We know a lot of businesses are struggling right now, and are wondering how they can stay in business and pay their employees at the same time. As businesses across the state and country are forced to shut down, business owners right now are asking: does my insurance policy cover my loss of business income because of COVID-19? The answer is it depends on your policy. These commercial policies have lots of endorsements, exclusions, and amendments that may apply and interact with each other in different ways. We have seen many insurance agents telling their clients that they simply are not covered and are discouraging clients from filing claims.
Our commercial clients are asking us to review their insurance policies to see if the business interruption provisions in their policy covers this down time.
At Brasher Law Firm, we are determined to assist our commercial clients. We are reviewing insurance policies free of charge and, if we accept the case, we only receive a fee if we are successful in recovering for the client (so there is no risk to the business). We welcome your inquiries. We are committed to helping you navigate this unprecedented event as best as we can. While many agents and insurers are stating that your policies do not cover this pandemic, we recommend the following:
- Review your policy. If you only have your declarations, request the complete policy from your agent.
- Go ahead and file your claim. If your insurance company denies your claim, it will likely first be on the phone but will follow in writing.
- Document your losses. Track your expenses and lost revenue from the first date or Order that your business was partially or completely shut down.
We wish you and your family well. By now, most all of us have been touched by the virus through a close friend, loved one, or relative. Should you have any questions, please do not hesitate to contact us at (409) 832-3737.