Naples Business Interruption Claims Attorney
Business Interruption Claims in Florida
In the aftermath of a hurricane, many businesses face the prospect of recovering from extensive damage. Hurricanes can not only damage the physical structure of commercial property but also cause businesses to lose revenue. For business owners, it is essential to become operational again as quickly as possible. Yet, major obstacles await businesses while they are trying to return to normal.
For some businesses, one potential solution is submitting an appropriate business interruption claim.
Business owners should not need to dedicate their time and resources to fighting their insurer about delayed, underpaid, or denied hurricane claims. Unfortunately, some insurance companies delay the claims payment process or make unacceptably low offers. Others refuse to honor their customers’ policies.
If you are experiencing any challenges with a business interruption claim after a hurricane or another destructive event, reach out to our Naples business interruption claims attorneys for assistance. Since 2008, our firm has been serving clients throughout Southwest Florida, offering personalized counsel and tailored legal strategies aimed at achieving each individual client’s unique goals.
Types of Business Interruption Coverage
There are numerous forms of business interruption coverage, but the most common coverages are:
- Actual loss sustained
- Business income
- Period of restoration coverage
The first form of coverage is actual loss sustained coverage, which covers the lost revenue sustained by a business due to direct physical damages or losses to the insured’s property. Some insurers also offer business income coverage, which can include coverage for the reduction in net income caused by suspending business operations due to physical loss at the insured’s property.
Finally, period of restoration coverage can assist businesses by providing lost business income during the time between the damage to the physical property and the time when the property, with reasonable speed, is repaired or replaced.
Other coverage options, such as contingent business interruption, may also be available as compensation for lost income caused by the property damage to suppliers and providers or consumers of a company’s products or services.
What Losses Are Covered?
Every policy is different; it is important that you carefully review your business interruption insurance policy and select which losses you wish to be covered for in the event of a hurricane or similar natural disaster.
That being said, business interruption insurance typically covers the following losses:
- Lost revenue/income
- Temporary relocation costs
- Operating expenses
- Loan payments
Depending on the specific language of your policy, you may be covered for these and additional losses caused by a hurricane, tropical storm, fire, or similar disaster.
Filing a Business Interruption Claim
There are several important things you should do following a disaster to protect your company and your right to file a business interruption claim:
- Take necessary/appropriate steps to prevent future/additional damage
- Document all physical losses, including damage to the structure, inventory, equipment, etc.
- Record revenue losses, including revenue losses during restoration
- Contact your insurance provider and review your policy
- Obtain at least two bids on property/damage repair costs
- Be sure to file your claim within the specified time period (if applicable)
To bring a claim, you will most likely need to demonstrate that your losses were caused by a “covered peril,” meaning a specific event outlined in your policy. Covered perils typically involve things like hurricanes, tropical storms, wind storms, fires, vandalism, and theft.
Documenting Business Interruption Losses
If you choose to file an interruption claim, you should compile revenue reports, expense reports, and documentation supporting business history. In some cases, it can be challenging to calculate interruption losses accurately. It can often lead to disputes between an insurance carrier and business.
At Vernon Litigation Group, we understand the challenges facing businesses contending with lost revenue and property damage, and we believe business owners deserve to be properly compensated. That is why you pay insurance premiums. If your insurance carrier is delaying your business interruption claim or tries to underpay your claim, Vernon Litigation Group can help protect your rights; we will work aggressively to resolve your claim.
Contact Our Firm for a Complimentary Consultation
If you need assistance filing a business interruption claim, or if your claim was disputed or denied by your insurance carrier, turn to the team at Vernon Litigation Group. Our Naples business interruption attorneys focus on representing business owners throughout Southwest Florida who have suffered serious financial harm due to hurricanes and similar storm events. We also represent clients in cases involving financial disputes, homeowners’ hurricane insurance claims, commercial property hurricane insurance claims, and more.