How Insurance Works

Business Interruption Insurance: How to Fight Insurance Companies on COVID-19 Claims

– If your business was shut
down due to the coronavirus, and your insurance
company denied your claim for these business interruption losses, here’s three things you
can do to protect yourself. First, get together your entire
business insurance policy along with all the addendums
and the endorsements. Insurance companies are
siting provisions improperly and taking them out of context
as a basis for their denials. They’re often wrong. You need your policy to prove it. Second, try to record
your losses in real time. If you haven’t been doing that yet, try to do that soon. Go back, this’ll make the best evidence for proving what your losses are when they’re fresh in your mind. And third, submit your claim in writing and do it properly. You may want a lawyer to do this for you. You want to document
what you’re entitled to, what your losses are, and you wanna set the insurance company up so that if they deny your claim, they site the basis for those denials. Ask them to do that in your claim. Once they submit those basis for denials, that’s where the work begins to get the coverage you’re entitled to. Thanks.

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