The economic shutdown due to the COVID-19 pandemic has been catastrophic for numerous businesses. Many business owners wisely prepared for such an event, by making the decision to include business interruption coverage, as part of their insurance policy. This, generally speaking, helps pay bills for regular operating expenses, like employee wages, taxes, rent, utilities, and other expenditures. It may also cover lost profits, moving costs for temporary relocation, and loss caused by hail, wind, vandalism, or damage to your building or equipment.
Business interruption insurance claims can be complicated, and whether your loss or damage is covered, depends primarily upon your policy provisions, and how the Florida Courts have interpreted those provisions, in factual situations similar to your claim. Policies which have business interruption, like most insurance, are filled with conditions the insured owner must meet before the insurance company is required to pay the claim, and exclusions, which means your claim might not be covered by your policy. These policies are often long, and difficult to read, much less understand them, Therefore, just like your wise decision to purchase business interruption insurance, your next move should be to put your claim in the hands of an Orlando attorney who has decades of experience in representing persons or companies who have suffered such loss or damage, and will do whatever it takes to bring your claim to a successful conclusion.
Was Your Business Interruption Insurance Claim Denied?
Many insurance companies will either ignore or immediately deny your business interruption insurance claim without a legitimate reason. Those companies will often send letters which make reference to policy language, and why this proves there is no coverage for your claim. Unfortunately, this has become their standard operating procedure. Other companies may agree your claim is covered, but are not willing to pay the true value of your loss. Instead, it will only offer 25 or 50% of the loss. Further, even the most reputable companies make an occasional error in evaluating claims made by their policyholders. However, insurance companies do not make the final decision on your claim. In fact, every case I have won over the last four decades started with a denial from the insurance company.
The insurance industry receives billions of dollars in revenue every year. The less the companies pay out, the more profit they earn in a given year. However, if you have a valid claim, Florida law and your policy require the company to pay it. If your business has lost revenue, incurred expenses, or suffered loss or damage due to the Coronavirus, and your insurance company has denied your claim, contact the Orlando office of Rand Saltsgaver Law for a free claims evaluation. We are assisting business owners in this difficult time, and stand ready to fight for your rights.
Our Orlando Business Interruption Insurance Claims Attorneys have been helping business owners for decades. We have vast experience in dealing with insurance claims and will work tirelessly to bring your case to a successful resolution. Call us today at 407-310-0793 to schedule a free insurance claim and policy review.