BUSINESS CLAIMS
Baer Law LLC attorneys are especially well equipped to handle claims for businesses, including business interruption claims. For example, if Hurricane Ida damaged your office and caused you to miss out on making money while you had to shut down for repairs, you might have what is called a business interruption claim. These claims often require extra paperwork and expert analysis to get you what you are owed.
Most business owners have insurance coverage. Broadly speaking, there are two common types of business insurance policies.
LIABILITY POLICY
Liability policies protect the business in case the business gets sued. For example, if your business gets sued because of a trip-and-fall at your office, restaurant, or facility, then your liability insurance kicks in.
PROPERTY DAMAGE
This type of policy provides coverage for specific types of physical damages to your business when your business suffers losses itself. For example, if your office caught on fire, your property insurance—not your liability insurance—should provide money to you for your covered losses, such as the cost of repairing the building or replacing physical items.
Business interruption insurance covers loss of income arising from a covered loss. Consider fire damage as an example. If you have a property damage insurance policy that covers losses from fire, your insurance company would pay you to repair the property damage from the fire (costs like having to rebuild your building or buy new computers). If you’ve paid to add business interruption as a part of your property insurance coverage, then your insurance company should also pay you for the amount of income you miss out on while your business is closed due to the fire. SEE BUSINESS INTERRUPTION PAGE FOR MORE INFORMATION.
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