Staten Island Business Interruption Insurance

The coronavirus pandemic wreaked havoc on millions of businesses nationwide, and those in New York City were particularly hard-hit. Perhaps you took some comfort in knowing you had faithfully paid your premiums for business interruption insurance, only to find your insurer was not honoring pandemic-related claims. You are not alone– few, if any, insurance companies are paying on these claims.

Business interruption insurance is generally part of a commercial property damage insurance policy. Much depends upon the language in your policy. Some policies may specifically exclude claims resulting from a “virus,” which would include Covid-19.  Your insurance carrier may have told you should have purchased special insurance covering pandemics after your coronavirus claim. Meanwhile, you and other business owners are discovering that the insurance industry is shirking its responsibility to provide the sort of coverage that protected them.

For many business owners, obtaining their business interruption funding is the difference between staying in business or losing a lifetime of hard work. Entire industries are at risk. A Staten Island business interruption insurance lawyer at Douglas and London will advise you about the possibility of joining a class-action lawsuit. It is against the insurance companies denying coverage to their policyholders in the wake of the coronavirus. Our attorneys have won more than $18 billion in settlements and verdicts for clients, so our track record speaks for itself.

New York Business Interruption Insurance

According to New York State’s Department of Financial Services (DFS), business interruption coverage, also known as business income coverage, is usually triggered if property loss causes the interruption. For example, your building experiences flooding or fire damage, rendering it unusable. The pandemic did not damage physical property but certainly kept you from conducting business.

However, it may be possible to receive compensation for your business interruption claims based on other conditions. The civil authority of the government to order closures, as occurred during the pandemic, plays a role if your policy includes this provision. Depending on the nature of the business, other factors may warrant business interruption insurance payments.

Business Interruption Coverage

Under normal circumstances, business interruption coverage should pay for a variety of items, including:

  • Lost profits, verified by previous financial statements
  • Operating expenses
  • Employee payroll
  • Taxes
  • Expenses incurred due to remediation of the issue causing the interruption
  • Rent, mortgage or lease payments for the building

Contact our team of Staten Island Business Interruption Insurance Lawyers

If your business was unable to operate or otherwise interrupted due to the Covid-19 pandemic and your insurance company will not honor its commitment, you need a dedicated business interruption insurance attorney at Douglas and London. Arrange a free, confidential consultation by calling or texting us 24/7 or submitting our online contact form.

We will review your policy carefully to determine what your insurer does and not does not cover. Just because you received an initial claim denial does not mean the situation is decided. We can help during this confusing and challenging time. Hablamos Español.