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Business Interruption Insurance

Business interruption insurance is designed to cover the loss of income normally earned by a business as a result of the forced suspension of operations. Unlike property insurance, which covers physical damage, business interruption insurance protects against lost income while the business is closed, and during the rebuilding period after the closing. 

Given the current coronavirus pandemic, the Governor of the state of PA, along with governors in many states throughout the country, has issued a state-wide mandate requiring all non-essential businesses to close. As a result, businesses are looking to their business interruption insurance to help them survive. 

Most business interruption policies will cover:

Profits that would have been earned, based on prior financial statements

Fixed costs still being incurred despite the closure

Extra expenses to allow the business to continue to operate until a return to more normal circumstances

Employee wages to allow you to retain your employees

Taxes to allow you to remain current on taxes and avoid penalties

Loan payments 

When businesses are allowed to re-open, their operations will likely look much different.  Restaurants may only offer 50% of their original seating to allow for continued social distancing.  Stores may limit the number of people allowed to enter at one time.  Barber shops and hair salons may allow limited customers by appointment only. Business Interruption insurance is designed to last until the end of the period of interruption. 

Business Interruption insurance can be obtained in a variety of means.  It may be a part of a comprehensive business policy.  It can be an add-on to an existing policy.  Or it may be a stand alone policy.  To determine whether you have this type of coverage, you should call your insurance agent and ask.  They can review your policy and help you make your claim.

Many insurance companies will not willingly pay what is due to you under your policy.  If you apply for coverage and are denied, or if you need help reviewing your policy, contact Munley Law Personal Injury Attorneys for assistance.  The lawyers at Munley Law Personal Injury Attorneys are experienced in pursuing these vital insurance benefits that are due to you.

 

 

 

 

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