Many businesses in the Beverly Hills area have been forced to shut their doors in light of the COVID-19 outbreak, and there is no accurate estimation of when they might be able to reopen. If your company was forced to suspend operations, you are justifiably concerned about the financial future of the business due to your ability to continue to pay rent and other expenses.
An important resource can be your commercial property insurance policies. Many policies include “business interruption” coverage – also referred to as “loss of use” coverage, which provides benefits if there is physical property loss and the business cannot use the property to operate. With a successful claim, companies can recoup income they lost due to the business interruption.
Many insurers are denying business interruption claims stemming from COVID-19, stating that a virus does not qualify as physical property loss. However, Congress and state legislatures are pushing insurers to resolve these claims. Many companies have already filed lawsuits against insurance companies over the denial of their business interruption claims.
Filing Your Claim
If your company had to shut down due to COVID-19, and your insurance policy includes business interruption coverage, you should file a claim sooner rather than later. Most policies require owners to file claims ”promptly,” even though you do not yet know the extent of your income losses. It is important to meet all deadlines now, so you do not risk a denial based on procedural errors.
If your claim is denied, you should seek help from an experienced Beverly Hills insurance claims attorney. We can also help with the initial claim process.
Contact an Insurance Claims Lawyer in Beverly Hills for Assistance
At Jalilvand Law, we are prepared to fight for the rights of Beverly Hills business owners to their rightful insurance benefits for losses during the COVID-19 crisis. Contact us online or call 310.478.5800 to learn more today.