COVID-19 Phase II - Filing a Claim to Cover Your Losses Before You Open
May 29, 2020
[00:03:00] Intro to Eric Townsend
[00:06:00] Business Interruption Claim
[00:011:05] What do you do if you’re denied?
[00:14:10] How do companies file claims related to COVID19?
[00:24:45] How the Law Eagles Was Started
[00:29:50] What Advice do you have for business owners right now?
The Law Eagles
“Business Interruption is a comprehensive policy… if your business stops because a loss occurs, you have physical damage to your property, there is this business interruption coverage that covers the profits you’ve lost during that time you were shut down.” [00:06:55]
As life begins to return to normal following the COVID-19 Pandemic, businesses are struggling to financially recover from unprecedented losses. Although some insurance policies will cover partial amounts of these losses, there is no way to know with certainty just how much any business truly lost. Here is what you need to know as your business begins to file insurance claims related to COVID-19:
Business Interruption Claims
First and foremost, hire a lawyer if you do not already have one. Business interruption claims can be tricky and require a keen eye to interpret exactly what each word means. A lawyer will also assist in this process progress quickly and accurately. The sooner you file a claim, the sooner your business will have a cushion of insurance money.
Prepare for the Worst
Best case scenario, your business gets all that it needs to recover from the unexpected losses the pandemic brought on. Worst case scenario, your business gets nothing. Unfortunately, many business interruption insurance policies exclude viral infection outbreaks. Unlike a natural disaster, this pandemic has caused very few physical signs of distress for businesses. Because of the severity of the Coronavirus, this may be skirted by speculating the unforeseen circumstances of this year. Having an outside investigator determine the severity of your losses is a fantastic way to potentially bump up the allotted insurance claim amount.
Although it may be tempting, it is wise to hold off on the resuming of day to day operations until there are solid preventative measures in place. Not only does immediately opening run the risk of infecting employees, it opens the doors for lawsuits related to unsafe working conditions if any precautions are not taken seriously. The last thing any business needs right now is a lawsuit.
Slowly, but surely, the world and economy will return to a new normal. This is not the time to crumble under new pressures, but to rise as a united force on the business front. Instead of allowing COVID-19 to define this year, reach to break records and set goals that will launch your business into the future.