When a storm or other catastrophic event forces your business to shut down, the damages that you suffer are not limited to the physical structure of your property. You also suffer from lost revenue for the time that your business cannot operate, and the extra expenses incurred trying to resume business operations as soon as possible. In addition to lost income, you can lose customer loyalty and critical, one-time opportunities if your insurance company disputes, delays, or denies your claim. Business interruption insurance provides coverage that reimburses businesses for lost income and extra expenses and helps businesses resume normal operations after a disaster.
Business Interruption
What are the different types of business interruption coverage?
- Typical business interruption policies provide coverage for income lost due to a disaster.
- Additionally, some policies provide extended business interruption coverage, which reimburses businesses for income that is lost in the time between the repair of the property and the business returning to pre-loss revenues.
- There is also a type of coverage called contingent business interruption, which covers loss to the property of its supplier and/or consumers.
It’s important to note that extended business interruption and contingent business interruption coverage are considered extensions on top of standard business interruption coverage.
Why do I need a lawyer to assist with business interruption coverage?
Handling a business interruption claim while trying to run a business after a catastrophic loss is a tall order for even the most seasoned business owner. The demand of mitigating the damage to a business after a loss often leaves little or no time for dealing with the litany of requirements imposed by the insurance company for submitting a business interruption claim.
When reporting losses, many business owners overlook certain costs that are recoverable under their policy. A lawyer specializing in business interruption claims will have a better idea of the full range of costs you can report and ensure they are appropriately documented and presented to the insurance company as quickly as possible.
Qualified Counsel’s network of lawyers are well-versed in insurance claims of all types. They work closely with contractors, accountants, economists and other experts to protect your business and livelihood. If your business has been impacted by a storm or other catastrophic event and you need to file a claim, or your insurance company has denied your claim, contact Qualified Counsel to find an experienced attorney who will aggressively fight for the survival of your business.