Business Interruption Insurance Lawsuits In Illinois

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What is it?

Business Interruption Insurance is a policy meant to reimburse businesses for the financial losses they incurred due to an unforeseen circumstance that prevents the normal operation of the business. There are going to be bills to pay, like utilities, that will continue even if the business halts. This policy could provide funds to cover those non-stop expenses as well as continuing payroll for employees.

You have an obligation to mitigate losses. This means that you could and should attempt minimize the potential losses you may incur. Mitigating your losses includes protecting your property from further loss or at the least being proactive at protecting against a current loss.

What does it cover?

Business Interruption Insurance can cover the following:

• Payroll
• Mortgage, rent and lease payments
• Loan payments
• Lost revenue
• Relocation costs
• Training costs

It does not typically cover:

• Undocumented income
• Utilities
• Flood or earthquake damage
• Communicable diseases
• Broken items

How much do I need?

Every policy has a coverage limit which is the amount of coverage a business owner will have if they suffer a loss. It is recommended that you use your gross earnings and projections to estimate the future profits you could be losing if something wrong happens to temporarily shut down your business. However, if the interruption costs are greater then the coverage limit, an out-of-pocket payment will be required for the extra expenses.

What does it cost?

The cost of the policy will depend on the kind of business you are running, the amount of employees you have and the amount of coverage you want. Your business location and risk of loss will also play into the cost estimation.

How quickly does it start?

The average period for a policy to kick is between 48 to 72 hours once it is activated. However, it is important to check your ‘restoration period’ which is the length of time when your policy with assist with lost revenue as everyone’s is different.

Are COVID losses covered?

One would think that a global pandemic would be considered an unforeseen circumstance therefore, businesses’ lost income would be covered. Unfortunately, it has been found to be the opposite. There are a few policies that do cover COVID loss, but insurance companies have quickly denied them and have launched a campaign to discourage businesses from pursing the claims. An extensive number of businesses have filed lawsuits after being denied coverage from their insurance companies, and almost all lost.

So, do I have a chance?

Yes, every case is different, although the best ones are for claims not related to Covid. We have helped people who lost significant revenue due to fire and other property damage as well as other reasons that caused a business to be shut down.

What do I do if I make a claim and the insurance company denies me?

This is where we come in. Insurance companies can be dishonest, greedy and simply break the law. If they know that they will owe you $500,000, they might just deny your case with the hopes that you will go away. The good news is that we can give you a free consultation to see what your options are and if you may have a case.

What is a lawyer going to cost me?

It is important to know that your claim would be contingency based. That means your lawyer shares the risk of a payout with you. They won’t get paid unless you do, and they get paid more only if you do. A typical fee is 1/3 of what they recover.

If you’d like a free consultation about a business interruption insurance lawsuit, please contact us any time. All calls are free and confidential.