What to Know About Business Interruption in Pennsylvania
In the wake of the outbreak of the coronavirus and the disease COVID-19, businesses across the country are being ordered to shutter their windows and close their doors in order to halt the spread of the disease. While this may make good public health sense, businesses in Philadelphia are still faced with overhead costs–like business loans–with now no way to pay them. If your business has faced a forced closure in Pennsylvania and you maintain business interruption insurance, you may have a claim. Call our Philadelphia business interruption claim attorneys at van der Veen, Hartshorn and Levin today to learn more.
What Is a Business Interruption Claim?
Business interruption insurance is one of the most vital types of business insurance coverage options there is, equally as important as property insurance. Business interruption insurance is used to compensate a business owner for losses suffered as a result of having to close their business because of a disaster, such as a fire or an act of terrorism. Typically, this type of insurance covers actual monetary losses sustained, such as business income, as well as extra expenses that were incurred as a result of the covered peril. In many cases, business interruption insurance only applies during the “period of restoration” following a suspension of business activity caused by actual physical loss to the building. If you’re not sure whether or not your coverage applies as a result of business closure because of COVID-19, call us directly.
Business Interruption Claim Denial
If you have business interruption insurance, you may be pursuing a claim against your insurer right now claiming that due to the COVID-19 outbreak, your business has been interrupted and you have suffered a loss of business income as such. However, your insurance company may not be willing to pay you what you owe, and could deny your claim in bad faith, or try to offer you less than you deserve. Our lawyers can help you by:
- Reviewing the details of your policy;
- Explaining to you what’s covered under your policy and what’s exempt;
- Helping you to calculate the value of your losses;
- Filing a claim and providing the insurance company with all of the required information;
- Appealing a denied claim;
- Negotiating your settlement amount; and
We know how challenging it is for businesses in our state during this difficult time. If your claim for business interruption insurance coverage has been denied, we urge you to call us for the legal support you need.
Get Help With Your Philadelphia Business Interruption Claim Today
Our Philadelphia business interruption attorneys hope that the coronavirus will soon be under control in our state and our country, and businesses will be able to reopen and continue as normal. However, we realize that this closure represents a massive financial loss for many businesses, some of which may not be able to reopen in the future, especially without coverage under business interruption insurance. For help with your business interruption insurance claim, call van der Veen, Hartshorn and Levin today.