If your business was harmed by the COVID-19 shutdown, you may be wondering how to get compensated. Unfortunately, there is no one-size-fits-all answer to this question. Every business will have a different experience and will need to approach things differently. In this blog post, we will discuss some of the options that are available to business owners who have been impacted by the pandemic.
Check your Insurance Policy
First and foremost, it is important to check your insurance policy. Many business owners have paid their premiums for years, thinking that they are protected in the case of a pandemic or other disaster. However, insurers are now stalling or denying coverage to many businesses that need it. If you think you may be covered by your insurance policy, it is important to contact your insurer as soon as possible and find out what your options are.
Another option that may be available to you is government assistance. The Small Business Administration (SBA) has created a number of programs to help businesses that have been impacted by the pandemic. If you think you may be eligible for any of these programs, you can find out more information on the SBA website.
Finally, you may also be able to get compensation from your state or local government. Many states and municipalities have set up programs to help businesses that have been impacted by the shutdown. You can find out more information about these programs by contacting your state or local government.
Business Interruption Insurance
If you have business interruption or business income insurance, you may be covered for the COVID-19 shutdown. Even if your policy has an exclusion, coverage may still be possible. The insurance company must demonstrate that an exception is real and applies.
A qualified insurance claims attorney can help you determine if coverage is possible. They will review your policy and help you understand the coverage debate.
If you have business interruption insurance, don’t wait to file a claim. The sooner you file, the sooner you can get the compensation you deserve. Contact a qualified insurance claims attorney today. They will help you navigate the process and get the best possible outcome for your claim.
Consult with one of our experienced insurance claims attorneys
The first step is to take a look at your policy and see if you have business interruption insurance. This type of insurance is designed to protect businesses from lost income in the event that they are forced to close due to an unforeseen event. If you do have this type of coverage, there will likely be some restrictions and exclusions that apply. However, it is still worth looking into to see if you can make a claim.
The next step is to consult with an experienced insurance claims attorney. They will be able to review your policy and help you determine if you have a valid claim. If you do have a case, they can also assist you in filing the necessary paperwork and representing you in court, if necessary.
There is no guarantee that you will be successful in making a claim for business interruption compensation. However, it is worth exploring all of your options and seeking professional help to give yourself the best chance at getting the money you deserve.
Most business insurance policies have a civil authority exclusion that limits or excludes coverage for business income losses caused by an order from civil authority, like a state or local government. So if your policy has this exclusion and you’re forced to shut down due to a government-mandated stay-at-home order, you likely won’t be covered for any resulting business income losses.
However, some policies may have a civil authority coverage endorsement that can provide limited coverage for business income losses in these situations. Whether or not you’re covered will depend on the specifics of your policy, so it’s important to check with your insurance company or broker to see if you have this coverage.
If you don’t have a civil authority exclusion or coverage endorsement in your policy, you may still be covered for business income losses caused by the shutdown. That’s because most policies have a virus exclusion, which excludes coverage for any loss that is directly or indirectly caused by a virus. So if your policy has a virus exclusion and you’re forced to shut down due to a government-mandated stay-at-home order, you likely won’t be covered for any resulting business income losses.
However, some courts have ruled that the virus exclusion does not apply in these circumstances because the shutdown was ordered by the government, not by the presence of the virus itself. So if your policy has a virus exclusion and you’re forced to shut down due to a government-mandated stay-at-home order, you may be able to get coverage for your business income losses.
If your business has been impacted by the COVID-19 shutdown, you may be wondering if you can get compensation from your insurance company. The answer to that question depends on the specific details of your policy.
The bottom line is that whether or not you’re covered for business income losses caused by the COVID-19 shutdown will depend on the specifics of your policy. So if you’re forced to shut down your business, the first thing you should do is check with your insurance company or broker to see if you have coverage.
If you have any questions about your policy or coverage, please contact us and we’ll be happy to help.
Should I make a claim for compensation?
If you are wondering if it is a good idea to make a claim on your insurance policy for business losses due to the COVID-19 shutdown, the answer is yes. Your insurance company should not drop you for making a business loss claim. Your insurer’s risks do not increase because you filed a claim, as this was not caused by you the business owner.
Making a claim is the only way to get compensated for your losses, and it is important to remember that you are not alone in this situation. Many businesses are facing hardship due to the shutdown, and insurance companies are expecting a high volume of claims. The key is to be prepared and have all of the necessary documentation ready when you file your claim.
One way to find out if you have coverage is to contact one of our expert attorneys. We offer free consultations so that you can get the information you need to make a decision about your next steps.
Don’t try to navigate this process on your own. Let us help you get the compensation you deserve. Contact us today to learn more.
Our team of expert attorneys has extensive experience in handling insurance claims and can help you get the compensation you deserve.