Business Interruptions Claims

There are countless ways your establishment may suffer damage so severe that it makes conducting your normal course of business impossible. This is especially true in Florida where your property is susceptible to hurricane, flood, sink hole and fire damage. Following a catastrophe you may find that your business is devastated and you are faced with the unexpected expenses of temporarily relocating and restocking supplies while trying to keep it afloat. However, you protected yourself in situations of this nature by purchasing business interruption insurance coverage. Unfortunately, as South Florida business interruption claims attorneys we have seen that the insured often struggle with coverage providers to get the compensation they are entitled to.

Business interruption coverage compensates you for income lost as a result of an incident covered by your insurance policy. To recover damages for business interruption you will need to show that:

  • Physical damage was sustained at the insured property
  • The damage was caused by a peril covered in the policy
  • Business interruption resulted from the peril
  • An actual monetary loss or loss of business income was sustained, and
  • The loss took place during the "period of restoration" defined by the policy

Oftentimes the insured is confused about the degree of coverage provided for their commercial property loss. The typical types of business interruption insurance offered by providers consist of: business interruption insurance, extended business interruption insurance, and contingent business interruption insurance. Business interruption insurance compensates for income lost during the time period the property is under repair. The "extended" insurance provides limited reimbursement for income that is lost after the property has been repaired but before the business is back on its feet. Contingent business interruption insurance is specifically designed to protect a supply chain distribution disruption, and it compensates for income lost by providers or suppliers and/or the consumers of their products or services.

Business interruption coverage should provide you with the profit you would have earned if the interruption had not occurred. An important aspect of a business interruption insurance claim is forensic accounting. If you have a business it is important to maintain accurate and reliable documentation of your expenses and revenues. The terms of your policy will likely require bills, invoices, and financial record as evidence of the loss you have sustained. Our Broward County insurance dispute attorneys can relieve some of your stress during this cumbersome process. We will make sure your insurance provider is treating you fairly.

Our Miami business interruption lawyers can assist you if your insurer has denied your claim, delayed payment, undervalued your loss, asserted a lack of coverage, or done anything improper in handling your claim. It is our goal to get you the full compensation you deserve so that you can restore the business you worked hard to build. You don't have to stand alone if you find yourself fighting with your insurance company- DRG Firm is here for you.

To set-up a free consultation to discuss your business interruption insurance claim, please contact us toll free at (888) 413-8353. Our experienced staff is happy to assist you in any way we can.

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