There is no doubt that insurance is essential. Whether it is your house, car or even your business, insurance will secure an excellent deal for you.
Business interruption insurance provides financial protection to companies that have suffered a loss of income due to a natural disaster such as flood or fire.
In Florida, if a company is unable to operate anymore as a result of a natural disaster or can only operate at a limited capacity, its business interruption policy can be used in covering the expenses and lost profits.
There is a formula for determining the business interruption insurance claim. This is:
Operating costs + net profits + approved add-on costs = total value of the claim.
Nonetheless, there are a lot of exclusions and limits in business interruption policy.
In Florida, the Covid19 pandemic alone has affected many businesses just as it has in other parts of the world. Most of these businesses did not see such coming as this is the case when natural disasters disrupt industries. You never see it coming; however, you still have to be prepared.
Still, having a business interruption insurance is not enough preparation, you still need a Business Interruption Insurance Claim Attorney.
BUSINESS INTERRUPTION COVERAGE FOR BUSINESSES IN FLORIDA
Business interruption insurance often covers employees’ wages, fixed costs (rents and utilities), profits, taxes, loan payments after a disaster happens.
This provides some sort of security that a business owner can still have an opportunity to regroup his employees and continue the business.
To determine what is covered in a business interruption insurance, there is a need to read and understand the language of the policy well.
Various categories of coverage exist. Some cover specific perils while some exclude them.
CORONAVIRUS (Covid19) BUSINESS INTERRUPTION CLAIMS IN FLORIDA
The rise of the Covid19 pandemic saw the end of many businesses. While some are still struggling to get back on their feet, others decided to call it quits. As a result of this, there has been a rise in contingent business interruption by civil or military authority claims.
Even with the various business interruption insurance, a lot of businesses are yet to recover from their loses. This is partly because a lot of insurance companies are not as eager to honor the policy as they are to receive money from business owners.
The language used in business interruption insurance policy is often one that is incomprehensible to the business owner, hence, providing the insurance company with the opportunity to deny coverage.
WHY YOU NEED A BUSINESS INTERRUPTION INSURANCE CLAIM ATTORNEY
There is the tendency to think that the services of a Business Interruption Insurance Claim Attorney are unnecessary, especially if the insurance company seems to you as transparent.
However, no matter how transparent they seem, there is still something a Business Interruption Insurance Claim Attorney would see that you would not.
Below are a few reasons you should consider an attorney in this regard:
- They would conduct a comprehensive assessment of your business interruption claim. Take it or leave it, you cannot understand your business interruption insurance as much as a professional would. You need a Business Interruption Insurance Claim Attorney at Louis Law Group to help you conduct a comprehensive assessment of your business interruption claim. The good thing is if you reside in Florida, several attorneys will do this for you. They possess a thorough understanding of the tactics and strategies used by Florida’s largest insurance companies.
- They would review your policy and explain your rights and options. A Business Interruption Insurance Claim Attorney would do what your insurance company would never do for you. They would tell you in clear terms what your rights are and all the options you are open to. They would also help you select the best option. And in a case whereby the insurance company is not cooperating, they would spell out your rights and help you stand your ground.
- They would help you gather and organize all essential documents, including pre/post-disaster. A Business Interruption Insurance Claim Attorney understands how important your documents are as they can serve as evidence. So, they would help organize all necessary documents and anything that can help you win your insurance claim. This evidence could be before the disaster happened or even after. All they care about is making sure you have everything in place that would make the insurance company unable to deny your claim.
- They would proceed with negotiations. Because Business Interruption Insurance Claim Attorneys are about helping their clients get their financial settlement, they would gladly negotiate with representatives of the insurance company. Their negotiations do not mean they would settle for anything less palatable for you. No, that is far from it. They would negotiate till they reach an agreement that favours you ultimately.
- Prepare a robust and well-supported business interruption insurance claim: Who else prepares a strong, well-supported business interruption insurance claim if not a competent Business Interruption Insurance Claim Attorney? You obviously cannot prepare one on your own; hence, you cannot overemphasize your need for a qualified attorney in this field. A strong and well-supported business interruption insurance claim would help you get all that is yours from the insurance company.
WHAT A BUSINESS INTERRUPTION INSURANCE COVERS
What a business interruption insurance covers vary, but typically it should cover the following:
- Fixed Costs: During the repair process, companies still need to pay fixed costs. The insurance should cover this.
- Temporary location costs: Some companies might need to move to a new location pending the time the repairs are done. Business interruption insurance should include the cost to move, cost to rent a new place, cost to rent computer hardware and other necessary equipment.
- Taxes: The government would always want tax even if your business is not operating. Your business interruption insurance should cover this.
- Employee pay: Business interruption should cover employee pay if they cannot work during a shutdown
CONCLUSION
There is indeed no denying the vital role a Business Interruption Insurance Claim Attorney plays. If you own a business or intend to, you would want to consider using the services of one in case of a disaster; because as much as no one wishes for a disaster, it is inevitable.
Hence, the inevitability of a disaster should make you prepared in every way if you desire a business that would stand the test of time.