Fayetteville COVID-19 Business Interruption Claim Litigation Attorney
With the rampant spread of the coronavirus or COVID-19, many businesses have been forced to close their doors and lose thousands or possibly millions in revenue. As a result, many companies have been disbanded while others struggle to adapt to the new normal of performing strictly online transactions. To make matters worse, many businesses are struggling to claim business interruption insurance compensation because insurance companies allege their policies do not support coverage for a pandemic. If you need legal assistance after your insurance company denied your business interruption claim, consult with an experienced Fayetteville COVID-19 business interruption claim attorney.
At Gunn Kieklak Dennis, LLP, we believe that an insurance company should not be able to ignore the rights of a business owner that has made a business interruption claim in these uncertain times. Our experienced commercial litigation attorneys understand the difficulty experienced by business owners throughout Arkansas, and we are here for you. To schedule a confidential legal consultation to discuss your claim, contact Gunn Kieklak Dennis, LLP at (479) 717-9068. You may also contact the firm online.
If an insurance company denied your company’s business interruption claim, contact an experienced Fayetteville business interruption claim lawyer. At Gunn Kieklak Dennis, LLP, we are dedicated to providing your business with the legal representation it deserves to weather the challenges faced by the COVID-19 pandemic. To schedule a confidential legal consultation, contact Gunn Kieklak Dennis, LLP at (479) 717-9068.
How Does Business Interruption Insurance Work in Fayetteville, AR?
Business interruption insurance also referred to as business income coverage, is offered by many insurance companies to assist a business in recovering lost income and various other expenses caused by a disaster or a similar event. Insurance companies recognize a number of events that can make a business eligible to receive business income coverage. For example, if your business headquarters was struck by a tornado and the building was destroyed along with thousands of dollars of products, business interruption insurance may cover these losses.
This is not an exhaustive list. Other circumstances can result in a business being eligible for business interruption insurance.
It is important to note that business interruption insurance will also cover other expenses in addition to lost income. For example, if you require income to move your business to another location, your insurance company may provide you with compensation. In some cases, your insurance company may even provide you with funds to rebuild a building that was damaged.
To learn more about what business interruption insurance can cover, you should continue reading and speak with an experienced Fayetteville commercial litigation lawyer.
Coverage Provided by Business Interruption Insurance for COVID-19 in Fayetteville, AR
According to the American Property Casualty Insurance Association (APCIA), it is estimated that small business owners across the United States may lose up to $380 billion a month due to the COVID-19 pandemic. Further, there are roughly 30 million claims from small business owners seeking to file for business interruption insurance, which has substantially impacted the insurance industry.
Business interruption insurance is vital for a business during the COVID-19 epidemic because it can provide for a number of expenses. As mentioned, an insurance company can provide a business owner with funds to rebuild a property after a natural disaster through business interruption insurance. Other items that business interruption insurance can cover include:
- Employee wages to avoid laying off employees during COVID-19 crisis
- Taxes that will still be imposed on a business while it is interrupted
- Loan payments secured
- Costs of replacing machinery or retraining personnel to use machinery
The amount of coverage provided for business interruption will depend on the type of policy selected by a business owner. Each insurance company will have a minimum and maximum amount of coverage they can provide to a business owner. If a business owner exceeds their coverage maximum, they will have to cover the additional expenses alone.
Each policy will also have a restoration period. A restoration period is the amount of time that an insurance company will provide a business owner with compensation after a business has been interrupted. Ordinarily, a restoration period will last for approximately 12 months. However, this period is subject to change depending on the terms of your insurance policy.
Why Your Insurance Company Denied Your COVID-19 Business Interruption Claim
It is essential for businesses across Arkansas to have their business interruption insurance claims honored by their insurance companies. Unfortunately, it is not standard practice for insurance companies to provide a business with business interruption insurance because of a pandemic. This means if your business was forced to close due to the spread of COVID-19, your insurance company would likely deny your claim if they have not already rejected it.
A denial of a business interruption claim can be devastating for a small business owner. Fortunately, our firm can help you pursue a first-party insurance lawsuit against your insurance company for failure to honor the insurance policy. Many insurance companies will take shrewd tactics against a policyholder to avoid compensating the policyholder. Our firm understands the tedious nature of dealing with an insurance company that has denied your claim, and we are here for you.
Fayetteville Attorneys for COVID-19 Business Interruption Claim Litigation
It is important to note that policymakers across the United States are engaged in seeking a solution to the hardships faced by business owners. This could mean a change in the standard operating practices for insurance companies during a pandemic.
If you are concerned about what steps to take after for a business interruption claim during COVID-19 (coronavirus), you should speak with one of our experienced Fayetteville, AR attorneys today.