If you have business interruption insurance, you likely rely on it to help recover the income your business may lose as a result of the disruption. If your business has to close its doors due to a disaster—whether a natural disaster, fire, or other covered event—business interruption insurance could provide much-needed compensation that can help you rebuild. This includes compensation for a percentage of the income you lost as a result of those disruptions.
Unfortunately, sometimes, insurance companies simply refuse to pay.
If you cannot get the compensation you deserve from your business interruption insurance in Morgantown, our Morgantown Business Interruption Insurance Attorneys can help. Whether your insurance company refuses to pay the claim at all or attempts to deny a percentage of your claim based on inaccurate information, contact Wagoner Desai, PLLC today to discuss your legal options.
What Should Your Business Interruption Insurance Cover?
Business interruption insurance can offer coverage for a wide range of activities and expenses related to a business disruption. However, your policy may vary from others, even those within your industry.
Contact our experienced Morgantown business interruption insurance attorneys to learn more about what your policy should cover. Some policies cover only natural disasters like floods, or specific events like fires. Other policies cover civil disturbances, including government shutdowns like those suffered during the COVID-19 pandemic.
However, business interruption insurance may include:
- Lost income if you have to shut down your business. This lost income may, in some cases, include the need to shut down your business due to government regulations. Examine your policy to see if your business interruption insurance includes civil activities, including shutdowns or protests that could temporarily shut down your business. You could also consult an attorney to learn more about the coverage offered by your policy.
- Operating expenses during a period of shutdown. In many cases, business interruption insurance will include your operating expenses during a period when you must shut down. You may, for example, have to continue to pay your rent even during a shutdown. If you can reopen your business from a different location, you may need to make certain alterations to your usual activities and resources to operate effectively. For example, you may need to invest in remote technology that will allow your employees to work from home, or you might need to adapt your business’s available resources or purchase temporary technology to make it possible for you to continue operating. Your business interruption insurance might cover many of those expenses.
- A temporary place from which to operate. Can you move your business to another location after a disaster and continue to operate? If you need a temporary space for your business, you may move it to that location. You will, however, have to pay rent, utilities, and other expenses on the new space. You may also need to pay for the cost of moving into that space, especially if you can move some of the equipment or supplies from your existing location. For many businesses, moving may sound incredibly expensive, especially temporarily. But, that move could make it easier for your business to stay top-of-mind and keep providing high-quality service for your customers, even in the middle of a disruption. Your business interruption insurance could make it easier to continue to operate your business despite these additional expenses.
Why Might Your Morgantown Business Interruption Insurance Try Not to Pay?
You may have assumed that you had secured all the coverage your business needed to help keep it operational and to pay its expenses in the event of a disaster.
Unfortunately, all too often, business owners find that their business interruption insurance will try to avoid paying out the full amount of that claim. The insurance company might assume that you will not attempt to hire an attorney, especially if you have faced other high expenses during this period.
If your insurance company does attempt to deny your claim, contact us to learn more about your legal rights and what coverage you really deserve after a business disruption.
It May Claim Your Insurance Policy Does Not Include a Specific Type of Coverage
Following the COVID-19 pandemic, for example, many business interruption insurance companies argued that their policies did not include pandemic coverage. Most policies lay out exactly what disasters the policy will cover, line by line. Some even lay out specific types of claims the policy will not cover—especially virus-related claims, which insurance companies started to exclude following SARS-related claims several years ago.
If your business faces a disaster not included in that list, you may not receive much-needed coverage. You should consult with an attorney before assuming that you will not receive coverage. They might help you determine that the disaster that affected you may fall under a category that your policy does cover.
Your Insurance Company Believes Your Expenses Did Not Rise as High as You Claim
Your business interruption insurance provides vitally-needed compensation for the lost income and expenses your business faces as a result of a disruption. Your policy should clearly lay out exactly how much compensation you could expect (though the insurance company may write it in language that even experienced lawyers may find difficult to understand). That maximum compensation, however, represents the limits of what you can claim, not the amount the insurance company has to pay out. If your expenses reflect a lower amount than the coverage of your policy, you may not receive the policy’s full limits in compensation.
Your insurance company may attempt to claim that you did not face the expenses that you initially claimed after a disruption. This could limit the amount that the insurance company must pay out. Let us review your policy and see what you really qualify to receive.
Was Your Business Interruption Insurance Claim Denied?
Did you have your business interruption insurance claim denied? Are you struggling to get the compensation your business deserves for lost income related to a disaster? Contact Wagoner Desai, PLLC today to learn more about your legal rights and how you can get the compensation you really deserve for your losses. For a free claim evaluation, call us at any time at (304) 470-2056, or send us a confidential email through our online contact form.
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