Small Disclaimer For Attentive Business Owners:
Your commercial insurance policy may cover the Coronavirus epidemic. We will check your business interruption insurance to see if you qualify for coverage. We are providing this policy review service FREE of charge!
What Is Business Interruption Insurance (Commercial Insurance Policy)?
The basic principle of business interruption insurance is to protect businesses from the unexpected. It is obvious that the current coronavirus epidemic is an unexpected hardship and tremendous loss for many businesses across the nation. When a company loses income because of peril, such as theft, fire, or lightning, you should be covered because you have this insurance. Not all business interruption insurances are the same, so you really have to pay attention to which one you get/have.
This is an extreme case, but let’s say a hurricane destroys your business and the merchandise inside of it. Your insurance would either cover you by paying for your merchandise because it is technically lost income. Because your merchandise got destroyed, the typical equation for this is your revenues minus the ongoing expenses you have incurred. The other way you get covered is for the extra costs you incur, such as the cost of rent at another location so that you can set up a temporary warehouse/storefront.
Now, there is still the question of how much you are insured for and what your time frame is. The most straightforward and most concise answer is that it just depends on what insurance plan you have. The restoration period is the time after the peril that you have until your coverage ends. There is no cookie-cutter in life, you have to do your due diligence and find what insurance fits your business the best.
Why Do I Care About This?
Aside from being in a state that gets hurricanes hurled at them once a year, we have an unexpected peril that has been causing many to rely on this business interruption insurance. Depending on what type of insurance coverage you have right now, as a business owner, you can get insured for some of the losses you have incurred because of the Coronavirus outbreak. The government is closing down businesses out of the blue left and right. This is an unexpected peril that has had no notice. Everyone is scared to go out and interact in public places, and can you really blame them?
If it was just that no one wanted to go out or go to your business because they didn’t feel like it, then tough luck trying to fight the insurance company to give you money based on a business interruption claim. But, in this case, it is entirely different, the government is shutting down business out of the blue, and you might have experienced property damage if someone with the Coronavirus has entered into your business. If your business got closed unexpectedly, that means you have lost money on your merchandise, products, or space because of this peril. If someone with the Coronavirus has gone inside your business then they might have touched a wall, table, or desk and that means they have left a disease inside. But, as we have mentioned before, it all depends on what your insurance covers. There is no way of knowing what insurance you have unless you take the initiative and look for it. There are business interruption insurances that have “all risk” coverages, but you have to verify what coverage you have.
PereGonza The Attorneys
We here at PereGonza always have the community’s best interest at heart. We aren’t the official attorneys for the Doral Chamber of Commerce and a trustee of the Hialeah Chamber of Commerce just because we like to get green. We care for the citizens of Miami and devote ourselves to supporting you and making sure you stay well informed!
PereGonza The Attorneys can offer a free consultation and give you insight on what the best course of action for what your specific case may be. Fill out our personal intake form for more information.