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Are you eligible to make a COVID-19 Business interruption claim to your insurance company?
Was your Coronavirus Business Interruption claim denied because your insurance companies claimed not to cover the Covid-19 pandemic?
Insurance companies have often told business owners that their business interruption insurance policies do not cover the disruption caused by the virus and lockdowns, using fine print policy wording and exclusions that are questionable. In these challenging times, many businesses have been severely damaged by the Coronavirus pandemic and the state and local shutdowns issued to limit its spread, as stores closed and orders dried up. This resulted in lost income and mounting bills, that insurance was meant to cover.
What is Business Interruption Insurance?
Business interruption or loss of business income insurance is designed to protect against the financial damages caused by tragic, unforeseeable events, from physical losses to natural disasters. They can cover bills, payroll and lost income. It can support businesses that were forced to close, move to a new location, or reduce hours.
Does Business Interruption Insurance Cover the Coronavirus?
Many insurance companies have added language to policies after the 2003 SARS epidemic that exclude viral or bacterial infections. Though insurance companies may claim not to cover the disastrous effects of a viral pandemic, that position is neither indisputable nor secure from legal pressure and lawsuits. Many state and local governments have started to introduce legislation to require insures to provide coverage for claims. Moreover, much of the damage suffered by businesses was a result of lockdowns implemented by civil authorities. Many businesses across the country are filing lawsuits against wrongful denial.