption  insurance claims

The property damage insurance attorneys at Cedrick Forrest Law value the hard work and tireless effort expended by our commercial property owners.  Our property insurance attorneys are in the business of winning your business with smart, aggressive, and personal attention. 

At The Cedrick D. Forrest Law Firm, our property damage insurance attorneys make it their business to protect your business.

No Recovery. No Fee.
Our firm works on a 100% contingency fee basis for your insurance claim.

That means that when a case is taken on, we use our own money and resources to fight for clients. We will investigate, go to court, hire experts, and do whatever is necessary to win your case. We will never ask for any money upfront for contingency matters. No money is owed by the client to us if no monetary recovery is made. That is our promise.

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Is it a Good Idea to Hire A Public Adjuster for your Business Interruption Claim?

Public adjusting is conducted by an independent insurance professional. A policyholder hires a public adjuster to help settle an insurance claim on his or her behalf. Licensed public adjusters can provide an estimate of your claimed property damage and compare it with the carrier’s estimate.

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Having your insurance claim denied by the insurance company and navigating the dispute process can be stressful and confusing. Insurance companies count on you not understanding your rights and not seeking legal help. That's why we have made it as easy as possible to get your questions answered. Click the contact button to speak with an available attorney. It's fast, simple, and the first step to getting maximum compensation. We also offer no-contact video consultations.