If your business has recently been forced to suspend normal operations due to a national disaster or public health crisis, you may have suffered serious revenue loss. Whether you were forced to close completely by government order, or whether your workers couldn’t come in, or whether customers just couldn’t get to you, the end result is you losing a lot of money. Maybe more than you can afford.
It’s for scenarios like this that businesses commonly purchase business interruption insurance. This is a policy that is meant to reimburse the money lost by a costly interruption of normal business operations.
But like any insurance claim, insurance companies might try to deny, delay, or underpay claims. So before you make your claim, here are some things to do and look out for to maximize your chances of getting the policy payout you need.
File As Soon As Possible
The moment you realize that your business is about to start losing revenue because of a suspension of normal operations outside of your control, you should already be thinking about filing. Start gathering the information and documentation you’ll need to support your claim, and as soon as you’ve dotted the I’s and crossed the T’s, file.
In the best of times, getting insurance companies to pay up can be a drag, and these are not the best of times. There may be a lot of other businesses filing claims just like you, and you really want to be at the top of that queue. The earlier you get your claim in, the earlier you are likely to actually get the money you need, especially if your claim requires further investigation or appeal.
Keep Copies Of Everything
And we do mean everything. Every document, bill, payroll record, transaction record… anything you can think of. This includes the documents you submit to the insurance company. And make sure you have a full copy of your insurance policy on hand (if you don’t have one, the insurance company is obligated to send you one if you request it).
You don’t want to be stuck not having the evidence to back up any of your factual assertions, especially not if the insurance company demands more investigations. A little bit of responsible record-keeping can save you a lot of headaches down the road.
Record Any Interactions With The Insurance Company
Starting with your very first call or email, keep a written record of every single time you communicate with a representative or employee of the insurance company regarding your claim. Write down what was said, and when it was said, and who you spoke with.
If your claim ends up in dispute, the timeline of what and when the information was communicated between you and the insurance company can end up being extremely important. Don’t let it become a they said/they said situation.
And if your claim does end up denied, delayed, or you’re offered less money than you think you deserve, remember that…
They Don’t Get The Final Word
The law does, and the insurance company’s interpretation of the insurance contract and the applicable law may not be the correct one. If the insurance company is giving you trouble with your claim, getting an experienced lawyer on your side may be your best option.
Morgan & Morgan Insurance Recovery Group attorneys are taking up the fight on behalf of business owners who are having trouble getting the business interruption policy payouts they need. They’re ready to fight for you too.
We’re the largest plantiffs' law firm in the country, which means we have the necessary resources to take on the insurance company, no matter how big they are. If we take your case, you’ll never have to pay anything up front, or anything at all unless we win for you.
We have an online tool that can help you determine if you have a case within minutes. Try it here, we’re ready to get to work for you.