Business Interruption Claim

ROSS LEGAL GROUP

Most attorneys do not understand the scope of business interruption and the large costs your business could incur long after an insurance claim. Do not go it alone – trust the deep experience of the Ross Legal Group to navigate these claims.

Ross Legal Group has assisted hundreds of businesses just like yours to get back on their feet and get the compensation they deserve. Contact our team today.

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Business Interruption Law

Commercial policies contain a coverage that ensure a business is made whole when forced to close due to damages caused by a covered loss. There is usually a time deductible, meaning that it will not kick in until the business is shut down for 3 or more days. This coverage protects you if a business continues to incur payroll and other expenses even after it is closed, while repairs are ongoing. Extended business interruption coverage pays for the income that is lost after the property is repaired but before the income returns to the pre-loss level. Contingent business interruption provides the insured with coverage for loss to the property of suppliers or consumers of its products or services.

Standard time provisions on a business interruption policy are defined as the starting date of the peril, through the repair, and to the restored condition the loss.

When filing a business interruption claim, a few supporting documents are needed. These documents include business expense reports, business revenue reports, details regarding business history, number of employees, and more.

The basic business interruption claim formula is:

Including the buildings, fixtures, machines, furnishings, raw materials, and inventory.

Net Income + Continuing Expenses + Extra/Additional Expenses = Business Interruption Loss

There are several elements to be inspected when handling a business interruption claim. Utility costs, payroll, taxes, and additional advertising are some factors that can be overlooked. A thorough inspection is crucial.

Business interruption coverage appears complicated and difficult to calculate, therefore it is important to have an attorney review this coverage as it can be the difference between life or death for your business. This insurance is protecting your livelihood, thus absolutely recommended.

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