As communities retreat indoors, small businesses are vulnerable to the impact of community lockdowns like what we’re seeing nationwide due to the coronavirus crisis.
- Sick leave questions
- Making rental payments
- Employee absences
- Overall business interruption
The Winston Law legal team helps small business owners on a contingency fee basis to receive the compensation they deserve, reviewing insurance policies, filing claims, and assisting clients in obtaining the coverage promised to keep their businesses afloat.
“We specialize in insurance claims and have long helped small businesses pursue the compensation they deserve,” said attorney Bradley Winston, founder and partner at Winston Law.
Community leaders across the country and the federal government are stepping up with stimulus packages that will help stem the impending economic crisis. But it might not be enough.
Already, restaurants, salons, hotels, retail and travel are among the industries feeling the hit from the coronavirus crisis gripping the nation. Business interruption insurance remains an essential part of a business’s lifeline, the foundation created to keep it from going under during hard times and tragedies.
What is business interruption insurance?
“Business interruption insurance is insurance coverage that replaces income lost if business stops for some reason, such as a fire or a natural disaster. This type of insurance also covers operating expenses, a move to a temporary location if necessary, payroll, taxes, and loan payments.” – Investopedia
In essence, business interruption insurance helps companies return to normal operations after a disaster. That said, each insurance policy is different. Now is the time to review your policy:
- Do you have business interruption insurance?
- What does the business interruption clause cover?
- Will coronavirus related slowdowns, lockdowns and quarantines qualify?
As with many natural disasters, insurance companies tend to get picky when it comes to covering claims. We see this a lot with hurricanes, earthquakes and floods.
Your coverage might all boil down to wording.
Already, global companies affected by the coronavirus in other companies have received rejections, according to the Wall Street Journal. “Insurers cited various terms and conditions, signaling that companies’ battle for recoveries will be slugged out almost policy by policy based on contractual language.”
For smaller U.S. companies, that’s where Winston Law steps in.
“We recommend that small business owners allow us to review their policies. We can tell very quickly what their coverage is and if their claims have a chance,” Winston said.
If you’re unsure what coverage you have, call our office. Here’s what we’ll need to help your case:
- A copy of your current business policy
- A business expense reports
- Business revenue reports, details regarding business history, number of employees, and more.
Then we’ll help determine the value of your loss. Here’s a simple formula so you can try the math yourself:
Net Income + Continuing Expenses + Extra/Additional Expenses = Business Interruption Loss
Contact Winston Law at 800-475-4206 or 954-475-9666 and let us help you.