If you own a business and your business was interrupted and you sustained financial loss, you may very well be entitled to receive a replacement of your lost income under your insurance policy.

What Businesses are Covered?

Just about all businesses are covered.

Here’s a representative list:

  • Restaurants & Fast-Food Chains
  • Bars & Pubs
  • Barber Shops, Salons & Spas
  • Comedy Clubs, Night Clubs  & Lounges
  • Hotels & Motels
  • Resorts & Vacation Destinations
  • Theaters & Cinemas
  • Gyms & Fitness Centers
  • Sports Arenas, Stadiums & Concert Halls
  • Museums & Aquariums
  • Zoo & Animal Petting Centers
  • Art Stores & Book Stores
  • Jewelry Stores & Souvenir Stores
  • Clothing & Footing Stores
  • Auto, Motorcycle & Boat Dealerships
  • Medical Offices
  • Law Offices
  • Travel Agency Companies
  • Accounting & Tax Offices
  • Manufacturing Companies
  • Retail Establishments
  • Many Other Small Businesses

What do I do?

Do not delay!  Do not delay! Do not delay!

Even if you are unsure, you must asap consult with an attorney.

There are notice deadlines and statutes of limitation bars.  It would behoove any business owner to get a consultation and explore the options available that best serve that business owner.

Get your insurance policy, the entire policy, and bring it to a lawyer!  Every insurance policy is different, even from the same carrier the terms and condition have been revised and modified over time.  The starting point is the insurance policy.  Even if it may appear that there is an exclusion, that may not be the case.  The interpretation of the policy in conjunction with case law and statures is complex and often requires judicial determination.  So do not be hesitant.

What do I get for the interruption of my business?

The insurance company will compensate you for the actual loss of your income.  In addition, fixed costs and operating expenses are payable, like employee wages, taxes, loans, etc.  There are further covered extra costs and expenses that may be included, such as the cost of re-opening the business requiring reconfiguration (sanitizing processes, plexiglass, etc.).

What if my insurance company already denied my claim?

If your insurance broker advised you that you are not covered or if you received a letter from the insurance company advising of a denial, this is not definitive. Regardless if you have a “Named Perils” or “All-Risk policy, it is subject to review.  Even if you have a “virus” exclusion or “physical damage” language, that is subject to review in conjunction to “Civil Authority” coverage and the case law dealing with “direct physical loss of” and the essential functionality of the business.

COVID-19 has dramatically changed “Doing Business.”  Many small businesses have closed, and some permanently.  Other businesses are operating on a limited basis, trying to survive.  As a business owner, you paid a premium for business interruption insurance.  Get what you are entitled to get.

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