Just like your business would rely on fire insurance to cover structural losses and flood insurance to cover water damage, you should be able to rely on business interruption insurance to cover the financial expenses and losses that accompany natural disasters and sudden closures.
The COVID-19 crisis hit business owners hard and impacted bottom lines to the tune of millions of dollars. In fact, “Industry sources suggest that the cost of covering BI [business insurance] claims for small businesses could be $110 billion to $290
Billion monthly,” according to the Congressional Research Service.
Call a Lafayette personal injury lawyer today to schedule your free consultation. A business interruption claim lawyer can help you understand your policy limitations and fight for the payment your business needs for survival.
Let a Business Interruption Claim Lawyer Scour Your Policy
Business ownership means wearing a plethora of hats and balancing a seemingly endless number of responsibilities. One of the smartest investments you make in your business is business insurance to cover many different unforeseeable circumstances. One of those is business interruption insurance.
According to the Insurance Information Institute, business interruption insurance is intended to protect your business from unexpected closure. When something like the COVID-19 pandemic strikes, and your business is forced to shutter its doors, you should be able to rely on coverage from the business interruption policy you purchased in good faith.
If you applied for coverage in the face of the recent pandemic and your claim was denied, a business interruption claim lawyer can help you fight for the financial compensation you need and deserve. Contact the business services team at Laborde Earles Injury Lawyers at (337) 777-7777 to have a team member scour your business interruption insurance policy today and find out what you can do to receive the insurance payout that can help your business thrive.
Understand Your Business Interruption Coverage Parameters
While your policy will have its own set of regulations and coverage parameters, business interruption insurance policies generally provide the following:
- Payment to cover the income your business loses when forced to close its doors. Many policies will base this dollar amount on past financial records.
- Payment to cover normal operating expenses that might include rent, utilities, and other expenses that recur even when your business cannot function as normal.
Many policies will have a short waiting period from the date of the forced closure until the date business interruption coverage starts. Your business interruption policy can be as different from the next as one business is from the next. That makes a lawyer who can comb through the fine points of your policy an advocate.
A Lawyer Can Help Accurately Define Your Losses
When you apply for payment from your business interruption policy, you should be able to accurately calculate your total losses. A misstep in calculations could mean you receive a smaller payout than your business needs and is entitled to.
Do you know how to create a financial worksheet that accurately tallies your losses? Your lawyer can help you define and assign a value to:
- Income your business was forced to miss out on
- Expenses your business was forced to continue paying
- Other expenditures and financial losses your business sustained
A lawyer can help you define these costs for your business and ensure your losses are fully covered when your business is interrupted by situations and circumstances beyond your control.
Laborde Earles injury was great for me they took care of me very fast and professional. If for any reason I need legal help they will be who I use.
ClientWhat a Business Interruption Claim Lawyer Can Do for Your Business
For many business owners, your business is an emotional touchpoint for you just as much as it is an investment in your future and a provider of income for you and your family. When COVID-19 struck the U.S., business owners were faced with the closure of their business at the same time they were charged with protecting the health and safety of themselves, their staff, and their families.
Stress and frustration can make it difficult to navigate the closure of your business. A denial of payment from your insurance provider can only raise your levels of stress and frustration. When that happens, a lawyer can help by scrutinizing your policy, preparing the documents and data that support your claim, submitting required paperwork, and filing an appeal if your initial claim is denied.
Compile Important Documents That Support Your Claim
Support your claim and equip your lawyer with the tools and documents they need to build a successful claim for financial compensation from your insurance carrier. Some documents your lawyer may request to help support your claim might include:
- A detailed copy of your full insurance policy and any relevant riders
- Copies of any and all correspondence between your business and its insurer
- Income and loss statements for your business
- Payroll records and relevant financial spreadsheets
Be prepared to share any and all COVID-19-related paperwork and reports with your lawyer to bolster your claim and prove your loss of income and other damaging effects of COVID-19 on your company. Accurate calculations and a thorough understanding of your policy are important parts of your business interruption claim.
I thank God for Digger & David. I don’t know what we would have done if it hadn’t have been for them.
Rick Smith | ClientGet Financial Protection for Your Business
Fighting for your business is your right and responsibility as a business owner. That does not mean you should fight alone. A business interruption claim lawyer can help you fight for your rights, access the insurance coverage your business deserves, and assign a value to your claim that ensures your financial compensation does not go unpaid or underpaid.
When you are ready to fight for the coverage you put in place to protect your business, contact our team right away. We are excited to help you fight for the business you worked so hard to build and start planning for the future of your business today. Contact Laborde Earles Injury Lawyers at (337) 777-7777.
