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Business Income Insurance Claims

business-income-insurance-disputesIt should come as no surprise to anyone that business income insurance claims are sizable in nature. After all, if a business were concerned about losing only a few dollars’ worth of income, the insurance policy wouldn’t be necessary at all!

In Florida, business income insurance claims can become particularly sticky. Powerful weather, such as hurricanes, exposes our region to serious damage. It’s not uncommon for businesses to lose buildings, equipment, and supplies, as well as income, in the aftermath of destructive weather. Sometimes, whole communities suffer. Business income insurance can help to keep businesses afloat during disasters, allowing them to continue serving the community as it gets back to its feet.

Some disasters are not weather-related. Terrorism can have a disastrous impact on businesses and communities as well. The fact that business income insurance covers such different areas makes it difficult to navigate claims. It’s important to have a good lawyer on hand to assist you.

Business insurance

Most business insurance policies cover:

  • Fire
  • Rain damage
  • Theft
  • Vandalism
  • Wind damage

The insurance monies paid out to business owners are designed to pay for specific damages. Your policy may vary, but you can usually expect to be compensated for emergency repairs, loss of income, removal of debris, and cash.

Protecting against water damage

If you want protection from flood waters, you will need a specific policy for that. The Federal Emergency Management Administration (FEMA) administers flood insurance policies which are available through the National Flood Insurance Program. Such policies cover damages caused by:

  • Groundwater runoff
  • Tidal water
  • Overrunning bodies of water

Similar to other business insurance policies, you can anticipate compensation for building repair, destroyed property, and removing debris. Without a flood insurance policy, businesses are highly unlikely to recoup flood damages, even when they do file claims.

Responding to damage

If your business has been damaged, causing a loss of income, you have to notify your insurance company. It’s important to keep a record of this (and any future) communication(s). Insurance claim policies will require you to prove you that you’ve taken initiative within a timely manner, so don’t lose your records.
You’ll also need to prove that your business incurred damage. Always document with photographs and/or video the physical damage to your business.
Usually the insurance company will act slowly in responding to your claims. After all, no insurance company wants to pay out its profits. Even so, you should expect to receive some sort of reasonable response from the insurance company within a few weeks. If 30 days pass without a decision on whether or not to approve your claim, it’s time to contact a lawyer. If they haven’t said “yes” in 30 days, they’re rejecting or disputing your claim.
Do you need someone to help you navigate your business income insurance claim? Contact us today to schedule a free consultation with a business attorney. You can do so by calling 866-TRIALAW or message us online.

Grey areas

After Hurricane Katrina, the laws regarding hurricane damage have been changing. One issue in question is the doctrine of “efficient proximate cause.” Basically, it states this: If you’re insured against rain damage and receive flood damage during a hurricane, you should be covered because the rains were responsible for the flood. Mississippi’s Attorney General has filed a suit in accordance with this doctrine.
Nonetheless, the logical reasoning behind the change is still challenged by some. In order to navigate your specific claim (or claims) with your insurance company (or companies), you need to have someone who can understand the intricacies of business income insurance.

The impact of a good lawyer

There are specific reasons that a good lawyer can prove beneficial to you. The business attorneys at Glick Law Firm, PA can help you by:

  • Helping to clarify the concepts and principles behind the different insurance policies
  • Offering advice on how to effectively back up your claim
  • Turning in all paperwork before your various filing deadlines

The difference between using a good business attorney and handling your claims on your own may be the difference between receiving a full claim payout and receiving nothing. When it comes to business income insurance policy claims, you are on a tight deadline. Don’t hesitate to ask for help.

Contact the attorneys at Glick Law Firm, PA today in order to schedule a free consultation. We will help you handle the insurance companies and get the money to which you are entitled. Message us on our website or call us at 866-TRIALAW.