COVID-19 has had a profound impact on people and businesses alike, with the global pandemic causing stay-at-home orders and lock-downs across the country – including the state of Missouri. With non-essential businesses forced to close in order to prevent the further spread of disease, many business owners are undoubtedly suffering.
Those who have enrolled in business interruption insurance may fortunately be able to recoup their losses by filing a claim, but it can be difficult and complicated during these unprecedented times. If you need assistance filing a claim for business interruption insurance, please contact Wendt Law Firm P.C. today to discuss your situation. Our injury attorneys can not only answer any questions you may have about the process, but also help you file a claim.
Business interruption insurance allows business owners to be compensated in the event that their business is directly interrupted due to a number of circumstances. Generally, business interruption insurance may cover:
In most cases, business interruption insurance cannot be purchased separately; it is typically an optional addition to a comprehensive property policy or offered in a package policy.
Because of the unprecedented circumstances surrounding the COVID-19 outbreak, many are unclear as to whether business interruption insurance definitively covers any losses associated with coronavirus. Typically, most policies state that business owners cannot be compensated unless there is “direct physical loss” – usually meaning physical damage to the property. Additionally, most business interruption insurance policies are written in verbiage that is not necessarily direct or specific. By allowing these policies to be up for interpretation, it puts discretion directly at the hands of the providers.
However, because these are extraordinary circumstances, they may allow for exceptions in some provider’s policies. In fact, most insurance experts in Missouri recommend filing a business interruption claim anyway, even if their policy indicates they may be rejected. Due to the constant uncertainty and evolving status of state regulations, there may be exceptions mandating any and all pandemic-related losses be covered. Additionally, any potential solutions for economic relief may also enable claims to become eligible as well.
Best of all, filing a claim costs business owners no money – there are no penalties associated with filing a claim, even if it gets rejected. Ultimately, there is nothing to lose in filing a business interruption claim.
Qualifications may vary from provider to provider, but generally, you may qualify for business interruption insurance if:
You may also qualify if your business property was potentially exposed to someone who tested positive for coronavirus, and you had to close your business in order to properly clean and disinfect the property.
At Wendt Law, we are committed to helping any businessowners who are suffering during this difficult time. We can utilize our experience with insurance litigation to help fight for your right to compensation via business interruption insurance.
It is important to note that, if a provider rejects your claim, they must provide a specific reason why they rejected your claim. If we believe that reason is in bad faith or otherwise untrue, we can appeal that decision on your behalf to ensure you receive the compensation you deserve.
If you are a business owner with questions regarding a business interruption insurance claim, please contact us today for assistance. We understand the difficulty you may be experiencing during these extraordinary times, and we are here to ensure you receive the help and support you need.