If you suffered business losses from the COVID-19 pandemic or from another event that forced you to close your business temporarily, the Kankakee business interruption insurance attorneys from Spiros Law, P.C. can help you secure the benefits you need from your insurer.
When the unexpected happens and slows down operations or results in complete closure of your business, you need money to cover your losses and additional expenses. Whether you need to repair your office building after a fire or replace the roof because of mold damage, you’re entitled to the maximum settlement outlined in your business interruption insurance policy.
Our Kankakee business interruption insurance attorneys understand the stress of losing revenue. You want to get your business back up and running as soon as possible and make your monthly payments, such as rent, payroll, taxes, and insurance. It would be devastating if you had to close the doors to your business permanently. We want to help you avoid that from happening.
When you hire us, we’ll file an insurance claim on your behalf and ensure the insurance company treats you fairly and reimburses you for your losses. To find out more about how Spiros Law, P.C. can help you file a business interruption claim or appeal a denial, schedule a free consultation by calling us at (815) 929-9292.
What Should I Do if Something Causes My Business to Close?
If a natural disaster or some accident forces you to shut down your business, you need to act fast to recover a fair settlement from your business interruption insurance company. Here are some of the steps you should take when you have to halt business operations:
- Contact the insurance agent immediately to report the issue.
- Review your policy so you understand your coverages, the deadlines for filing and submitting documentation, and any exclusions that could prevent you from collecting payments.
- Take the necessary steps to prevent additional losses, such as removing undamaged equipment and making easy repairs.
- Obtain copies of all documents related to your business operations, such as accounting records, tax returns, mortgage, purchase orders, inventory reports, and additional expenses to submit to the insurer.
- Keep a record of every communication between you and the insurance adjuster, such as emails and letters. If you speak to them over the phone about something important, follow it up with an email, so there’s a record of the conversation.
- Follow up regularly for the status of the claim and make sure the adjuster isn’t unnecessarily delaying it.
- Hire an experienced Kankakee business interruption insurance attorney.
It’s crucial to stay organized throughout the claims process and keep records of everything. If you submit inaccurate or incomplete information, the insurance adjuster could deny your claim.
It’s also important to be aware of any deadlines along the way. Deadlines for filing an initial claim and providing business records are strict, and missing them could cause a delay in your claim or denial.
Enlisting the help of a skilled attorney to submit your claim will help you ensure that all of your paperwork is filled out thoroughly and filed properly and that all of your deadlines are met.
What Does a Business Interruption Policy Cover?
Each business interruption insurance policy is different and depends on the coverages you purchased, but it will typically cover the following:
- Loan payments
- Lost revenue
- Employee wages
- Rent or lease payments
- Relocation expenses
- Fixed costs
- Retraining expenses
- Technology fees
- Civil authority
- Cost to lease equipment
- Replacement costs for hardware, furniture, and technology
Disasters such as hurricanes, fires, theft, and other events that force you to close your business fall under the policy coverage. There are, however, some exclusions that your insurer won’t cover, such as:
- Lack of physical damage: If there’s no physical damage to your commercial property or the area isn’t covered by your policy, you won’t be able to apply for reimbursement payments.
- Cause of closure: You won’t receive a settlement if you had to close your business for a reason not listed under the covered perils.
- Undocumented income: To establish the amount of money you need to cover your losses, you must provide documentation showing average income and how much you need to cover the future loss of income.
- Utilities: Insurance carriers expect their policyholders to turn off their utilities after an issue leads to business closure.
- Partial closure: If there are limitations to your daily operations, but you’re still able to function as a business, you won’t be able to file a claim.
- Power outage: Downed power lines typically don’t last long enough to justify a business’s reimbursement since they don’t have to close for that long.
How Should I Handle a Denied Business Interruption Claim?
At Spiros Law, P.C., we know how frustrating it is to put in all that work to file a business interruption claim only to receive a denial letter. You might be wondering why the insurance company denied coverage and what you can do to appeal their decision.
Our Kankakee business interruption insurance attorneys will review your policy to make sure your request is valid, and that you deserve to receive a payment for your losses. If we determine your business closure was the result of coverage listed on your policy, we can sue the insurance company for breach of contract.
Whatever the reason was for the denial, you should retain legal representation and gather the following documentation for your attorney to review in preparation for an appeal:
- Copy of your business interruption policy
- Correspondence between you and the insurance company
- Documents related to the event that caused your business to close
- Personnel and financial records
- Accounting records
- Bills, invoices, and other expenses required to operate your business
- Revenue, income, and employee wage documents
Why You Should Choose Spiros Law, P.C. to Represent You
Spiros Law, P.C. and our Kankakee business interruption insurance attorneys have the experience, knowledge, and resources to fight for the settlement you deserve from your insurer. We understand the financial burden this type of situation causes. It’s stressful and frustrating, trying to keep your business afloat while fighting with your insurance company to cover your losses. When you hire us, we’ll take care of the claims process so you can focus on more important things, like rebuilding your business.
We believe in getting to know our clients and developing a personal relationship. You will be our main priority while we’re working on your case. We keep the lines of communication open to update you on the status of your case, answer all of your questions, and explain what you should expect during a business interruption claim. You will never feel abandoned or forgotten about when you hire us to represent you.
You can schedule a free consultation with one of our Kankakee business interruption insurance attorneys to discuss your case and determine the best option for pursuing the money your insurance company owes you. To find out how Spiros Law, P.C. can help, call us at (815) 929-9292 today.