The entire purpose of insurance is to soften the financial burden surrounding a business loss. When your business purchases an insurance policy that provides Business Interruption Coverage or Extra Expense Coverage, you expect the coverage to help your business survive after a devastating loss.
Business Income Coverage is intended to compensate the business owner for income lost during the period of restoration, a defined term in the policy during which Business Interruption Coverage applies. Generally, it begins when the direct physical damage occurs and ends either on the date that the damaged property should be repaired, rebuilt, or replaced, or at such time as set forth in the policy.
The intent of Business Interruption Coverage is to put insured persons in the same position they would have been had the loss not occurred. Without specific endorsements, physical damage to the insured’s property must occur for properties listed in the declarations. Business Income Coverage pays for the net income that would have been earned, operating expenses (including payroll), and loss of rents incurred during the period of restoration because of suspension of operations due to a covered loss. Policies also often include coverage for Extra Expenses incurred, which are required to keep the business operating during the period of restoration.
Our firm offers a comprehensive range of services related to Business Interruption claims including:
The business interruption attorneys at Grisham & Kendall, PLLC represent commercial property owners whose claims have been wrongly denied or underpaid. If you find yourself in a dispute with your insurance company, please contact us to discuss how we may be of assistance. The attorneys at Grisham & Kendall, PLLC can help you recover what you deserve under your insurance policy. Please call Grisham & Kendall, PLLC at (713) 999-5085 or contact us online today.
When a business is hit with an unfortunate disaster, such as a fire, tornado, hurricane, or other damage, that causes it to temporarily close its doors, it can take an enormous toll on the proprietor’s business income. While a business owner may have insurance that covers the cost of repairs, they also need some way to cover the cost of the income they are losing while their doors are closed. That is where business income insurance, also known as business interruption insurance, comes in. Unfortunately, business income insurance can be tricky, and some insurance companies attempt to deny or severely underpay claims at a time when business owners are most in need.
If your business was hit by disaster and your insurance company is denying or underpaying your business interruption insurance claim, you may need the counsel of an experienced Dallas insurance lawyer. To speak with an attorney who may be able to help you hold your insurance company accountable for what you are due, contact the firm of Grisham & Kendall, PLLC, today at (713) 999-5085.
Business income insurance provides business owners with a portion of the potentially lost income they suffer when they must shut down business temporarily. The following are some important points to keep in mind about business income insurance:
Because the potential income lost is only an estimate, insurance companies may attempt to underpay or deny your claim. In these cases, legal action may be necessary.
At Grisham & Kendall, PLLC, our Dallas business interruption attorneys have years of experience helping clients obtain the insurance payments they need when their insurance providers falsely deny a claim. For more information on how we may be able to help you, contact us today at (713) 999-5085.
Unfortunate disasters, such as fires, powerful storms, tornadoes, and earthquakes, can physically damage a business establishment, causing it to temporarily close its doors in order to make repairs. During this time, with the main operations of the business on hold, there can be a significant loss of income. For this reason, many people choose to purchase business income loss insurance. This type of insurance does not provide coverage for actual physical damage, but it does provide coverage for the loss of income the business experiences due to temporarily shutting down.
If your business is insured with business income loss but your insurance company is denying or underpaying a legitimate claim, you should consult with an experienced Dallas insurance attorney about the possibility of litigation. To speak with an attorney about your case today, contact Grisham & Kendall, PLLC, at (713) 999-5085.
When your place of business is damaged and you have to shut down for a period of time, there are a few steps to take in order to make a claim on your insurance:
After taking these steps, if you are unsure or believe that your insurance company is unfairly denying your claims, consult with an experienced insurance attorney to find out how you may be able to collect the full amount of compensation you believe you are owed.
At Grisham & Kendall, PLLC, our Dallas income loss lawyers believe that everyone should be given their due payment from insurance companies when they suffer from business income loss. If your business has had to temporarily shut down and your insurance company is unfairly denying or underpaying your claim, contact our firm today at (713) 999-5085.