Business Interruption Insurance Claims

Florida Business Interruption Insurance Claim Attorney

If you own a business, you undoubtedly need that business to be open and operating for it to be financially successful. Sometimes, however, events beyond your control can cause your business to shut down. If that happens, you should file a Florida business interruption insurance claim.

When Should I File a Florida Business Interruption Insurance Claim?

When you operate a business, you must manage and control many factors to keep your business running smoothly. There are also factors that you cannot control, such as natural disasters, supply shortages, and government shutdowns.

If you own a business in Florida, tropical storms are a constant threat to your business’s ability to operate. High winds and rain can cause flooding and damage that can make operating your business unsafe. During hurricane season, a hurricane warning may result in a forced closure due to mandatory evacuations in your area. A winter storm in another state could cause a critical supply shortage or a tornado could devastate the neighborhood where your business is located. Anytime an event that is beyond your control causes your business to close you should file a business interruption claim with your insurance company.

Florida business interruption insurance, also known as business income insurance, is typically included in your commercial property or business owners’ insurance. It is intended to cover revenue lost due to a forced closure, fixed expenses, and relocation costs associated with operating from a temporary location. If you have experienced any of these losses, you should file a Florida business interruption insurance claim.

What Problems Can Occur with a Florida Business Interruption Insurance Claim?

You have paid your insurance premiums with the expectation that when you suffer a loss, you will be fully reimbursed for your losses in a timely manner. If your business is forced to close, and you lose crucial revenue, the future of your business could depend on a fast and fair settlement of your claim.

Unfortunately, that does not always happen. In fact, there are several common problems you may encounter when filing a business interruption insurance claim, including:

  • Civil authority shutdowns. Your policy may only cover your losses if a government shutdown was ordered because of physical damage to adjacent or nearby property. Sometimes, however, a shutdown is ordered without damage to nearby property or the government advises without ordering a shutdown. Your insurance carrier may refuse to pay your claim if the circumstances of the shutdown do not conform exactly to the wording of the policy.
  • Coverage limits. Like other aspects of your commercial insurance policy, there may be a coverage limit on your business interruption insurance. Your losses, however, may exceed that limit.
  • Time limits. Another common limitation is the amount of time you can claim losses for lost income and expenses. A typical time limit is 12 months. It can take much longer, however, to restore the damage caused by a hurricane, fire, or other natural disasters.
  • Supplier closure. Your business could be forced to close if a critical supplier has been forced to close. If so, your policy must include contingent business interruption insurance, or a claim may not be covered.
  • Determining the value of your claim. The purpose of business interruption insurance is to cover what you would have earned had your business remained open. Determining what that figure is can be difficult, particularly if you lack accurate, current records that can be used to prove the value of your claim.

When Should I Hire a Business Interruption Insurance Claim Attorney?

If you have experienced a business interruption, or you foresee one occurring in the near future, you should consult with an experienced Florida business interruption claim attorney as soon as possible. If you have already filed a claim that has been denied, underpaid, or delayed, you should also contact a business interruption attorney immediately.

The future of your business depends on your claim being paid in full and in a timely manner. A business interruption claim attorney will protect your rights and interests throughout the claim process, including litigating your claim if necessary, to ensure that you receive the compensation to which you are entitled.

Contact an Experienced Florida Business Interruption Insurance Claim Attorney

At Malik Law, P.A. we are familiar with the tactics used by insurance companies to try and avoid paying claims, and we have a proven track record of successfully challenging business interruption insurance claim disputes. We understand how important your business is to you and we are dedicated to ensuring that you are fully and fairly compensated for your losses.

Call us at 407-500-1000 or submit the Free Case Review form on this website. One of our experienced Florida business interruption insurance claims attorneys will explain your rights to you and discuss your legal options at no cost.