New York Business Interruption Insurance Attorneys
Representing clients facing business interruption insurance claim disputes
When a business is impacted by property damage, including fire, wind, theft, or vandalism, there may be a serious impact to profitability and business functionality. In some unfortunate cases, a business must completely close its doors for a period to recover. Other times, they are not able to function optimally in the period it takes to recuperate. Some insurance policies have language regarding business interruptions, also known as business income protection, profit protection, and out-of-business coverage. When it does not, a business owner may need to consider purchasing a separate policy that protects the business in case of a catastrophe. Business interruption insurance functions to make up the difference between the normal income and the income during and after a forced shutdown. Business interruption insurance will also help pay for other items related to recovery. When disputes arise, it is important to have quality legal representation on your side through your ordeal. Our firm is ready to protect your rights and business on the road to recovery. If you need quality legal representation, contact The Law Office of Craig A. Blumberg for a consultation.
Business interruption coverage
If your insurance policy does not have language regarding business interruption coverage and you need to buy a separate policy, it is important to understand your rights. Business interruption insurance extends much farther than just making up the difference in income. Even if your company does not yet make a profit, this insurance can help you pay regular bills, including, but not limited to:
- Rent or mortgage
- Loan payments
- Supplier agreements
This insurance policy may also have language regarding expenses related to the loss, including:
- employee overtime
- moving expenses
- storage expenses
- rent for a new location
Business interruption coverage requirements
Standard policies have a list of requirements that must be satisfied before coverage becomes available. Some of the standard requirements include:
- There must be physical damage to the property
- The property must be where you conduct business
- The damage must have been caused by a covered “peril”
- The “peril” must have caused a necessary interruption or suspension
- The claimant’s loss must have been caused by the shutdown
When an insurance policy uses the term “peril”, it often refers to the cause of the damage. Many policies cover fire, storm damage, theft or vandalism. Many standard insurance policies and business interruption policies will not cover or severely limit flood damage coverage. Many insurers interpret the policy to require a complete stop to operations before triggering coverage. When dealing with insurance companies, always be detail-oriented and thorough. When preparing to file a claim, you need to consider this process as a business transaction. With so much at stake, it is important to have an attorney’s legal support through the process.
Contact our firm for a consultation
The Law Office of Craig A. Blumberg is honored to serve businesses across New York. Our firm provides quality legal support when you must file a claim for business interruption. We understand that you would like to move on as quickly as possible so that your company can settle back to normal operations. When filing an insurance claim, it is important to understand that the insurance company will work to save as much money as possible with little regard for your livelihood. If you need an effective insurance claim attorney to represent your rights and needs through the process, contact The Law Office of Craig A. Blumberg for a consultation.