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 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.