Business Loss Insurance Claim Due To COVID-19
COVID-19—also referred to as the coronavirus—is seriously impacting businesses throughout Florida and the U.S. as a whole. Many businesses have been disrupted. Other businesses were forced to shut down altogether as a way to slow the spread of the Coronavirus disease. Additionally, there have been stay-at-home orders throughout Florida during the pandemic.
These disruptions and closures may lead to lost income. Business owners in Florida may be able to cover losses associated with the coronavirus pandemic with insurance coverage. A business loss insurance claim may provide business owners with financial support for their losses related to COVID-19.
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The Basics of a Business Loss Insurance Claim
Business loss insurance—or business interruption insurance—may provide you with compensation if your business suffered a loss as a result of a specific event. Many insurance companies offer business loss insurance. However, in order to secure an award from this type of insurance, you may need to show that:
- Your business was actually interrupted by a damaging event; and
- You actually endured a loss as a result of the interruption
The coronavirus outbreak in Florida has interrupted normal functioning for many businesses, often resulting in major losses to revenue. Qualifying for business loss insurance claims due to COVID-19 in Florida is a topic of great interest to business owners, but definitive information can be difficult to find and verify.
Consider the Specific Language Used in Your Business Loss Policy
You may be able to file a business loss claim if you carry this form of insurance. However, many business loss policies use specific language to define the types of interruptions they will cover. For example, some policies may include no specific information regarding interruptions caused by infectious diseases.
Business loss policies that do include information about interruptions associated with a disease may have exclusions. Depending upon the wording of your policy, for example, your insurance may not cover losses caused by viruses or bacteria. However, lawmakers have petitioned insurers to cover losses associated with COVID-19.
A lawyer who understands business loss insurance claims may be able to help you review your policy to determine if interruptions from COVID-19 may be covered, and how to assemble a claim based on the language of your policy.
Filing a Business Loss Insurance Claim in Florida
If you believe an interruption from the coronavirus may be covered by your business loss insurance, you may qualify to file a business loss insurance claim due to COVID-19 in Florida. You may review your policy and declaration page to determine if your policy covers losses associated with COVID-19. You may then:
- File a claim within your policy deadline
- Document all losses associated with the COVID-19 outbreak
- Record saved expenses, such as utility and payroll expenses
- Focus on the period of restoration, or how long it may take to bring your business back to normal
Filing a business loss insurance claim due to COVID-19 in Florida may also require extensive documentation. You may need to provide your insurance company with:
- Tax returns
- Invoices and receipts
- Contracts
- Sales forecasts
- Financial statements
You may wish to work with a lawyer who understands business loss insurance claims to ensure all your paperwork is in order.
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The Law Offices of Wolf & Pravato Can Help You File A Business Loss Insurance Claim
The Law Offices of Wolf & Pravato is currently helping businesses in South Florida file business loss insurance claims due to COVID-19. If you would like professional legal help with your business loss insurance claim, contact us.
We may be able to help you interpret the details of your policy and document and assemble your claim accordingly. We may also be able to help you if your business loss insurance claim has been denied.
For a free consultation with a member of our team, call the Law Offices of Wolf & Pravato today at (954) 633-8270. Our firm treats all clients with respect and honesty. When you work with the Law Offices of Wolf & Pravato, you can expect an attentive and caring staff that will support you throughout your claim process.
