Business Interruption Insurance


Has your Business’ income been interrupted or affected by a Hurricane?

 

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Your business may have had a type of coverage that insured you for the loss of business due to a hurricane, called ” Business Interruption Insurance”.

 

Do not sign any releases or papers that you do not understand fully before consulting with a law firm whose attorneys understand and can explain your legal rights to make a claim or file a lawsuit regarding business interruption insurance.

 

 

Your business had no power, no lights, no phone. No motorcar. Not a single luxury, as the song goes from Gilligan’s Island. All of this meant that your business was shuttered, maybe not only figuratively but literally. Now, getting back up and running may not be an immediate option.

 

BUSINESS INTERRUPTION CLAIMS- BEFORE A HURRICANE HITS

 

You will need to take the following steps:

 

Remove all key business documents from risky locations.

 

Buy a water tight container and use it for these key papers.

 

Business Agreements; tax returns; sales records; bank accounts; Payroll Records; other records specific to your business.

 

Don’t forget your will, trust documents, mortgage documents, marriage licenses, Passports and birth certificates while you are at it.

 

It may be a good idea to scan key records and email them securely to a secure -server off location. Or to buy and use an Iron Key memory stick with password to store the data. The data can be stored as PDF images, also.

 

Originals are always highly preferred, for legal purposes, of course.

 

BUSINESS INTERRUPTION LAWSUITS -AFTER A HURRICANE HITS

 

If your business papers are not soggy or windblown, you should locate and assemble certain proof. Use the section above as a reference.

 

Document your business interruption claim.

 

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Anticipate that records will be asked for. You cannot simply say ” sorry, everything was all destroyed, now pay up.” The insurance companies may tolerate and grant some leeway or laxity of providing immediate proofs and papers but not for long and not if you are going to ask them for a lot of money.

 

The lack of proof is usually something that grinds the processing of a business interruption insurance claim to a screeching halt, and this is usually the point in time when to you turn to us, your Hurricane Isaac Business Interruption Claims Attorneys.

 

There are some different types or categories of loss when your Hurricane Lawyer looks at your policy.

 

Most business interruption policies categorize the types of loss into:

 

Operating Expenses including rent or mortgage.

 

Payroll, sometimes not including key officers compensation.

 

Profits, sometimes not including all lost profits as if the business was on a forward path and growing. This last item, loss of profits, is the subject of many business interruption lawsuits and claims that come about from Hurricane losses.

 

Loss of business data- this category of business loss is quite technical and will clearly require a free legal consultation with a business interruption insurance attorney.

 

These claims can be very expensive to litigate, sometimes requiring a forensic accounting, several crucial depositions, motions for preservation of trade secrets, customer lists and other confidential information to avoid its release to competitors.
There may be several expert witnesses needed, such as forensic accountants, economists and persons with industry specific knowledge.

 

If your business has been shut down or impaired due to a Hurricane, and your had business interruption insurance but are not getting a fair and square claim offer, or perhaps are even being told that there is no coverage for your hurricane losses, then please call us for a free legal consultation.


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