Fort Lauderdale businesses are no strangers to natural disasters and bad weather conditions. It seems like hurricanes, fires, and dangerous windstorms are a constant threat to businesses in the city. When a natural disaster is about to strike, you have no choice but to board up your windows, shut down your business, and hope for the best.
In the meantime, you have to contend with the fact that your business is losing money by not being open. Although your business can survive one or two days of preparing for a storm, it may not survive the long-term damage it incurs from the storm. A hurricane, for instance, can cause irreparable damage to your storefront and keep you out of business indefinitely. That means all of your business income is gone because you cannot reopen your business due to the current condition of your property.
Business Income Loss Insurance
Hopefully, as a business owner in Fort Lauderdale, you have acquired business income loss insurance to prepare for disasters like this. Business income loss insurance is designed to reimburse you for a portion of the business income that you’re not generating because of an unintended disruption in your normal business activities. You are also reimbursed for ongoing expenses related to your business.
Business income loss insurance offers coverage for the following three hardships:
Bad weather is the most common reason for a business disruption, but disruptions can also happen because of fire and theft. Check your insurance policy to make sure all of these possible scenarios are covered. The policy will specify how long the compensatory payments will be made to you. Most of these policies will make payments to you for 6 to 12 months. If you purchased the extension option, you may be entitled to payments that last longer than 12 months.
Filing a Claim
After a disaster has struck your business, you should take photographs of the damage. Next, gather all the financial records of your business that show your monthly revenue and expenses. Contact your insurance company and file a business interruption claim to receive compensation for your business income loss.
If they deny your claim or decide to pay you less than your coverage limit, then contact the business income loss property claim lawyers at Louis Law Group. We’ll review the details of your case and help you seek the compensation you’re entitled to receive from your insurance company.
Insurance companies assume that their policyholders don’t understand the terms of their insurance policies. So, the insurers try to come up with excuses for why they can underpay or deny your claims. But if you have Louis Law Group on your side, they won’t make any excuses – because we know the law better than they do. We’ll make sure that a fair settlement is reached for your business income loss claim.