When you purchase business interruption insurance to cover your lost income following a disaster like Hurricane Irma, you expect your insurance company to be there for you. You hope that you’ll never actually need the coverage, but when you do, you want to know that you’ll be taken care of. Unfortunately, many people have reported that their insurance providers have denied their coverage even though their businesses had to close for days or even weeks.
When things like this happen, it’s important to stop, think, and act to make sure your interests are being represented. Your insurance provider might think that it can get out of paying for your lost business because of a technicality, but if you are smart about how you do things, you might get the payout you deserve to support your business.
Here’s what you should do if your business interruption insurance denies your claim:
Keep Your Records Straight
When you’re making a claim for business interruption insurance, you needs to show how your business was impacted. Usually, your physical property has to be damaged by a disaster in order to qualify for a claim. It’s important to document the damage extensively. Be sure to take photographs to demonstrate the extent of the damage. However, even if your business wasn’t damaged, you should document how your business was impacted by any nearby damage. For instance, if your business was inaccessible because of flooding, you might not have been able to open your doors, regardless of whether the flooding directly affected your business.
Know Your Policy, Know Your Rights
Before you make a claim, it’s important to review your policy thoroughly. Here you’ll find what is covered, what actions you need to take, how quickly you need to file a claim in order to get anything, and how damages will be assessed should be contained in your policy. It’s often worth it to have help. For instance, hiring an attorney to guide you through a deposition with your insurance company can be extremely valuable, especially if the payout you expect is sizable.
You might feel like giving up. Don’t. Sometimes, filing a claim for business interruption can be a long, drawn out process. The important thing is that you persevere. Most of the time, insurance companies handle the claims they receive quickly and ethically. But when you feel resistance to your claim, don’t give up. Follow up with your claims representative as many times as you feel necessary. Your persistence will pay off most of the time.
Do You Have a Business Interruption Insurance Claim?
If you want to protect your business from losing customers and money because of natural disaster, fire, theft, or vandalism, make sure that your business interruption insurance is adequate for your needs. Having trouble with the insurance company? Call the insurance litigation specialists at RRBH Law today.