Business Interruption in Sarasota, Florida
Natural disasters like floods, fires, or hurricanes can cause a lot more than just property damage. Often times, businesses have to be closed for months at a time while repairs to their facilities are being made. Closing for long periods of time can cause financial ruin for many businesses – especially small businesses.
One would think that having insurance would lessen the impact of such unforeseen events, but insurance companies do not always fulfill the policyholder's claim.
Business Interruption Insurance Lawyer in Sarasota, Florida
While responsible business owners try to prepare for the worst by purchasing business interruption insurance as part of their master insurance policy, insurance companies may still deny those claims. Paying insurance month after month, only to be denied when a business needs it the most can be devastating.
Contact an experienced property insurance attorney if you believe your claim has been denied, in bad faith, by your insurance company.
Germain Law Group represents clients throughout the North Port-Sarasota-Bradenton Metropolitan area in the surrounding areas of DeSota County, Manatee County, and Charlotte County.
Call (941) 316-0333 for more information about how one of our experienced insurance attorneys can help you.
Business Interruption Insurance for Florida Losses
Business interruption insurance is intended to cover any loss of income due to natural disasters that shut down your business for any period of time. If a business suffers extensive property damage due to an unexpected disaster, it will most surely be shut down for repairs. In that time, a business will lose money because it is inoperable.
The typical property damage insurance may cover the facilities, structures, and inventory damaged by a disaster, but it will not cover the loss of income. Moreover, depending on the circumstances, it can take months, and even years, to repair property damage.
Supplemental business income and company savings may not always be enough. If this happens, having insurance can be critical to a business's survival.
Effectiveness of Business Interruption Insurance in Sarasota
Under the typical business income or business interruption insurance policy, a policyholder can make a claim when a disaster shuts down the physical operations of their business. The most common situations include the following:
- the government shuts down the business area due to a disaster, and it prevents customers or employees from being able to access the premises;
- the physical damage to the business is so extensive that it must halt operations, or
- the physical damage to the property is a type of loss that is covered by the insurance policy, and the damage prevents customers and employees from being able to enter the premises.
There is often a waiting period before the business will be able to collect insurance and insurance payments generally are not retroactive to the date of the disaster. Insurance may cover expenses, loss of net income, and temporary locations, as long as the expenses were designed to reduce the overall costs and certain ongoing expenses.
Insurance companies may attempt to deny a policyholder's insurance claim for business interruption insurance for a number of reasons. In the past, insurers have denied policyholders, stating that the business was not sufficiently interrupted to constitute a claim or that a business's loss of income is due to other factors and not the disaster.
If you are a small business owner, you know that every day counts and maintaining a steady business flow is key to longevity. If your insurance company denies your claim in bad faith, it is crucial that you fight to keep your company afloat. An experienced Sarasota County insurance attorney can help.Additional Resources
"Business Insurance You Need to Understand" - Visit the Herald Tribune, Sarasota's local news source discusses what you need to know when you have a business in Florida. The article provides guidance on purchasing multiple types of business insurance policies including business interruption insurance, general liability insurance, professional liability insurance.
What is Business Interruption Coverage – Visit Horizon's Insurance.net for more information about Florida business interruption coverage including information about continuing operation expenses, loss of business income, and extra expenses. The article also discusses a period of restoration, how to take action following a disaster, and maintaining your business during a disaster.
Property Insurance Attorney in Sarasota County, Florida
If your business has been shut down due to natural disaster damage and your insurance company has denied your claim for business interruption, call the experienced property insurance attorneys at Germain Law Group.
We represent clients throughout the North Port-Sarasota-Bradenton Metropolitan area. Our offices have served clients in Sarasota, North Port, Bradenton, Hernando De Soto, and Punta Gorda.
If your company is located in Manatee County, DeSoto County, or Charlotte County, Florida, and your claim for business interruption insurance has been denied, then contact our office.
Call (941) 316-0333 now for more information.
Meet Our Attorney
Michael B. Germain
Michael B. Germain is the founder of the Germain Law Group. For over a decade, Michael has been involved in litigating insurance claims and complex commercial matters.