Florida’s businesses rely on business interruption insurance, or business income insurance, when major storms, such as Hurricane Irma, disrupt a business’ operation. This type of coverage is critical to recovery efforts, as it aims to reimburse affected companies for their loss of revenue.
Business interruption claims are inherently complex and require tactful negotiation to ensure maximum financial recovery. Not only are there several variables involved in determining financial compensation, but how the claim is handled significantly impacts a company’s settlement.
If your business has suffered financial loss as a result of Hurricane Irma, or another incident of severe weather, contact an experienced business interruption attorney to discuss your legal options.
How a Shiner Law Group Attorney Can Help
The Shiner Law Group’s award-winning law firm has over 15 years’ experience in helping Florida businesses recover financial losses in the event of an operational disruption. We work with a network of reputable industry professionals to successfully negotiate your insurance claim. When initiating a business interruption claim, policyholders and their insurer must determine the length of the interruption and agree to how long the insurer will make payments.
Our team of seasoned lawyers will help you navigate insurance traps and pitfalls and facilitate negotiations to alleviate unwanted stress. We understand the claim’s process and are firmly committed to pursuing the best results to which our clients are entitled under applicable Florida law. As a visible part of the Florida community, we foster a positive client experience by ensuring quality care and sound legal counsel.
We believe insurance companies must honor the contracts signed with their policyholders, which is why we conduct a thorough investigation of the facts, including, but not limited to, evidence gathering, independent property damage assessments, insurance negotiations, and examinations of the insurance company’s history. Having an experienced Shiner Law Group attorney by your side means that you can focus on what matters – getting back to business.
While hardly an exhaustive list, the Shiner Law Group provides a guide for businesses that suffer operational disruption:
- Gather evidence by taking photos or video.
- Contact your insurance company to report the claim (preferably in writing) to receive a damage assessment by an insurance adjuster.
- Record the names of insurance representatives you have communicated with and document conservations.
- Recover receipts and proofs of purchase.
Dependent Property Coverage Policies
Dependent property coverage, or contingent business income insurance, allows businesses to recover loss of revenue, and other miscellaneous expenses, due to an operational disruption in which physical loss or damage to dependent property is sustained. (The property cannot be owned, controlled, or operated by the business.) Dependent property coverage applies to business policyholders and is only extended in the event that loss is caused by a covered cause within that business’ insurance policy.
The Shiner Law Group has identified several ways businesses can qualify for dependent property coverage:
- Businesses that have sustained operational disruption carry a dependent property coverage policy and/or extra expense coverage.
- The damaged property was listed in the business’ insurance policy as a contributing location, recipient location, manufacturing location, or dealer location.
- The property damage was sustained as a direct result from a covered cause within the business’ insurance policy.
- Business has suffered a revenue loss or incurred expenses due to operational disruption.
Speak with a Shiner Law Group Business Interruption Attorney
Has your business suffered financial loss as a result of operational disruption? Call us at (561) 777-7700 or contact us online for a free case review. The Shiner Law Group represents business interruption victims in Boca Raton, West Palm Beach, Boynton Beach, Delray Beach, Lake Worth, Palm Beach County, and the surrounding cities.
