Many small and large businesses have been severely impacted by the government mandated shutdowns and resulting losses due to COVID-19. Many of these businesses have or could have business interruption or other types of insurance policies that may be applicable and cover certain losses. Compensation may be available under these policies where the federal or state government ordered businesses have had to close or reduce operations, or where businesses have incurred additional costs or losses. Unfortunately, despite having collected premiums for such coverage, many insurance companies are denying business interruption insurance claims. In fact, many businesses across the country have already filed lawsuits against insurance companies stemming from the denial of coverage for COVID-19 related insurance claims.
Business interruption insurance policies are individually crafted based upon the insurance provider and insured’s business. They may differ from policy to policy and from state to state. Coverage under a policy will depend on the specific policy language. Understanding policy language in regards to business interruption coverage due to COVID-19 can be difficult and confusing.
Borgess Law, LLC is currently reviewing policies for small and large businesses to identify whether a policy has such coverage and the extent of stated exclusions named in the policy. If the policy provides coverage, we will help gather the necessary documentation needed to substantiate and submit the claim accordingly. If an insurance claim has already been submitted and denied, we will review the policy and the insurance company’s response to ensure the insurance company is not operating in bad faith. If a claim has been wrongfully denied, we will take appropriate legal action. Legal claims may include bad faith, failure to investigate, failure to promptly pay claims, unfair settlement practices, breach of contract, violations of various state insurance codes, etc. To discuss a potential business interruption insurance claim or request review of a policy, contact Borgess Law at (567) 455-5955. You can also contact Borgess Law by submitting an online inquiry. We welcome any questions you may have.