What is business interruption insurance? Business interruption insurance is a type of insurance that protects businesses against the consequences of income lost after a disaster. If your business suffers a disaster, you can seek a policy payout to cover many facets of your operation that require cash, such as payroll and purchases.
The disasters and events that business interruption insurance protects against include theft, natural disasters, and other incidents that have negatively impacted your business operations.
If severe enough, these occurrences can lead to a business shutdown that can put an end to your business. They can also cause payroll problems that wreak havoc on your employees and lead to strained business relationships with other businesses. But with a timely policy payout, your company can avert a closure and get back to work.
When you research Texas Business Interruption Coverage, you will see various options for coverage. Which one is best for your business depends on your circumstances.
Typically, you will be able to choose from the following four types of coverage:
The type of business interruption insurance coverage that is right for you will depend on your needs. Our experienced business interruption insurance lawyers can help you make the right choice.
Civil authority coverage for business interruption covers situations relating to government orders and mandates that interrupt business operations. Orders and mandates may come from federal, state, and local governmental bodies and can have a devastating effect on a company's bottom line.
As you know, COVID-19 caused many governments at all levels to issue orders that led to the closure or downscaling of many businesses across the state and country. Those companies that had business interruption insurance were able to file claims to recover valuable compensation for their losses.
Keep in mind that many civil authority policies cover losses only when the lost income is directly caused by some type of physical loss, such as damage to goods and property. With other types of losses, the civil authority clause in these policies will not be triggered.
Numerous events can lead to a business interruption.
Some of the more common causes include:
Regarding the final point, many business owners believe they have adequate coverage in this area when they do not.
Let our business interruption insurance lawyer fight to maximize your business interruption claim. Call today for a free consultation to learn how we can help.
Having business interruption insurance is indispensable in the event of a disaster. However, because they are for-profit businesses, insurance companies often make it difficult for policyholders to get the compensation they deserve. Unfortunately, this is to be expected.
With that being said, an insurance company's actions can go too far, to the point where it is considered to be acting in bad faith.
If you experience any of the following with your insurance company, it may be acting in bad faith:
If you have experienced behavior of this nature, you are likely the victim of bad faith insurance and need representation. Omar Ochoa Law Firm can help you hold your insurance company accountable.
The claims process for business interruption insurance is often complex and involved. And insurance companies fight hard to pay less. So business owners and leaders need a seasoned attorney to get maximum results.
When you choose our team to handle your business interruption insurance claims, we handle everything, including:
The Omar Ochoa Law firm is a leading firm that has helped numerous businesses receive the claims payouts they needed and deserved. Call our office today and set up a free consultation to learn how we can help.
At the Omar Ochoa Law Firm, we operate on a contingency fee basis and do not require a fee payment unless we win your case. We also front all of the costs associated with your claim. This means no money is necessary upfront to get started on your claim.
Your business circumstances are unique. So we tailor our services to your needs and objectives.
Our track record shows that we have the experience needed for your business insurance claim.
New clients receive free case evaluations. Come in, and let's discuss your claim.
If our team fails to recover a payout for your claim, you owe us nothing!
We speak Spanish and have extensive experience representing Hispanic businesses and clients.
Want to hear more about how we help and what we do? Don’t just take our word for it. Read our real client reviews and testimonials - and see videos from our real former clients.
Mr. Ochoa was able to help us after a hurricane get us more for our property damage. Also great friendly staff was able to answer all questions!!!
First time getting a lawyer for an accident, Omar Ochoa Lw firm was very helpful in providing clear instructions and information to help me battle my motor vehicle case. I would highly recommend.
I am highly recommending Omar Ochoa law firm. We had damage to our roof and were not satisfied with our insurance. Got recommended to Mr Ochoa he really did all he Could to help us get enough to repair our roof. Staff are also very friendly and helpful. This currently helps to feel welcome. Again I highly recommend if you are looking for help with roof repair and you were not satisfied with your insurance reimbursement
At the Omar Ochoa Law Firm, our team represents businesses throughout the Lone Star State, from Amarillo to Houston and from Dallas to Odessa. Give us a call today.
Call us today to get the seasoned help you need for your business interruption claim. We offer free consultations for new clients.
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Yes. Your business interruption insurance should provide you with a payout for interruptions caused by natural disasters, including floods and hurricanes if they are included in the policy language.
When you want to file a business interruption insurance claim, you need various pieces of documentation to demonstrate your losses. These documents include financial records, business tax returns, records of profits and expenses, and any other paperwork that shows evidence of the extent of your company's losses.
It depends. Claim processing times can vary widely from case to case. If your case involves complexities, it will likely take longer than more straightforward cases. Generally speaking, it may take anywhere from a few weeks to several months to resolve your claim.
Yes. Your business insurance policy may cover lost profits in the event of a business interruption — and even in the case of partial business interruptions. Just how much of the profits the insurance will cover depends on the policy's language.