Business interruption insurance is designed to replace and recover lost income if a business has been affected by a “peril.” This type of coverage is essential for a business owner because it can mean the difference between surviving a catastrophe or having to close for good. At Murray & Associates, we understand the needs of businesses.
The concept of a “business interruption” is broad as it can encompass anything from willful damage to a business by a person or natural disaster. Some common examples include:
The answer to this question will depend on your type of coverage plan. Generally, business interruption insurance covers most, if not all, the following:
Insurers are obligated to abide by the parameters of your policy, but the payouts are determined by losses emanating from the interruption. The problem with this is that those losses are often confirmed by the insurer itself, which often leads to underpaying and disputes as to what should be covered and what shouldn’t.
By hiring an insurance attorney, you enlist the help of an expert who knows how insurers approach these claims. Attorneys can give you the information you need to file a claim with the best odds of success. Furthermore, if your insurers deny your claim or underpays, an attorney can contest the denial on your behalf.
Our Murray & Associates, the legal team has worked with countless business owners to secure their due compensation during a business interruption. Let us do the same for you! Call us today to get started.