With businesses shuttering around Ohio in response to the stay-at-home order and nationwide lockdown due to coronavirus, many business owners have started filing business interruption claims. Companies across Cincinnati are facing devastating economic losses from these closures and trying to mitigate their losses through commercial policy coverages. To the frustration of many owners, some insurance companies have been denying these business interruption claims citing policy exclusions.
If you are one of the many owners who have been denied on a claim of loss for business interruption in Cincinnati and facing challenges dealing with your insurance carrier, our firm can help. An experienced attorney can determine your legal rights under your insurance policy and make sure you get the benefits you paid for.
Overview of Business Interruption Insurance
Business interruption insurance is essential for owners of both large and small companies. This type of insurance is usually purchased with the owner’s general commercial coverage and is designed to provide a financial cushion if something interferes with the regular flow of business. If you are a Cincinnati business owner and believe you have a valid claim, it is crucial to understand that not all policies are created equal. The provisions of a specific commercial policy dictate whether a coronavirus-based claim could qualify as an inclusion or exclusion.
Generally, business interruption insurance does not pertain to temporary losses. Most policies also specify that the business owner can only recover compensation for losses their company experiences as a result of physical or property damage that suspends daily business operations.
Recovering Losses in Greater Cincinnati
Many business owners are running into trouble filing business interruption claims in Cincinnati because insurers are arguing that the coronavirus is not causing property damage and is therefore not considered a policy inclusion. However, depending on the particular business you are in, the effect of the government stay at home orders on your business and the exclusions and riders in your specific policy, you may be able to claim their losses due to the palpable effects that long-term closure is having on your company’s top and bottom line.
Furthermore, since COVID-19 is known to contaminate various surfaces, even for short amounts of time, this may also be a relevant factor in claiming a policy inclusion for losses.
Some commercial policies also offer inclusions when a government entity hinders the public from entering a business, which greatly impacts revenue. This may be a strong argument in support of a Cincinnati coronavirus related business interruption claim. Business interruption insurance can provide compensation for a wide range of losses incurred by the owner, including interruptions in the supply chain for their company, income lost by the owner and their employees, and any damage to the premises resulting from the coronavirus.
Call a Cincinnati Business Interruptions Claims Attorney
If you are interested in filing a Cincinnati business interruptions claim, you should speak with our team of compassionate attorneys who are well-versed in insurance law and policy provisions. Our lawyers can review your policy’s details, explain your rights given the provisions of your coverage plan, and determine what recourse may be available to you. Schedule your confidential consultation today.