Business Interruption Insurance Claim Denial Lawyer in Pembroke Pines, Florida Asks: Do You Have a Claim?

If you have made a business interruption insurance claim only to have had your claim denied, you may be able to join a growing number of people who are pursuing lawsuits against the insurance companies who have denied claims. Business interruption insurance is a type of insurance that can protect a business by paying for a business’s lost income in the event of a natural disaster. Usually business interruption insurance is included as part of a business’s property insurance policy.

Business interruption insurance can pay for lost profits, fixed costs of maintaining the business during the interruption (like rent and electricity), commissions and training, extra expenses (that may be required when the business interruption period ends), wages, taxes, and loan payments for the time business activities had to be stopped due to a natural disaster. Several states have passed laws requiring that insurance companies honor business interruption claims for coronavirus. Yet, some insurance companies continue to deny claims asserting that pandemics were not covered by the business interruption policy.

Should your business interruption insurance pay for you losses? It largely depends: (1) on whether legislation will be passed in Florida requiring insurance companies to include stoppages due to the coronavirus in their business interruption insurance policies; and (2) whether your policy includes specific language that excludes pandemics from the policy; or (3) whether your policy includes a clause that allows for coverage in the event of a civil authority measure that closes down business. Many business owners are fighting denied claims on the basis of the third point. Many business interruption insurance policies have clauses that provide coverage in the event of a government order that puts a halt to business—precisely what happened during the coronavirus pandemic in Florida.

The Insurance Journal anticipates that many business owners will have to take their insurance companies to court about these claims. Unless laws are specifically passed that protect business owners from having their claims denied, many of these denied claims will have to go to litigation. Insurance companies have a lot to lose. According to Insurance Business America, it is estimated that the losses small businesses are facing each month could be anywhere between $255 billion and $431 billion. With so much at stake, insurance companies have a vested interest to deny claims.

Yet coalitions of small business owners and some larger restaurant owners have been fighting back, saying that many restaurants and small businesses have been faithfully paying their business interruption insurance premiums for years. Some restauranteurs, including Thomas Keller and Wolfgang Puck have threatened to pursue insurance companies through the creation of a not-for-profit to push insurance companies to pay up.

Has your business interruption insurance claim been denied? The Law Offices of Oscar Syger is a lawyer in Pembroke Pines, Florida that may be able to help you with your denied business interruption insurance claim. Not sure about whether your business is insured under business interruption insurance? Not sure about whether you can make a claim for business interruptions due to the coronavirus? Reach out to the Law Offices of Oscar Syger or connect with USAttorneys.com today to get matched with our lawyer.

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