Business Interruption Claims for Covid-19 ðŸ¦
In response to mandated shutdowns by the state due to Covid-19, businesses have closed their doors, uncertain of when they may be opened again. This means loss of income and productivity for businesses.
What is Business Interruption Insurance?
Business interruption insurance compensates a business for lost income due to disruptions to business operations, in this case, the worldwide pandemic, Covid-19, being the interruption. The insurance will compensate for lost revenue a business would normally earn but can’t because of the pandemic. Any operating expenses fall into this lost revenue expected to be covered by Business Interruption insurance.
How Can Businesses Protect Themselves During This Time?
Business owners purchase business interruption insurance to protect their businesses against unforeseen closures and loss of revenue. Business interruption insurance is customized for each business based on their needs to pay for the loss of business income due to the holdups of regular business operations.
However, insurance companies try hard to deny coverage of these claims to policyholders by using exclusions and other policy language as means of denial.
How Will Advo Help?
We know how to combat the denials of business Interruption insurance claims by insurance companies. You don’t have to accept the rejection if your claim is denied. Having worked a decade with insurance companies, we know what language and exclusions they’ll use against your claim. If your business has suffered damages coverable by business interruption insurance claims and your claim has been rejected, Advo may be able to help. Call us for a free consultation!
