If you live or work in Florida, particularly South Florida, then you know the state is a hurricane hotspot. With Florida falling into the path of nearly every hurricane that forms, you would assume business owners have taken all measures to ensure their property is protected in the event operations are shut down and/or their business suffers damage due to the storm. Surprisingly, however, Fox Business recently cited a survey that suggests that a large percentage of businesses in Florida “were found to lack the proper insurance to protect themselves from a hurricane.”
According to the survey, “more than 50 percent of the over 2,000 businesses polled in June responded that they do not have business interruption insurance, and an additional 30 percent responded that they do not know if they do.” Business interruption insurance, if you weren’t aware, provides a company with lost income when their business operations have been affected by a covered peril. It is worth noting that insurers often require that a company prove their business suffered physical damage before it will pay a business interruption claim.
What exactly does business interruption insurance cover?
According to Allstate, if your business were to suffer damage due to a covered peril which caused the premises to become uninhabitable, you may be entitled to recover lost income for merchandise that was destroyed as well as expenses associated with you having to relocate your business. This might include the cost of rent at the temporary location you are working out of.
Important: Because insurance policies can sometimes be difficult to understand, you should consult with a Miami, FL business law lawyer to ensure your policy provides you with adequate coverage that protects you from liability and losses. After the COVID-19 pandemic shuttered Florida businesses, many sought coverage under their business interruption insurance policy only to find out that it allegedly did not cover losses associated with viruses. This, in turn, resulted in insurance companies denying most of the business interruption claims they received for COVID-19 losses.
Is your business ready for this year’s hurricane season?
Forecasters with the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center believe this year’s hurricane season, which lasts from June 1st through November 30th, will be an “extremely active” one which means business owners must be ready for it. Aside from assuring you have purchased the appropriate types of insurance coverage, you also need to know who you can contact if your insurer decides it does not want to cover your claims. Unfortunately, even when coverage is warranted, insurance companies still deny claims and if you don’t have a knowledgeable Miami, FL insurance claims denial lawyerworking on your side who can prove your claim should have been approved, you risk not receiving the coverage you are entitled to.
Therefore, if you run into trouble with your insurer during this hurricane season, USAttorneys.com will be happy to get you connected with a skilled Miami, FL insurance claims lawyer in your area who is qualified to help you get the issue resolved.