Business owners in Alaska purchase insurance for one thing and one thing only—to ensure their business is protected. They want to know that if a fire or flood were to occur or their operations were disrupted by a government shutdown that their insurer would be right there helping them cover their losses. While business owners in Alaska do their part to maintain coverage, they expect their insurance company to cover their claims in the event they need to submit one. But many aren’t as of lately.
The COVID-19 Pandemic Reveals Just How Loyal Some Insurance Companies Are
You see, after the COVID-19 virus was categorized as a pandemic, non-essential businesses in Alaska were shuttered. Although many business owners worried about the wellbeing of their business as their main stream of revenue had suddenly stopped, they knew they had their business interruption insurance policy to fall back on. Business interruption insurance “protects businesses against income losses sustained as a result of disruptions to their operations when loss or damage has occurred” [Source: Alaska Division of Insurance].
With no time to waste, business owners in Alaska began contacting their insurance agents regarding their business interruption coverage.
Business Owners Learn Their Insurers Aren’t Going to Cover COVID-19-Related Claims
While many business owners learned from their agent that their policy wouldn’t protect them against the COVID-19 pandemic, others received the news in the denial notice their insurer sent them after they had filed a claim. Confused, many business owners began questioning why their business interruption coverage policy wasn’t going to cover the losses they suffered, after all, their operations had been disrupted. Some even turned to an Alaska insurance claims denial attorney for legal help.
It turns out, many insurance companies are denying claims even when coverage is warranted while others are using the excuse that the insured’s property did not suffer “physical damage” which typically is a trigger for a business interruption policy.
What should a business owner in Alaska do when they are entitled to coverage under their business interruption policy, but their insurer isn’t covering their claim?
The best thing you can do if your insurer denied your COVID-19-related claim is consult with an Alaska insurance claims denial lawyer. An attorney can determine if your insurer is acting in bad faith or if the company failed to conduct a thorough investigation into the claim prior to denying it. The State of Alaska says that “insurers should [be] conducting a thorough, fair, and objective investigation of any claims received” before approving or denying it.
If a lawyer can establish that your insurer wrongfully denied your claim, they can then help you make an informed decision on how you want to address the issue (i.e. file an appeal, a lawsuit, etc.) If you need help finding an insurance claim denial lawyer in Alaska, USAttorneys.com is available to help you.