Has your business been hurt or interrupted by the COVID-19 pandemic? If so, you might qualify for coverage through your insurance policy, and may be eligible for COVID-19 insurance money, but your insurance policy doesn’t want you to know this. Many commercial properties and businesses carry “business interruption” coverage, which could pay for the losses your business suffers during the interrupted period of time. This may include covering lost revenue, loan payments, and various other expenses such as rent or lease costs, employee wages, and taxes.
Essentially, the purpose of this coverage is to cover the losses and cost of operations you suffer from a covered “peril” or “cause of loss.” The perils or cause of loss are usually defined as being the result of “physical damage” or “physical losses” and have historically included events such as fire, lightning, and hurricanes. However, in more recent times, courts have interpreted the definition more broadly and some experts argue that COVID-19 claims should be covered. Additionally, certain legislators have called for insurers to pay out COVID-19 claims, and a few states have introduced legislation asking insurance companies to rewrite the policies to include such claims.
The bottom line is that the laws surrounding the business insurance policies are quickly changing and developing during these unprecedented times. Your insurance company may also wrongly deny you coverage. Insurance policies are complex and often require an attorney to navigate through the terms and language. You may also have a deadline to report your claim based on your policy, so it is very important to contact an attorney immediately. Otherwise, you may miss out on the money that you need and deserve from your coverage.
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