Businesses across the country have suffered financially devastating losses due to forced and voluntary closures during the COVID-19 pandemic. The institution of strict mandates in order to prevent the spread of the coronavirus has created significant disadvantages to business owners and individuals. As these losses continue to amount, insurance policyholders should be thinking about their options to restore their businesses once normalcy returns.
Business interruption insurance is intended for multiple reasons, the main one being to compensate the insured for income that was lost during the time period of interruption which resulted from a disaster, such as the current COVID-19 crisis. This type of insurance is designed to allow a business to return to normal operation after this disaster passes. To file a business interruption claim, supporting documents are needed, such as business expense reports, revenue reports, details regarding business history, number of employees, as well as others.
Though filing a business interruption claim may seem complicated and intimidating, it can mean a difference between life and death for a business. By consulting with an experienced attorney, such as the ones at Spiros Law, P.C., a business owner can better maximize their likelihood of obtaining or protecting their insurance coverage. When you file a business interruption claim, an attorney will be able to assist you with a number of things, including reviewing the policy and documenting decisions, documenting any losses, making sure you’re careful with communications, addressing the insurer’s response, and deciding whether to take legal action if your claim is denied.
When your business is temporarily unusable and there is no way to generate income or profits, business interruption insurance offers protection when you need it most. Business interruption insurance protects a business owner when a disaster strikes, but insurance companies have a reputation for taking advantage of vulnerable policyholders. By consulting with one of our attorneys, you can financially recover benefits to restore your business once a disaster has passed.
Although our offices are currently closed due to the Illinois “shelter-in-place,” our staff is continuing to work diligently for our clients and is available to speak with you over the phone, through our online chat services, on a video call, and on email. Contact our office today at (217) 328-2828.