Business Interruption, Business Income Insurance Coverage Claims

Do You Have Business Interruption Insurance Or Other Remedies Under Your Commercial Policy For Losses During The Coronavirus Pandemic?

Do You Need An Insurance Coverage Lawyer To Evaluate Your Claim For Payment Under Your Commercial Policy Amid COVID-19?

The coronavirus (COVID-19) has infected millions of people worldwide. Victims may experience debilitating respiratory symptoms, and American cases are continuing to grow at an exponential rate. The disease seems to have the largest impact on the elderly and immunocompromised, but no group has been completely resistant to its effects.  A heartbreaking number of people, both young and old, have died from this disease already, and the numbers increase on a daily basis.  In addition, the virus is causing immeasurable damage to local and national economies across the globe, with individuals losing huge amounts in savings and retirement income.

The legal landscape of the coronavirus is wide and complex. Claims for insurance proceeds have been instituted against carriers, and lawsuits have already been filed against individuals, companies, and governments for a multitude of reasons related to COVID-19.

The attorneys and staff at Strom Law Firm remain ready to serve you and your loved ones during the uncertain times of quarantine and social-distancing.Business Interruption

Have Your Operations Been Interrupted Due To The Spread of COVID-19 or Stay-At-Home Orders?

Currently, businesses are being forced to file coverage claims and lawsuits against their commercial insurers in attempts to enforce their business income, extended business income, business interruption, and other coverage due to the impacts on their business caused by the virus and various civil authority orders. Many of these orders have been passed by state, local, or the federal government to prevent the surface-to- person and person-to-person communication of the virus.  Thousands across South Carolina are looking to better understand what long-term financial impact the economic shutdown will have on small businesses, employment, housing, and utilities.  Other employees, deemed essential, are looking to understand what protections exist both against the virus and in the event they become sick.

What is Business Interruption Insurance Coverage?

Most businesses and employers maintain commercial insurance coverage to provide peace of mind and economic support during times of crisis.  While commercial coverage is typically applied to compensate for physical damage to the business’s building and property or other unfortunate scenarios, many businesses maintain Business Interruption Coverage as part of their policy.

Business Interruption Coverage can help cover ongoing expenses and lost profits while your business is closed or being repaired due to disaster.  Typically, a business interruption policy will provide coverage for business losses while buildings are closed or being repaired due to a disaster.  However, your business interruption insurance coverage may also cover your losses and expenses during your coronavirus closings. In the uncertain times brought about by the rapid spread of COVID-19, businesses should utilize all possible sources of aid.

Does your Business Interruption Insurance apply to Coronavirus closings?

Whether an insurance policy applies to a given situation, including interruption, lost income, or other losses caused by the coronavirus pandemic, and related civil authority orders always depends upon the specific language of the policy and the specific facts of the situation.

As we have all seen, coronavirus has forced businesses across the country to close their doors to the public, causing massive losses to small and large businesses alike.  Whether shops, bars, restaurants, or other businesses are able to collect under their Business Interruption Insurance is a widely held question in these uncertain times.

As claims have been made to insurance companies across the country to recover under Business Interruption policies, insurancers are largely denying claims.  Because of these denials, small businesses and large businesses are left to fend for themselves in a moment from which they believed they were protected.  Many have been left with no choice but to ask courts to weigh in on their issue.

Lawsuits have already been filed in Oklahoma and Louisiana, and it is only a matter of time before these lawsuits are prevalent in every state, including South Carolina.  Contact an attorney today to review your recovery options.

Contact Us Today To Understand Whether You Are Covered for Covid

Contact an attorney at the Strom Law Firm today for assistance in understanding if your Business Interruption Policy covers your coronavirus losses.

What If Your Business Does Not Carry Business Interruption Coverage?

While only about one-third of U.S. small businesses carry business interruption coverage, if you do not carry such coverage, do not let that keep you from pursuing a claim under your commercial insurance policy arising from your coronavirus closing.   Other options exist to seek recovery for your losses related to coronavirus closings.

Contact an attorney at Strom Law Firm today for assistance in understanding if your company’s interruption coverage can be used to help your business overcome this pandemic.

Are You Contemplating Filing An Insurance Claim For An Interruption In Your Operations?

As the virus has spread across the globe, millions of people are now subject to civil authority orders,  and are unable to work, shop, or dine out.  With commerce at a standstill, many business owners have already been forced to lay off or furlough employees.

Businesses, ranging from bars, restaurants, movie theatres, to nail and hair salons, are looking to their insurance coverage to lessen the damage done by the coronavirus pandemic. Many commercial policies include Business Interruption Coverage, and other coverage encompassing Business Income, Extended Business Income, and  Extra Expenses.  These coverages provide assistance when an insured is not able to operate due to a covered loss.

Has your company been denied payment under its commercial policy?

Many insureds may be faced with denials by their insurance companies, who will argue the specific claims are excluded or not covered. However, it is important to review the specific policy language, and if a policy is NOT specific, the insurance company may be required to pay funds to its insured.  Alternatively, we see legislative bodies across the country enact legislation in response to coronavirus and its residual effects.  The attorneys at Strom Law Firm are constantly monitoring these developments for changes that may impact our clients’ chances for policy recovery.

If your business has already been denied by the insurance company, as so many have, it is critical to consult an attorney regarding your options going forward.  Insurance companies have proven time and time again that they will find any excuse to deny coverage.  The attorneys at Strom Law Firm are committed to finding the path forward for your claim, which includes appealing to the courts for a proper remedy.

Contact A Covid Insurance Coverage Attorney Today To Assist With Your Coronavirus Insurance Claim

If you own a restaurant, bar, movie theatre, bowling alley, event space, catering company, hair or nail salon, massage parlor, or other small business, and maintain a commercial insurance policy, contact an attorney at Strom Law Firm today. 803-252-4800 The attorneys and staff at Strom Law Firm remain ready to serve you and your loved ones during the uncertain times brought about by coronavirus.

Business Interruption, Business Income Insurance Coverage Claims



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