The COVID-19 pandemic has many business owners who were forced to shut down operations seeking relief from the government, their landlords, and their insurance companies. Sadly, very few are getting any help from any one party listed above. Landlords are still expecting their monthly rent payments, the government is running out of money to lend, and insurance companies are denying business interruption claims. With nowhere else to turn to, many business owners are contacting the Connecticut Insurance Department for answers as to why they aren’t receiving the coverage they have been paying for all along.
Here’s what the Connecticut Insurance Department had to say regarding business interruption insurance.
Business interruption policies should list or describe the types of events/perils it covers and excludes. Typically, when an event is not listed or described in the policy, it is not covered. In order for a business to utilize their business interruption coverage, they typically need to prove that they suffered “a property loss that leads to the business interruption.” For example, if a fire broke out and your business activities had to be suspended, your business interruption insurance would likely cover this.
In order to determine the types of coverages you have, the department recommends that you review your policy or contact your insurance agent. Many policies include exclusions that do not permit a business owner to obtain coverage for an incident that is triggered by an epidemic or pandemic. However, even if your policy doesn’t contain this exclusion, the department says that your claim “would still need to be related to your property damage for coverage to be triggered.”
Although the Connecticut Insurance Department does explain when business interruption coverage can be utilized, it doesn’t provide much help to business owners who were wrongfully denied business interruption insurance.
Connecticut Insurance Claims Denial Lawyers Can Help You Understand Your Policy and Determine if Coverage is Warranted
If you’re a business owner in Connecticut who believes their business interruption claim was wrongfully denied, you might want to consider contacting a Connecticut insurance claim denial attorney. Because insurance companies have already expressed that the industry cannot afford to cover all of the business interruption claims it has received thus far, it may be difficult for you to get your insurer to approve your claim without receiving help from an experienced insurance claim denial lawyer in Connecticut.
Once you bring an insurance attorney on board, your insurer may be more inclined to reach some sort of agreement with you. In any event, if your insurance carrier isn’t willing to cover your business interruption claim, then an attorney can help you decide on how you want to address the issue. If you are ready to speak with an insurance claims denial attorney in Connecticut now, contact USAttorneys.com