Coverage for business interruption may be added to a company’s existing property insurance policy or an all-inclusive business insurance plan. Coverage is provided in the event that a “covered disaster,” such as a fire or flood, temporarily disables your place of business.
Your business interruption insurance coverage will reimburse you for the lost profits that would have been produced if you had not been forced to vacate your premises. Furthermore, it covers fixed costs like rent and electricity that must be paid whether or not your business is actively running.
Extra expenses, such as relocation and/or rebuilding after a natural catastrophe, may be covered by certain policies as well. Depending on the “restoration period” you purchased, your insurance benefits might stay in force for as long as a year.
Harm and Other Covered Dangers
The bulk of insurance policies for businesses is “physical damage” based, which means that in order for you to be eligible for reimbursement, your property must be made physically unusable. This is the case for the vast majority of insurance policies. The terminology that is utilized in your insurance policy will, to a large extent, serve as the primary determinant of your coverage. In the event that your insurance policy does not include any specific exclusions, the word “physical damage” may be used to apply to anything that leaves your business incapable of continuing operations.
Theft, acts of government, and infectious diseases may all be covered by your plan, but this will depend on the specifics of your insurance contract. On the other side, there are certain risks that could not be covered by your insurance policy. On the other hand, policies hardly seldom, if ever at all, offer any form of expansion in any way at all.
You will need to carefully go over your policy and pay attention to any and all terminology that is pertinent in order to determine whether or not you are insured. This procedure might be challenging, but the business interruption attorneys in Las Vegas that we work with can provide assistance.
The new coronavirus illness that was identified in 2019 and given the name COVID-19 was designated a pandemic by the World Health Organization (WHO) on March 11, 2020. As a direct consequence of this, a number of states, including Nevada, have issued executive stay-at-home orders, which mandate individuals to remain inside their homes and close “non-essential” businesses.
This action taken by the government was devastating to a great number of small enterprises, particularly establishments such as pubs, restaurants, and shops. Now more than ever, company owners are looking for strategies to keep their businesses solvent.
As a direct result of COVID-19, the insurance industry anticipates receiving anywhere from 10 million to 30 million claims from small company owners for business interruption. There will likely be significant delays, undervaluations, or denials of many of these claims.
These strategies are inappropriate and may even be deemed insurance bad faith if they are not specifically prohibited by your policy, which is the case if the sickness in question is an infectious one.
If you are concerned about physical damage to your house as a result of possible coronavirus contamination, you may want to look into making a claim under your homeowner’s insurance policy. Your insurance policy may cover damages due to “civil authorities” or “acts of government” if an executive order prohibited you from gaining entry to your firm and operating normally.
A COVID-19 claim will need you to carefully examine your policy and comply with all of the policy’s terms and exclusions, just like any other claim will.
Having the Law Offices of The 702 Firm take a look at your policy is the most efficient approach to get things rolling right away.
What Happens If My Claim Is Not Accepted?
It is well known that insurance firms perform horribly in times of crisis. Your insurer reserves the right to deny valid claims for the purpose of protecting profits or acting in bad faith in any other manner.
Do not be reluctant to get in touch with one of our Las Vegas business interruption attorneys if any of the following actions ever occur to you:
- The failure to investigate a claim in a timely manner
- Putting off a decision about a claim
- A claim that is undervalued by a significant amount (the offer is within policy limits but does not account for your losses)
- Requiring excessive proof
- Refusing to pay a claim without providing a valid justification in writing
- Intentionally misinterpreting the terms of the policy Employing abusive methods such as manipulation, threats, or other disruptive behaviors
Anytime you interact with your insurance company and feel that something isn’t quite right, you can guarantee that it most likely isn’t. Please don’t be hesitant to get in touch with us if you have any queries or worries about the insurance industry’s responsibility.
Reach Out To Us!
Please contact the Law Offices of The 702 Firm as soon as possible. Our legal team has been successful in recovering millions of dollars for our customers, and we are committed to providing attentive service that is grounded in respect, honesty, and caring.
For award-winning legal counsel in your business interruption insurance claim, please call us at (702) 776-3333 immediately or arrange your free consultation online.