Business Interruption Law
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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