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In the wake of the COVID-19 pandemic, many businesses have been forced to shut down or reduce operations, threatening the livelihoods of local small business owners in Madison-St. Clair counties.
Many organizations planned for the unpredictable by purchasing business insurance for emergencies. Unfortunately, some struggling small businesses are being wrongfully denied insurance payments that they desperately need and may be entitled to.
If you were denied business insurance payments or if you carry business insurance with the companies below, we may be able to help you obtain compensation for your losses.
Even if you’re just starting the claims process, it’s important to have a lawyer on your side. Contact us today for free legal consultation.
The COVID-19 pandemic has drastically changed many small businesses. Restaurants, bars, hair salons, pizza shops and other small business have lost significant revenue.
Examples of lost income:
It is important to talk to an attorney at Simmons Hanly Conroy about your business interruption policy and how you may be entitled to compensation if you lost revenue due to the pandemic.
Business insurance is supposed to protect business owners from unexpected losses. While there are many types of insurance policies for businesses, it’s common for business insurance policies to include business interruption coverage (also known as business income coverage). This type of coverage is specifically meant to replace income when a business can’t stay open due to a covered peril or hazard.
According to the Insurance Information Institute (III), “business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage.”
For the many business owners whose lives were upended to stop the spread of COVID-19, the pandemic has had disastrous consequences. What’s more, business interruption insurance policies may cover closures due to civil authority. Civil authority coverage allows business owners to be compensated for lost income if they must close their business operations to comply with a government order.
The COVID-19 pandemic has completely changed the way countless organizations are conducting business. Wanting to protect their livelihoods, many small business owners are wondering, “how can I seek coverage for COVID-19 losses?” Business owners who were denied business insurance payments or are just beginning the claims process should contact Simmons Hanly Conroy to learn more about their legal rights.
What Does Business Interruption Insurance Cover?
Small business owners rely on business interruption insurance to cover a variety of operating expenses.
Business interruption insurance may cover:
This coverage can mean the difference between staying afloat and bankruptcy. It helps small business owners to continue operating their business and, more importantly, allows them to provide for their families.
Business owners may be denied insurance payments for a variety of reasons.
For example, when the SARS outbreak swept the nation in 2003, some insurance companies changed their policies to exclude losses caused by microorganisms. However, some companies only deny coverage for bacteria-caused damages — not damages from viruses.
Different policy requirements for disaster-related damages may be confusing to business owners who are just trying to put food on the table. This is why it is crucial to reach out to an attorney.
Simmons Hanly Conroy lawyers can help small business owners review their policies. Even if you are just starting the claims process, it’s important to have a lawyer on your side.
Small business owners add business interruption coverage to their insurance policy to ensure they have the money to continue operating in case of an emergency. At the same time, many of these business owners are denied financial support during times of crisis.
Simmons Hanly Conroy aims to help those harmed by corporate greed.
For over 20 years, we have helped thousands of people get the compensation they deserve. If you were wrongfully denied business insurance payments or are starting the claims process, we may be able to help you too. Call (855) 264-6270 now to learn more.