Every day you go to work, you assume your office building or warehouse is going to be there. What would you do if it was damaged to the point that you could not operate your business? More than likely you would make a business interruption claim on your property insurance.
Most policies have a business interruption clause. To trigger coverage, you would have to show:
- *The damage was caused by a covered peril. Losses that stem from a storm would be covered. Losses that arise from a flood or earthquake probably would not be covered, unless you have specific endorsements in your policy.
- *The property damage must have occurred at the insured premises. In other words, damage to your neighbor’s property that restricts access to your property may not be covered.
- *The damage must result in an actual stoppage of operations. To support your business interruption claim you will need to provide financial data to support your claim. This includes a number of documents so ask your insurance company for a detailed list of what they require.
This is a quick overview of the parameters for filing a business interruption claim. Wondering if there’s more? There’s always more. If you need assistance with this type of claim, contact the Hoch Law Firm.