What would you do if you discovered the presence of a large reserve of money buried deeply in a locked treasure chest below your backyard? I would assume that you (like many) would invest the time and money in digging up the treasure chest and perhaps hiring a locksmith to crack the code for you. Maybe you’d hire excavators to spend an afternoon doing their thing while you anxiously wait for the money to be revealed. The point is, you would make the effort to access what is yours.
Business Interruption Insurance Coverage post-COVID is no different. The problem is, so many business owners continue to assume they have no access to “buried treasure”. They assume that after being shut down for weeks or months due to COVID they simply have to eat their loses and rely on government emergency relief and prayers. Most people don’t even consider claiming Business Interruption Insurance for COVID forced closures because they simply don’t think there is coverage or know they may have it.
Maybe because they think the loss is not a “structural loss” or “tangible loss” such as a fire or a flood.
Let’s not make any assumptions without a proper legal review of the terms of your policies. Every insurance policy is different.
It’s important to understand what is in your business insurance policy. Don’t assume the treasure isn’t there.
Are there any exclusions for viruses, infectious diseases or something similar? If not, there could very well be insurance coverage available to compensate for the losses. Even if your insurer rejects the claim (which they most likely will), that is the time you should seek legal advice on what your options may be to “excavate what is yours”.
I finally got my much-needed COVID haircut. As I chatted with the salon staff, I was amazed and saddened to hear how much time, money and business opportunities have been lost because of this pandemic. Not just for the salon but for everyone.
Restaurants, Daycares, Dentists, Overnight Camps, you name it, this global viral pandemic has hit the businesses hard in the pocket book.
As you can imagine, most insurance companies will fight tooth and nail to find whatever reason to deny paying out on these claims, EVEN IF VIRUSES ARE NOT EXCLUDED in the policy.
As a hard-working business owner, you invest your blood, sweat, tears and money into your business for the peace of mind of having insurance to cover these business losses when they arise.
I would argue that this is the time insurance companies ought to step up the most, but inevitably, they do the opposite.
This is the very reason why Hennick Law has taken action to assist business owners in need of recovering the buried money in their own backyards.
If you have been denied business interruption insurance coverage by your insurer, let us guide you on a path that makes sense for your situation.