Business interruption insurance is meant to compensate you for the revenue lost when a catastrophe or other event forces you to close your business. Examples of events that qualify you for business interruption coverage includes fires, hurricanes, hail events, and other events that force your business to close.
The aim of business interruption insurance is to help you preserve your business when you are unable to continue to normal operations. There are numerous factors, expenses, and revenue streams that need to be considered when making a business interruption claim.
Our attorneys assist businesses in all stages of a business interruption claim – from making the claim to litigating disputes with their insurer.
What Is Covered for Business Interruption?
What Do I Need to Make a Business Interruption Claim?
At the outset, you should gather your most recent income reports, expense reports, and employee information to make a business interruption claim. It is not uncommon for insurance companies to review numerous other documents during the adjustment of your claim. At the most basic level, business interruption coverage is comprised of your business income and othed
Different Types of Coverage?
Extended Business Interruption Coverage: Most business interruption policies provide coverage until damage property is restored. Extended coverage continues to provide coverage until your business has returned to pre-loss income levels.
Contingent Business Interruption Coverage: This provides coverage for losses associated with losses caused by disruptions from suppliers your business relies on. If your business relies on other businesses, this
Civil Authority Coverage: Commercial policies tend to include business loss coverage caused when a governmental authority has forced a business to close due to a catastrophe. Civil authority coverage tends to be tied to the presence of some form of physical loss to the property.
Typical Business Interruption Exclusions
What to Do If Your Business Interruption Claim is Delayed, Denied, or Underpaid?
You have sacrificed for your business and you should not permit a catastrophic loss to prevent you from pursuing your dreams. If your business interruption claim has been delayed, denied, or underpaid, be aware that you have rights as a policyholder.
Contact the attorneys at The MIC Firm for a free claim review.