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Business Interruption Insurance and COVID-19 Pandemic: What You Need to Know

Many businesses have been significantly impacted by the novel coronavirus pandemic. Among the impacts of COVID-19 is loss of business income due to closures and additional business disruptions. Many business owners, who had opted to paying premiums for business interruption insurance, are now looking to their policies for potential coverage for loss of business income. Unfortunately, most owners are facing either outright denials of coverage or major delays or underpayment.

What Is Business Interruption Insurance Coverage?

Business interruption insurance is designed to provide a policyholder with protection against lost profits when a business suffers physical loss or damage to property from an insured peril that interrupts operation of the business. This coverage also includes operating expenses that must be paid even if the business is not operational. Under standard form policies, business interruption generally provides coverage where there is economic loss:

  1. Resulting from interruption of business, whether total or partial,
  2. Caused by direct or physical loss or damage to covered property or loss of use of covered property,
  3. Caused by a covered peril.

But the real question amidst this coronavirus pandemic becomes whether your policy specifically covers business losses associated with COVID-19. 

COVID-19 Pandemic Business Interruption Insurance Coverage

Contingent business interruption and civil authority clauses found in many first-party insurance policies may

COVID-19 Pandemic Business Interruption Insurance Coverage - GLK law

provide coverage for business losses associated with COVID-19 closures. Civil authority coverage protects the policyholder from losses caused by the inability to access their property when a civil, local, state or federal government, denies or restricts such access because of covered damage to property belongings to third parties.

Determining whether you are entitled to coverage under your business interruption insurance policy can be complicated. If you have suffered business losses and have such coverage, it is best to immediately consult with an experienced New York City business interruption insurance attorney.

You Deserve More!

If you have property damage or business interruption insurance and you own or operate a:

  • Restaurants & Chains 
  • Fitness Clubs & Gyms 
  • Bars & NightClubs 
  • Car & Boat Dealerships 
  • Dental Practices 
  • Surgeon / Doctor Offices 
  • Dermatology Practices 
  • Law Firms 
  • Medical Groups 
  • Theaters 
  • Comedy Clubs 
  • Museums 
  • Concert Halls 
  • Sports Areas & Stadiums 
  • Retail Establishments 
  • Hotels / Lodging 
  • Travel Companies 
  • Film & Entertainment 
  • Shipping / Logistics 
  • Import / Export 
  • Other Similar Businesses

And have been adversely affected by the public closures due to COVID-19, it is important to have an insurance coverage attorney review the policy to determine if your carrier should approve a claim. Even if you received a denial from your insurance carrier or have a “pandemic” or “virus” exception, our legal team may be able to assist you.

Business Interruption by the Coronavirus Pandemic? Call Us Now!

The legal team at Gersowitz Libo & Korek, P.C. is dedicated to helping business owners fight for their rights and get the compensation they deserve under their insurance policies for loss of business resulting from the coronavirus pandemic.

If you have any questions about your business regarding COVID-19 or to see how we can help, please call Gersowitz Libo & Korek, P.C. at 1-646-798-1535.

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