The Coronavirus (COVID-19) has affected us all. Alabama’s businesses and industries have been forced to close their doors and many of us are struggling to find help to keep the lights on and employees employed. This is the moment you and your business should be able to turn to your insurance company to provide you with the help you need. Small business are the backbone of Alabama and the Birmingham area. Like you, Farris, Riley & Pitt, LLP is a small, local business and we are dedicated to helping you during this time. Your business and its wellbeing is essential.
For years you have very likely paid insurance premiums to cover the losses you are currently encountering. Insurance companies are required to honor your policies with good faith. If your insurance company has denied your Coronavirus Business Interruption Insurance Claim, you need the help of a Birmingham COVID-19 insurance lawyer.
How Do I Know If I Have A Coronavirus Business Insurance Claim?
The terms of your Business Insurance Policy will outline what claims you can make and those that are excluded from your policy. Business Insurance Policy language is very often difficult to read or interpret. This is why you should contact the help of the Alabama Coronavirus Lawyers at Farris, Riley & Pitt, LLP. Knowing whether you can make a claim, is the first step. We can conduct a full review of your insurance policy at no up-front cost to you. Contact us today to schedule your free case evaluation.
Farris, Riley & Pitt, LLP handles cases on a contingency fee basis, meaning you owe us no money unless we are able to get money for you. An extra expense is not something most Alabama businesses can afford and the COVID-19 Insurance Lawyers at Farris, Riley & Pitt, LLP understand this.
Here are the most common types of Coronavirus Insurance Claim Coverage:
Business interruption coverage protects against financial damage due to the actual property of your business. Usually, this portion of your insurance policy covers events such as a hurricane, fire, or other natural disasters. Your specific policy terms will outline whether your company is covered and should also outline how the lost income can be recovered.
Another type of insurance policy is the Contingent Business Interruption Coverage. This is usually something has to be requested and purchased separately from your standard policy.
Your business may also be covered under your commercial property policy. Although this policy typically only covers physical damage, the Coronavirus Insurance Lawyers are skilled to read through your policy and determine whether you can file a claim on this policy.
**You will also want to make sure your business insurance policy does not exclude virus or disease** Our lawyers can help you determine whether this is excluded from your business insurance policy – get in touch with one of our attorneys right now.
What Should My Business Interruption Insurance Policy Cover?
Most Business Interruption Insurance policies will cover:
- Lost Revenue and Profits
- Fixed Costs
- Technology Costs
- Taxes
- Employee Compensation
What If My Coronavirus Business Insurance Claim Is Denied?
Insurance companies operating in Alabama are required to work with you on resolving claims in good faith. This means if the insurance company quickly denies your business interruption claim or only offers you a small amount, you could have a Bad Faith Insurance Claim against the insurance company. The lawyers at Farris, Riley & Pitt, LLP have been tackling insurance companies for decades on bad faith claims and failure to pay a reasonable amount to its customers. Let us help you get the compensation you need.
Coronavirus Insurance Coverage Lawsuits have already started showing up in courts across the country. These claims are similar to the BP Oil Spill claims and claims for hurricane damage and other natural disasters.
Even if you believe your Business Interruption Policy may not cover the Coronavirus pandemic, you should reach out to us. Many states are introducing bills in their legislature to force insurance companies to honor their policies. Lobbyists in certain industries are working hard for you. For example, a nonprofit group called Business Interruption Group, founded by celebrity, world-renowned chefs, is speaking with President Trump and state legislatures to help the restaurant industry.
Business We Are Helping
The COVID-19 Insurance Lawyers at our firm are working with Alabama businesses of all sizes and industry. Some of these businesses, but not all, are the following:
- Restaurants
- Catering Companies
- Bars
- Salons & Spas
- Clothing Boutiques
- Fitness Gyms
- Florists
- Wedding Venues
- Home Decorating Boutiques
- Manufacturing Companies
- Architects
- Interior Design Firms
- Landscapers
Business Interruption Statistics
- According to the Business Interruption Group (BIG), the restaurant industry is the country’s biggest private sector employer providing 15.6 million jobs and contributing over $1 trillion to the economy annually. The forced shutdowns of this industry has drastically changed the lives of these millions of individuals and their families.
- The National Retail Foundation (NRF) reports estimates showing the lowest drop in inventory imports in 5 years as China is slowly getting back to work and demand in the U.S. is lower as millions of Americans are out of work.
- CNBC reports 78% of American workers are living paycheck to paycheck citing a report by CareerBuilder.
- According to a survey by LendingTree, 71% of small business owners fear they will never get back on their feet after COVID-19 passes.
- In a USA Today article, 69% of small business owners say they do not have enough money to keep operating for another 90 days.
Why do I need a Business Interruption Insurance Lawyer?
A denied Business Interruption Insurance claim could mean the end of your small business. While you are an expert in your industry, you probably have not had prior experience handling a bad faith insurance claim. The Business Interruption Insurance Lawyers at Farris, Riley & Pitt, LLP have the experience in dealing with insurance companies that you need.
When you hire a Farris, Riley & Pitt, LLP attorney, you can be sure that they will have a full understanding of the applicable state laws relating to your case and can help you determine the best course of action. Your lawyer will also know which experts to consult and possibly have testify in your civil case.
You may also be facing considerable financial stress because of the lost income you are dealing with. Do not let these worries stop you from contacting Farris, Riley & Pitt, LLP, as our firm will represent you on a contingency fee basis so you pay nothing up front and we only collect a fee when you receive a monetary award.
Contact The Alabama Business Interruption Insurance Lawyers Today
The Farris, Riley & Pitt, LLP Birmingham business interruption insurance lawyers have been helping people fight against insurance companies for more than 20 years. We understand the complexities of insurance claims and will handle your case from start to finish to help you keep your business open.
If your business is suffering during COVID-19 and your insurance company is not helping you, call (205) 324-1212 or contact us online to have our lawyers start reviewing your claim and help you keep your business open.
