The spread of COVID-19 (or “coronavirus”) globally has resulted in consequences beyond the health-related implications of managing a pandemic. Due to mandatory business closures and “stay at home” orders in many areas, the economy is suffering from minimized spending across the world.
Small businesses are facing the impact of this time of economic distress the most. The prospect of being out of operation for multiple weeks or months has already prompted the downfall of several small businesses in the United States. If your business is suffering during these difficult times, a business interruption insurance claim may be a solution.
What is Business Interruption Insurance?
Business interruption insurance is a type of insurance plan that provides financial coverage in the event of a “disaster.” An insurance company may have a different definition of what a disaster entails than another provider, but generally, business interruption insurance plans cover losses caused by robberies, fires, and natural disasters. If a reason for filing a claim is covered by a business interruption insurance plan, your insurance company will provide benefits to account for lost income and merchandise, and any additional expenses caused by the covered disaster.
Does Business Interruption Insurance Cover Coronavirus Losses?
Small business owners who have business interruption insurance are questioning whether their plans will cover losses caused by the COVID-19 response. Although many insurance providers do not explicitly include losses caused by pandemics in their policies, the spread of the virus and resulting business closures could qualify as a disaster under your plan. You can file a claim with your insurance company to begin pursuing coverage for your coronavirus-related losses — the attorneys of Golomb Legal, P.C. can help.
Golomb Legalis Handling Business Interruption Claims
Already, restaurants, salons, hotels, retail, and travel are among the industries feeling the hit from the coronavirus crisis gripping the world. Business interruption insurance remains an essential part of a business’s lifeline, acting as a foundation created to keep it from going under during hard times and tragedies. Yet, an insurance company needs to cooperate and honor its own policies for business interruption insurance to be of any benefit.
At Golomb Legal, P.C., we have already filed business interruption insurance claims on behalf of local businesses throughout Philadelphia. The River Twice Restaurant is one of our clients who had to close their doors due to the coronavirus and now need help getting business interruption coverage from their insurance provider. We have filed a suit with the Eastern District of Pennsylvania federal court in pursuit of the deserved coverage and compensation. Using our hands-on experience with intricate insurance litigation cases, we intend on fighting for the River Twice Restaurant no matter what. (You can learn more about the River Twice case by clicking here and viewing a press release we issued on April 13th, 2020.)
If your small business has fallen on tough times because of the coronavirus, you may have a business interruption claim. too. Our legal team can review your business insurance policy, help file your claim, and ensure you receive the compensation you deserve to keep your businesses afloat, all on a contingency basis. You do not pay us unless we recover from the insurance company on behalf of your business. It is just one of many ways we are here to support local Philadelphian businesses in need.
To schedule a free consultation with our attorneys, complete our contact form or call (215) 278-4449.