COVID-19

Business Owner’s Guide To Business Interruption Insurance Claims and COVID-19

Category: COVID-19 |

Business Interruption Claim Denied? Let’s Talk. When something beyond your control prevents your business from operating, the effects can be devastating. Many businesses have business interruption insurance to protect them when a disaster occurs. Business interruption insurance can compensate owners for business losses sustained while they are trying to get up and running again. Business interruption insurance has become a hot topic in the wake of the COVID-19 pandemic. Many business owners have been forced to close their doors or significantly scale back operations. Businesses suffering from financial hardship due to coronavirus are turning to their business interruption insurance for pandemic relief. However, insurance companies have been reluctant to cover losses based on coronavirus. If you are unsure whether business interruption coverage is included in your business’s insurance policy or what losses it covers, it’s a good idea to talk to an experienced Florida insurance claims attorney. Your attorney can help you review and interpret your policy and determine what coverage it includes. But to get you started, we have created this guide to help you navigate the uncertainty you may face in reviewing your insurance policy, filing a business interruption claim, and resolving your claim denial. What Is Business Interruption Insurance? The purpose of business interruption insurance is to cover losses to your business when it is unable to operate as a result of covered damage to your property. Repairs for property damage can be expensive. However, the losses you suffer from being unable to run your business during the repair period can be even greater. Especially if the repairs are going to drag on for a while, you may not be able to keep up with your overhead, employee salaries and benefits, or loan payments. Not to mention the profits you will lose during that time. To make a claim, you must generally show: There was physical damage to your property The damage was caused by a covered event The damage is the reason you had to shut down operations Your financial losses resulted from the shutdown If you meet these requirements, you can make business interruption insurance claims in Florida that will help you keep your head above water until your business can reopen. What Is Covered by Business Interruption Insurance? The events covered by business interruption insurance depend on the terms of your individual policy. Covered events may include: Fire Water damage Flooding Storm damage Earthquakes Vandalism Equipment failure Contamination Ordered shut down by civil or military authorities Your loss of business insurance policy likely contains exclusions outlining specific events that it doesn’t cover. For example, your policy may exclude floods or earthquakes if you have not added additional coverage to your policy. Some policies also exclude closures based on pandemics or contamination. Your policy may require a waiting period before you can make claims for certain events. For example, your policy may require your business to be shut down for a minimum number of days before it will cover losses for things like power outages or a shut down by a civil authority. Terms can vary from policy to policy, so it’s important to review the specific terms of your policy to determine what it covers. If your insurance company has denied a business interruption insurance claim, an insurance claims attorney can review the terms of your policy to determine what options you might have to fight the denial. What Financial Relief Can I Get from Business Interruption Insurance Claims in Florida? Business interruption insurance typically covers losses incurred during the “period of restoration.” This is the time it should reasonably take to repair or replace the damaged property. Policy-holders may be able to purchase additional coverage that extends for some time beyond the restoration period (say, 30 days). This gives the business a little extra time to get back on its feet. Business interruption insurance claims in Florida may cover many of the following losses. Loan Payments Business interruption insurance can help you keep up with your small business loans and other loan payments while your business is shut down. Mortgages and Leases Loss of business insurance can cover the cost of mortgage or lease payments for your premises while your business isn’t operating. It can also cover leases on equipment. Utility Bills Ongoing monthly costs for things like phone service, water, and electricity may be covered by your business interruption insurance until your premises are repaired. Relocation Expenses If you need to move to a new location either temporarily or permanently, your insurance may cover moving expenses. Your insurance can also pay for temporary costs associated with operating out of a new location, such as temporary rent. Lost Revenue or Lost Profits Business interruption insurance should compensate you for income that you would have been able to earn if you had been able to continue operating your business. There may be different ways to calculate this, depending on the terms of your policy. Some policies consider gross revenue, while others consider lost profits. Records of your earnings in previous months and years can be very helpful in demonstrating your losses to the insurance company. Employee Wages and Benefits If a disaster forces you to close your business, you may not be able to pay employee wages or benefits. Business interruption insurance can help you keep up with your obligations to your employees. Taxes Even though your tax obligations will likely decrease when you are forced to close your business, you will still have some tax liabilities. Perhaps you were counting on revenue in the next quarter to pay your income taxes for the year or to pay a property tax that is coming due. Business interruption insurance can help make sure you can pay your taxes when you aren’t bringing in revenue. Why Would Business Interruption Insurance Deny Coverage? An insurer may deny your business interruption claim if it determines that your loss or its cause was not covered by your policy. The best way to determine what your business interruption insurance does and doesn’t...

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Abrahamson & Uiterwyk Donates $10,000 to Feeding Tampa Bay and Will Match Additional Donations up to $20,000

Category: COVID-19 |

UPDATE 5.13.20: With the help of generous folks throughout our community we have now raised over $60,000 for Feeding Tampa Bay. Check out the news clip below from ABC Action News to see just how big of an impact this money has for people in need: In the wake of the COVID-19 pandemic, during which over 20 million Americans have lost their jobs, we are proud to be able to support Feeding Tampa Bay, part of the national Feeding America network which provides food to the hundreds of thousands of food insecure families in the 10-county area of West Central Florida. In April 2020 we became a “Soul Food” level partner by making a $10,000 donation to the organization. Now, we’re asking those who have the means to help us raise that total to $50,000 via GoFundMe. Click the button below to donate. We will match 100% of donations up to $20,000. Thank you so much for your help raising money for this crucial cause. We are all in this together, and we’ll get through it if we take care of one another.

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We Are Here To Help…Even in Tough Times

Category: COVID-19 |

An update on how Abrahamson & Uiterwyk continues to serve our clients while keeping our staff and community safe during the COVID-19 pandemic. First and foremost, we hope you and your family are safe and well. The recent events have been unprecedented. Despite these challenges, we’ve witnessed numerous acts of compassion, courage, and selflessness. We are inspired by all workers who are taking risks every day to keep our economy running, especially first responders and medical professionals who are risking their lives for others. In fact, we salute everyone who’s making their own sacrifice at home, at work, and with their families. We want to assure you that we take the health and well-being of our community, clients, and our team members very seriously. We continue to monitor the effects of the Coronavirus (COVID-19) pandemic. Last month our firm implemented several components of our plan to help prevent the spread of the virus, while simultaneously upholding our commitment to our clients. The various measures we have implemented include: Communication: All lines of communication will remain open. Our team members are available via phone, email, text and online conferencing to continue to serve our clients. Electronic Documents and Signature: We have a digital document platform that enables us to securely send, sign, and manage documents electronically with our clients via text and email. Prospective Clients: Injured victims in need of representation can continue to contact our firm 24/7. Our firm has the capability to continue to provide free case evaluations with prospective clients. We also have the ability to allow prospective clients to electronically complete the representation agreement and any necessary documents via text and email, which allows us to immediately move forward with our investigation and aggressive representation. Health and Safety of Our Clients and Team Members: In effort to keep our clients and team members healthy and safe, we have minimized the number of team members working in our offices. Fortunately, we have a technology infrastructure that has facilitated the majority of our team members to work remotely and be fully operational from home during this time. We also maintain a small team in office to handle core operations of the firm while following social distance guidelines. If a team or family member is exposed or contracts the virus, we have specific measures in place to prevent the spread of the virus. As a result of our modified office operations, there has been no disruption in our ability to communicate with existing and prospective clients. Our dedicated injury law team has all the tools necessary to remain focused and committed to protecting the rights of injured victims and fighting for the compensation they deserve. On behalf of all of us at Abrahamson & Uiterwyk, if you’re one of the millions who is suffering economic or medical hardship, please know that you’re in our prayers and that you are not alone. During this difficult time, we can be there for each other, as neighbors, as co-workers, as family, and as fellow citizens. Sincerely,Erik AbrahamsonHenk Uiterwyk& the entire Injury Law Team of Abrahamson & Uiterwyk Update: Are you a business owner? Check out our free guide to business interruption coverage insurance claims.

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