Insurance Claims for Florida COVID-19 Business Losses

As the coronavirus moves across the country, businesses and independent contractors in Florida have experienced significant losses. You may be among those that are looking into a small business loan to hold you over. Or, you may be curious to learn more about Covid-19 business interruption insurance claims.

At the Roller Law Group, we are here to assist all of our clients during these challenging times. If you are a small business owner and would like your insurance policy carefully reviewed, please contact us today.

We are here to help you find answers to your business insurance claim questions.

How Will You Evaluate My Florida Business Insurance Policy?

To begin, we will ask for a copy of your first-party commercial property insurance policy.  From there, we will carefully review your policy to see if there is a rider in place to possibly cover your business losses.

Most businesses’ insurance policies do in fact include coverage for property damage and lost profits resulting from damage.

In the case of filing a potential coronavirus-related claim, a business may potentially argue that the presence of this harmful virus could constitute non-structural property damage, or that the virus has damaged their business in such a way that they can no longer provide the same level of service or offerings as before.

For instance, due to COVID-19 government mandates a restaurant is forced to reduce its offerings to delivery and pick-up only. This order is put in place to protect the local population by reducing the potential for close contact and spreading the virus to others. Thus, this business had to make the hard decision to cut back on staff, menu offerings, and hours resulting in significant economic losses.

Other Arguments for Filing a Business Interruption Claim

Aside from the loss of staff, and contamination of physical property, business policyholders may assert that the virus caused disruptions with their:

• Supplier chain
• Distribution centers
• Customer base

All of these COVID-19 disruptions could be attributed to contingent business losses.

Ultimately, the potential insurance coverage available to your business strongly depends on the specific conditions and terms listed within your businesses’ insurance policy. We will decipher the insurance language and will help ensure that you gain a thorough understanding of your policy.

I Have Coverage for Business Interruptions–Now What?

If we find that your business insurance policy may cover a claim, we will need the following information from you to help get your claim started:

1. A copy of your insurance policy or “Declarations Page” should you not have the entire policy.
2. Tax returns for the 2016, 2017, and 2018 tax years. If you have a 2019 tax return, that would also be useful.
3. Monthly profit and loss statements for 2016, 2017 and 2018.

The process is lengthy, but do not be discouraged. We’re here to walk you through each step along the way.

I Filed a COVID-19 Business Interruption Claim and Was Denied–Now What?

Given the immense stakes involved, your initial claim with your insurance carriers may get denied. There are many reasons why this may happen. One reason is how your insurance provider interprets the language of your business policy.

Ultimately, it cannot hurt to have a set of “legal eyes” reviewing your policy. Doing so can give you better peace of mind knowing that you had a second opinion in looking over your policy and it will also ensure that your insurance provider is not wrongfully trying to deny your claim.

The economic impact resulting from social distancing and stay-in-place orders has yet to fully manifest. For some, it may mean a temporary closure and a possible reduction in staff and other services. For others, it may mean a complete loss of business with no recovery.

If you have questions regarding your current business insurance policy, please don’t delay in contacting our legal team. We know how to evaluate whether or not your current business policy may provide coverage for coronavirus-related losses. The call is free, as is the claim review and consultation.