Business Interruption Insurance Lawyers in West Palm Beach, Florida

Business interruption insurance can reimburse your business for lost income and for extra expenses your business might incur in the event that a natural disaster or theft causes interruptions to your business. Some business owners, in light of the Covid-19 pandemic, have either made claims with their business interruption insurance or have wondered whether they can make a business interruption claim with their insurance company. Other business owners have made claims only to have their claims denied. While some insurance policies explicitly exclude pandemic coverage, many policies don’t explicitly exclude pandemics. Several states have taken steps to require insurance companies to honor their business interruption policies with business owners after insurance companies have tried to deny claims. It is anticipated that this is likely to be a point of litigation in the coming months. Does your business interruption insurance policy cover interruption due to the coronavirus pandemic? It depends.

While many insurance companies have been quick to update the language of their future policies to explicitly exclude pandemics from business interruption coverage, some policies issued before the coronavirus struck may not always explicitly or implicitly exclude the pandemic from coverage. If your business was affected by the coronavirus shutdown, and you have business interruption coverage, now is the time to review your policy. Many business interruption policies explicitly exclude events like wars or pandemics from coverage. However, not all business interruption policies may include this language.

Do you have questions about whether your business interruption insurance can cover you for losses related to business interruptions stemming from the coronavirus? The business interruption law firm of Smith & Vanture in West Palm Beach, Florida may be able to help you. Our business interruption lawyers can review your policy, help you understand what exclusions may apply, and assist you with fighting for your rights if you are entitled to make a business interruption claim.

What is Covered by Business Interruption Insurance?

Business interruption insurance is typically tied to property insurance and is often intended to compensate business owners should property where the business operates suffer damages, but the scope of each business interruption policy will depend on the language in the policy. In light of recent events with the coronavirus pandemic, many business owners have been wondering whether they can seek coverage for their losses through their business interruption insurance policies. Ultimately, whether your business interruption coverage will cover disruptions due to a pandemic will depend on the specific wording of your business interruption coverage. It is expected that many business owners will go to court to fight their insurance companies for business interruption insurance claims, especially if their insurance policies don’t explicitly exclude pandemics.

Business interruption insurance can cover the costs of lost or damaged merchandise and the costs of additional expenses your business may incur if you need to relocate due to a fire or other natural disaster. If you have had to close your business due to a government order or due to sanitary reasons (such as due to the coronavirus), your business interruption insurance coverage may also need to cover your business, in some cases. Business interruption insurance can reimburse you for the money you would have made had the property where you conducted business not been damaged. This insurance can also compensate you for regular business expenses, like electricity bills.

If you have suffered an interruption in your business activities due to theft, a natural disaster, or due to the recent coronavirus pandemic, do you know what your policy covers? If you are not sure about whether you are covered, or if your business interruption claim has been denied, reach out to Smith & Vanture, a West Palm Beach, Florida business interruption coverage law firm that may be able to assist you.

Had to Stop Doing Business Because of Coronavirus? The Business Interruption Insurance Lawyers at Smith & Vanture May Be Able to Help

In Florida, many large companies are pursuing lawsuits against their insurance companies for denying their business interruption claims. However, small businesses may also be able to do the same. The language of insurance policies can often be complex and can contain many exclusions and inclusions. Insurance companies are asserting that many policies exclude pandemic coverage, while business owners have asserted that they have the right to bring forth a claim. Both sides have much to gain and lose, so it is likely that business owners and insurance companies will go to court in the coming months. Smith & Vanture is a business interruption insurance lawyer in West Palm Beach, Florida that may be able to assist your business if your insurance claim has been denied. Whether you can move forward with a claim will depend on the language of your specific policy. Smith & Vanture can review this language and assist you with the next steps.