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Business Interruption Insurance

What is Business Interruption Insurance, and What Should I do if my Claim is Denied?

Glossary of Business Interruption Terms
Glossary of Business Interruption Insurance Terms. Click to View.

When disasters strike in Florida many businesses experience an interruption, when this disruption lasts more than a few days it may be necessary to pursue a business interruption claim against their business owner’s insurance policy. Business interruption insurance helps replace lost income and pay for expenses when income is lost due to a covered disaster. Business interruption insurance is not purchased separately but is either included in an existing policy or as an add-on rider.

Business Interruption Coverage for Businesses in Tampa and Across Florida

After a disaster business interruption insurance will often cover employee wages, fixed costs (rent & utilities), loan payments, taxes, and profits. At a time of uncertainty this coverage provides some security that a business owner and employees will have the opportunity to regroup and persevere after a covered event in Tampa Florida.

To determine what is covered under a business interruption insurance policy it is necessary to read the language of the policy closely. Various categories of coverage exist and cover different perils or exclude specific perils which highlights the importance of reading your policy. Ingress/egress coverage may apply when access to the business is made difficult. Service interruptions resulting in the loss of electricity, gas, or other utilities are another category which give rise to claims.

Coronavirus (COVID-19) Business Interruption Claims in Tampa and Throughout Florida

Today we are seeing a rise in contingent business interruption and interruption by civil or military authority claims. Due to the Coronavirus (COVID-19) many businesses are dealing with business interruptions from customers being unable to reach their business, in many cases this is due to governments placing restrictions on access to various businesses. While dependent on the precise policy language business interruption insurance may apply because of government actions causing the business to cease.

What happens when a business interruption claim is denied by the insurance company? Unfortunately, while insurance companies are often quick to accept money from a business owner and provide a policy, they may not be as eager to honor the policy and provide the business owner relief when they need it. In fact, the language used in insurance policies is often meant to be limiting and provide the carrier the opportunity to deny coverage. If this happens it is important to speak with an attorney about your options and determine what paths forward may exist.

Call the Law Firm Swope, Rodante P.A. in Tampa Florida to Speak with an Attorney About Your Business Interruption Insurance Claim Denail

Our attorneys have made it their life’s work fighting insurance companies over unjust denials and inadequate offers. Our firm name, Swope, Rodante P.A. is known throughout Tampa, Florida and the entire insurance industry because of the results we obtain for our clients including those referred to us by other attorneys. This may be the reason we receive so many calls from employees of insurance companies and their families when they are treated unfairly. For business owners the biggest risk is accepting a claim denial or unfair offer, our firm handles most cases on a contingency fee basis meaning there are no fee’s unless we are successful. We understand time is of the essence not only to get your business thriving again but also to ensure every legal remedy is available to you. Call 813-273-0017 and speak to us today, if you leave a message, we will call you back the following business day, if not sooner!

March 24, 2020