Did You Suffer A Business Interruption Loss?
If your business property has suffered damage from a hurricane, flood, fire or another catastrophe, you may be entitled to extra remuneration from your insurance company.
After a loss, you may be faced with extra expenses incurred while trying to keep your business afloat. You may need to move your business to a temporary location. You may need to buy new supplies or restock a warehouse.
Catastrophic loss can create havoc with your business in numerous ways. But your insurance company may balk when faced with Florida business interruption claims. That’s where we come in.
How We Can Help
Wells Law Group, P.A., can help in cases of delayed payment, denied claims, devalued claims, improperly adjusted claims and cases where the insurer denies coverage or refuses to pay. Following a commercial property loss, there can be a great deal of confusion about the degree of coverage included. Usually, there are three types of business interruption insurance:.
- Business interruption insurance — This compensates the insured for income lost during the time it takes to repair the property.
- Extended business interruption insurance — This insurance provides limited coverage for lost income during the time after the property is repaired, but before the business is financially back on its feet.
- Contingent business interruption insurance — This specialized insurance provides coverage for loss of income resulting from physical damage to the property of providers or suppliers and/or consumers of its products or services.
Your Right To Extra Expenses For Your Business
In addition, an insured may have a right to coverage for extra expenses under the policy. An extra expense claim compensates an insured business for those extra expenses incurred as a result of the insured loss. Extra Expense helps the insured minimize financial damages and the suspension of business and to continue its operations.
These can include excess costs an insured would not normally face in its day-to-day operations, but must expend after a loss to avoid or limit the time of suspension of business at the insured premises. This may include operations at a temporary location and costs necessary to restock the business or to continue its operations and avoid a loss of market share or clientele.
Support Your Business By Providing Yourself With Legal Support
As you can see, it’s not just a matter of filing a claim — you need to file the RIGHT claim, which is something managing attorney Kim Wells at Wells Law Group, P.A., can help you do. Serving business owners throughout the Tampa and Tampa Bay area, as well as across West Central Florida, we offer free initial evaluations at our law office in Tampa. To make an appointment, call 813-413-7377 or contact us online.