Help For Coronavirus Business Interruption Claims in Wisconsin
Posted by PKSD Law Firm on May 6, 2020 in Firm News
Many businesses in Wisconsin and around the country have sustained a devastating loss of revenue due to COVID-19 restrictions. If your business has been hit hard by this unprecedented shutdown, you may be able to pursue a claim through your business interruption insurance policy.
PKSD Law discusses more about business interruption insurance, including what types of compensation you may be eligible to receive and why some claims may be denied.
If your business has suffered due to the pandemic and you have business interruption insurance, we recommend that you seek legal assistance with one of our experienced attorneys at your earliest convenience.
There is no financial or health risk to schedule a legal consultation with our firm during the coronavirus outbreak. We charge you nothing for this service and have several secure methods to review, process and manage claims without the need for a face-to-face meeting. If you have a case and we represent you, there are absolutely no costs to pay unless we are first successful in obtaining compensation for you.
Will My Business Interruption Insurance Cover Losses From COVID-19?
Business interruption insurance is typically used as coverage for certain physical damages a business may suffer. This usually means such losses as those sustained in a natural disaster or fire. If you have an all-risk policy, which is very common for businesses throughout the U.S., then your insurance probably states that you are covered for physical damage or loss. However, most policies also list exclusions for the types of losses your policy will not cover.
To determine your eligibility, our experienced attorneys need to first understand more about your policy. During your free consultation, we are prepared to review the contents of your policy and other contributing factors, including what exclusions or perils may have been specifically defined, your policy limits, how Wisconsin state laws may apply under the terms of your coverage and even the specific language of your policy.
Even if you have already been denied coverage, we encourage you to contact one of our qualified attorneys as soon as possible rather than taking the insurance company’s first response.
What Type of Compensation May Be Available?
The types of compensation you may be eligible to receive under your policy will typically cover losses related to the business interruption, such as:
- Loss of business revenue
- Tax bills
- Lost profits
- Expenses related to reopening
- Litigation costs
- Operating expenses (employee compensation, rent, and more)
- Utility bills, such as company electric and phone bills
Most policies provide compensation for up to one year following your loss. However, it is important to point out that certain portions of your policy may have significantly different time limits. The types of compensation you may receive and how long it is provided for will be listed in the terms of your policy. We are available to help review these details with you and to help you pursue the maximum compensation available under your policy.
Why Are Many Insurance Companies Denying Claims So Quickly?
Many claimants pursuing compensation against their policy for damages related to this virus outbreak are receiving quick denials from their insurance providers. Some of the most common reasons for denial include:
The Business Owner Missed The Deadline For Reporting a Claim
Many business owners may mistakenly believe they have to fully compile their total business losses before filing a claim. However, this is not true. You should file your claim immediately to begin the process without delay and to ensure you do not lose the opportunity to recover damages.
COVID-19 Losses Are Not Covered Under Your Policy
Viruses stemming from bacteria or other microbes are not covered under many policies across the country. In fact, this exclusion is often specifically listed in many policies. However, even if your policy says you are not covered due to a viral outbreak, we may still be able to help. Some of these exclusions may not be enforceable under state law.
The Pandemic Has Not Caused Any Physical Damage to Your Business
This is a big reason many insurance companies are rushing to deny business interruption claims resulting from the coronavirus shutdown. However, because of the unprecedented economic effect of this virus, many of these denials will be appealed, especially businesses that were part of a government-issued and mandatory stay-at-home order.
Your Business Was Deemed Essential And Not Included In Any Stay-At-Home Order
Another reason your claim may have been denied is if it was considered an essential business and therefore your insurer may argue that it was not affected by any mandatory stay-at-home order.
Seek Legal Guidance For Your Business Interruption Claim Today
We offer a completely free opportunity to find out whether or not you may have a valid case. Additionally, we are following all requirements for social distancing and offer convenient and secure solutions to conduct your consultation from the comfort and safety of your home.
At PKSD Law, our knowledgeable attorneys are available to review the contents of your policy, discuss more about the business interruption claims process and what legal options may be available to you.
Our offices can accept your call 24/7, but we recommend that you do not delay in getting the process started. There is no cost for your initial legal consultation, and we charge no out-of-pocket costs while we represent you. We only recover our fees if we are successful in obtaining compensation on your behalf.
Call PKSD Law Today. Free consultation. No in-person meeting required. 877-877-2228