Florida Business Insurance Claims Attorney Explains Business Interruption

Some Florida business owners may file a claim for lost income damages if their business must stop operating due to the loss of or damage to the property where the business was located. This type of business insurance claim is called a business interruption claim.

In order for a business owner to be able to file a business interruption insurance claim, their commercial insurance policy must have coverage for this type of loss. Many insurers offer various levels of coverage for losses due to business interruption. While all businesses can stand to benefit from business interruption insurance coverage, the businesses for which this coverage is an absolute necessity are those whose income depends in large part upon operating out of a particular location.

When a business must close temporarily, it may be possible for the business owner to locate a temporary location where they could continue operations until their original location is repaired or replaced. The degree to which this is possible depends upon how much of the equipment, information, and other items needed to run the business were able to be recovered from the location that is temporarily closed. Even when there are enough of the necessary things available to enable the business owner to set up shop in a temporary location, the amount of income that they are able to generate in that location may not be as much as they were accustomed to taking in at their original location. A business interruption insurance claim may help them to recover the difference, if they can show, through income records and other supporting evidence, that they have still lost a substantial amount of income.

Some business owners lose everything in a fire, flood, or other type of catastrophic event. These business owners may be unable to set themselves up in a temporary location right away. For these business owners, business interruption insurance can provide a means by which they can recover for the income that they have lost by having to shut down their operations for a period of time following the loss or damage of their original location. The duration of the business closure is important in determining an award of damages, so business owners must provide evidence like records which indicate when the business was last operational before it was forced to close, as well as how long the repairs to the property took or are estimated to take.

If your business has lost income because its location was lost or damaged in a flood, fire, storm, or other catastrophic event, you may be able to file a claim for lost income due to business interruption. I am experienced in handling business interruption claims. My law firm represents business owners in Miami and all over the State of Florida. Please visit our case results page to see a sampling of our most interesting cases.  The Law Firm of J.P. Gonzalez-Sirgo, P.A. offers free consultations and case evaluations.  No Recovery, No Lawyer Fees.  Call us today, at 305-461-1095 or call us Toll Free, at 1-866-71-CLAIM.

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