Business Interruption Insurance Attorneys
Every business needs revenue to function and survive. That means manufacturing and selling products, providing services, and serving your clients and customers. When something disrupts your daily operations, your business, your employees, and all who depend on it can suffer significantly. Farris, Riley & Pitt, LLP can assist you in filing a business interruption insurance claim. You’ve paid your premiums to your insurer in case something like this were to occur, and you have every right to expect that you’ll get the money you deserve according to your policy.
Unfortunately, commercial insurance companies may try to deny claims or underpay you for the policy you hold. When that happens, you need an experienced and skilled attorney by your side to pursue the full amount that you’re owed. When the insurer fails to act in good faith and pay you what you’re entitled to, an experienced business insurance attorney can help make sure they pay.
When a natural disaster hits and you require compensation, the business interruption insurance attorneys from Farris, Riley & Pitt, LLP will help your business survive, so you can get back on your feet. Call (205) 324-1212 to schedule a free consultation.
Coverages for Business Interruption Insurance Policyholders
Most commercial policies cover business interruption. However, not all policies cover the same expenses, and some include exclusions that prevent you from compensating losses under specific circumstances. Hiring an attorney to help you review your policy is necessary, so you understand the coverages available to your business.
Following are some of the losses you could potentially claim and receive money for:
- Lost profits and revenue: Every business operates differently. We’ll assist you in valuing your company and its earnings. We’ll use your tax returns to document lost income, review profit and loss statements, analyze accounting records, and generate sales reports.
- Fixed costs: Even if you temporarily close or suspend services, you still have to pay fixed expenses. Monthly, quarterly, and regular payments for insurance, taxes, licensing, mortgages, and additional fees are necessary to keep your company afloat.
- Technology expenses: You need to pay your IT team or outside consultants to repair your technology services or get them back up and running.
- Temporary relocation: Some companies must operate from a different, more affordable location and need to pay costs to move, rent another space, use computer hardware and software, and lease equipment and tools.
- Retraining: If you need to replace your machinery or inventory or move your business to a new location, you’ll have to retrain your employees on how to use new tools or system software.
- Employee wages: Even if operations need to stop for a period of time, this type of coverage can assist with payroll for your team
Your attorney will work with you to understand the full scope of coverage available with your policy, and will help make sure you get what you’re entitled to.
Issues Related to Business Interruption Coverage
Business interruption insurance should cover business-related losses ; however, some exclusions may apply.
Insurance carriers will do everything in their power to make sure they don’t have to pay you during your time of need. It seems counterintuitive when the policy you’re paying for is there to help in difficult situations. Unfortunately, insurance adjusters are in the business of saving the company money whenever and wherever possible, which means underpaying, delaying, or denying claims filed by policyholders.
When you decide you need to file a claim, you’ll have to submit as much documentation as possible, proving you deserve compensation from your insurer. That means collecting tax statements, invoices, and other evidence of your losses while you’re recovering from operational issues. If the insurance company determines you don’t need as much time to recover as you claim or the policy doesn’t cover specific costs, your business could end up suffering greatly.
Insurance Companies Acting in Bad Faith
You pay your premiums in full and on time, so you think you deserve fair treatment from your insurer. There’s no justification for the adjuster denying your claim for no good reason or delaying investigations. If an insurance company uses bad faith practices to negotiate payment or deny your business interruption claim, you have the right to fight back.
Some common examples of bad faith include:
- Delaying investigating the claim
- Misrepresenting facts or state laws
- Refusing to pay a valid claim
- Offering damages below the policy coverage
- Using intimidation or other inappropriate methods to get you to accept inadequate compensation
- Manipulating policyholders into signing away their rights
If you believe your insurance carrier used bad faith practices during your claims process, you should retain legal representation immediately. The business interruption insurance attorneys from Farris, Riley & Pitt, LLP understand state laws and procedures that can get you the money you need and deserve. We believe in holding liable parties responsible for their unfair actions. We will fight hard so your company won’t have to suffer the consequences during trying times.
How Farris, Riley & Pitt, LLP Will Help You
When you hire us, we will provide legal services to take care of the following steps during the business interruption insurance claim process:
- Provide documents proving the loss of your operations, income, property, equipment, etc.
- Demonstrate why you deserve coverage based on the expenses you incurred.
- Show the contractual risks the insurer will take if they act in bad faith and wrongfully deny making payments.
- Meet deadlines under Alabama law and those set forth by your insurer.
- Monitor the insurance adjuster to make sure they perform adequate investigations into the claim.
- Communicate directly with the carrier regarding sufficient evidence and compensation you deserve.
- Escalate the matter if necessary by filing a lawsuit and taking your case to court.
If you never filed a claim before, you won’t know how to handle it. It’s especially challenging to take care of something like this alone. It can be overwhelming and stressful. At Farris, Riley & Pitt, LLP, it’s our goal to relieve your burden and handle all legal aspects on your behalf so you can focus on what’s important: getting your business back on track.
Contact a Birmingham Business Interruption Insurance Lawyer
If you need to file a business interruption insurance claim or require assistance fighting a denial, contact Farris, Riley & Pitt, LLP immediately. We will ensure your insurance company treats you fairly and provides the coverage outlined in your policy. If your claim gets denied, we can pursue legal action, so you win the compensation you deserve.
To schedule your free consultation, call (205) 324-1212 today, and we’ll review your situation to determine the options available to you.