Most businesses depend on their commercial properties and home offices to keep them afloat. If your business is ever forced to shut down because of a natural disaster, such as a hurricane, then it could mean a significant loss in business income. Then you won’t have the money to pay your operational expenses or your employees.
As a business owner in Florida, it is imperative that you have business income loss coverage on your insurance policy. That is the only way you can seek compensation for the business income that you lost because of a hurricane, windstorm, fire, flood, or other natural disasters. Without such coverage, it could mean the end of your business.
About Business Interruption Claims
A business income loss claim is actually called a business interruption claim. When you file the claim with your insurance company, you are basically telling them that your normal business operations have been interrupted by a natural disaster. It must be a big enough disaster to where you are no longer receiving any revenue, and you are unable to pay your bills and other obligations.
While your insurance company investigates your claim, you will still be responsible for paying the day-to-day operational costs of your business. If you’re fortunate enough to have your claim approved, then your insurance company will provide you with back pay that starts from the date in which the disaster occurred.
The payments will continue up until the expiration date on the policy. Most policies will give you payments for six months or until your business is fully operational again. If it takes longer than six months, then you need to have special extension coverage on your insurance policy.
Prevent a Claim Denial
The amount of business income loss will likely be several thousand dollars. Insurance companies perform strict investigations into all business interruption claims. They want to make sure that your business was legitimately impacted by the disaster that occurred.
Since most natural disasters make national headlines, it won’t be hard to convince the insurance company that a natural disaster occurred in your area. However, the biggest challenge will be to convince them of the impact it had on your business. You must prove to them how much business income you truly lost. That is not always an easy thing to do if your accounting books are not in order.
If you want to prevent your business interruption claim from being denied, then you should hire a business income loss lawyer from the Louis Law Group to represent you. We have attorneys who specialize in all kinds of business income loss cases, whether the loss was due to a major hurricane, flood, theft, fire, wind, or whatever other unforeseen occurrence caused it to happen.
We won’t rest until we prove to your insurance company that your claim is real and that it deserves to be paid. As long as you operated a legitimate business and experienced a legitimate disaster that impacted your business, then your insurance company should approve your claim.
And to make sure your insurance company pays you a high settlement rather than a low settlement, we’ll add up all your business losses on top of your income losses. Here are some of the factors that contribute to business income loss:
- Damaged inventory
- Damaged equipment
- Inability to serve customers
- Property damages
- Employee obligations
You are entitled to compensation for every one of these hardships as a business owner. You just have to prove the exact amount of these losses to your insurance company. That is where we can help.
Contact the Louis Law Group for Assistance
Business income loss claims are very important for a variety of reasons. Due to their importance, you should not handle your business income loss claim by yourself. It is better to seek professional assistance from a business income loss attorney who has experience in these matters.
The Louis Law Group has some of the most qualified and experienced business income loss attorneys in the state of Florida. We can handle whatever type of business income loss claim that you are trying to get approved. Our attorneys will evaluate the nature of the disaster that occurred and how much money in income and expenses it cost your business.
Once we show this to your insurance company, they will have no choice but to approve your claim. Otherwise, we’ll take them to court and force them to pay compensation to you.