Protect Your Business Physically And Financially
After a fire, flood or hurricane, estimating the true measure of damages to a business can be a complex task. It helps to have lawyers with business degrees and business claim experience.
When a business property is seriously damaged or destroyed, the financial cost is greater than the cost of repairing or rebuilding the physical structure. Additional costs may include lost opportunities, lost income and rents, loss of customers, moving costs, and rental fees for a temporary location. And then, there’s the factor of how business operations were interrupted.
If you are the business owner suffering from substantial losses, you may find that your business insurance claim is improperly denied or decreased by your insurance company. When that happens, you need our experienced Mintz Truppman, P.A., attorneys on your side.
Our decades of advocacy on behalf of business clients like you have resulted in a recognized record of positive outcomes, in and out of the courtroom – case results that have changed the face of Florida insurance law.
Your business interruption claims and severe property damage are important to us. We investigate every aspect of what happened, capture every detail and bring the facts of your claim to skillful negotiations with insurers. When litigation is needed to pursue your goals, we are fully prepared to provide a strong voice for you in court.
Frequently Asked Questions About Business And Business Interruption Claims
Business interruption claims come with a lot of moving parts, and insurance companies count on your confusion. Here are answers to the questions we hear most often.
What is business interruption coverage in Florida, and how does it work?
Business interruption coverage steps in to compensate you for income your business loses when a covered event forces your business to close or cut back.
In Florida, this coverage typically kicks in when a qualifying event, such as a hurricane or fire, causes physical damage to your property. Your policy may cover lost revenue, ongoing fixed expenses like rent and payroll, and the cost of temporarily relocating your business.
Insurance companies do not always pay what they owe. They may delay your claim, undervalue your losses or deny coverage altogether, but you have every right to challenge that.
What documents do I need to support a business interruption insurance claim?
You need financial records, business documents and evidence of the damage to support your claim. The stronger your documentation, the harder it is for your insurer to dispute what you are owed. You will need to gather and preserve the following documents:
- Financial statements, including profit and loss reports and balance sheets
- Business tax returns from the prior two to three years
- Bank statements
- Payroll records
- Lease or mortgage agreements
- Utility bills and other operating expense records
- Your insurance policy and any endorsements
- All correspondence with your insurer
- Proof of physical damage, including photos, repair estimates and contractor reports
Gaps in your records give your insurer grounds to reduce or deny your claim, so start gathering these as soon as possible.
What are your options when a business interruption claim is denied?
A denial is not your last option; you have the right to challenge your insurer’s decision. Insurance companies often deny valid claims, counting on policyholders to walk away. If your insurer denies your claim, here are your options:
- Request a written denial: Your insurer must reasonably explain in writing why it denied your claim.
- Review your policy carefully: Compare the denial against your policy language to catch errors or misinterpretations.
- File a formal appeal: Most policies include an internal appeals process that lets you formally challenge the decision.
- Hire a public adjuster: An independent adjuster can reassess your losses and push for a fair payout.
- Pursue litigation: If your insurer engaged in bad faith, you may have grounds to file suit and recover additional damages.
Insurance companies count on you giving up. Do not give them that satisfaction.
Miami Lawyers Dedicated To Achieving Justice For You After Damage To Your Business
Our insurance law firm built its reputation long ago in the field of insurance company defense. This means that we have substantial knowledge about how insurance companies operate and how best to build an argument on your behalf to recover from your insurance company.
Has your claim for damage to your business by windstorm, water or fire been ignored by your insurer? Has it been delayed, decreased or denied in ways that imply bad faith? We have successfully represented people like you for decades in South Florida. Look to us for knowledge, advocacy and personal service that increase your claim’s chances for success.
Both of us can benefit from your arrangement of an initial consultation. Schedule that important free consultation by calling us at 305-893-5506 or emailing us.