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Insurance Could Help Keep Businesses Open

Insurance Could Help Keep Businesses Open

Throughout the COVID-19 pandemic, businesses have continued to suffer devastating financial losses. These mounting losses are as a result of businesses altering, limiting operations, or closing their doors entirely, either by governmental mandates or voluntary for the health of their communities. While the coronavirus has had an unprecedented impact on the daily lives of everyone, business owners are left worrying about what their future may hold.

If you are a business owner, you may be familiar with business interruption insurance, which promises to compensate the insured for income that was lost during the time period of an interruption that resulted from a disaster, such as the COVID-19 pandemic. Essentially, business interruption insurance is intended to allow a business to return to its normal operations once the disaster has passed. To file a business interruption claim, the process is made much easier when you consult with an experienced attorney like the ones at Spiros Law, P.C.

When filing a business interruption claim, supporting documents are needed, such as business expense reports, business revenue reports, details regarding business history, number of employees, among others. There are several elements that must be inspected, along with an attorney, including utility costs, payroll taxes, and additional advertising. While this claim process may seem complicated, hiring the right attorney can help ensure that you can open the doors of your business again. 

When you hire an attorney to consult with filing a business interruption claim, they will be able to review your insurance policy, document decisions carefully, ensure that you are cautious with communications, document any losses, make a timely claim, and address the insurer’s response. Additionally, if your business interruption claim is denied, an attorney will help you consider whether to take legal action against the insurance company.

If you are a business owner who has had to cease operations due to impacts of the coronavirus, contact one of our attorneys today at (217) 443-4343. One of our attorneys will be available to consult with you about your business interruption claim and ensure that the insurance company does not take advantage of you in your financially vulnerable state. Though our offices are currently closed during the Illinois “shelter-in-place,” you can still contact our staff over the phone, through our online chat services, by scheduling a video meeting, and on email.