Business Interruption Attorney in Miami
Many businesses are in danger of closing due to disasters such as fires, floods, hurricanes, and pandemics. When a business is forced to close for any amount of time it can seriously undermine its ability to stay financially solvent. Unfortunately, most companies find it difficult to recover when they are forced to close. Almost 40% of small- to mid-sized businesses fail to reopen after a serious disaster. 
For this reason, many businesses purchase business interruption insurance to help keep companies afloat when their doors are forced close for any amount of time. Interruption insurance can be a lifeboat to help keep organizations going until they can open their doors to the public. Regrettably, many insurance companies will deny an interruption claim, often in bad faith to prevent having to pay out an interruption claim.
If your business was denied a claim for interruption insurance our Miami business interruption lawyers are here to help. Schlacter Law will fight hard against insurance companies to ensure that a proper claim is honored and will help get your business the money it so badly needs to stay afloat.
What does Insurance Typically Cover?
Some interruption insurance policies will cover:
- Lost income and profits: The amount of lost income may be based on your previous income reflected on prior tax returns, sales records, and any other documents you use to substantiate how much lost income an interruption caused.
- Fixed costs: These costs are usually recurring costs such as insurance payments, mortgage payments, and any other regularly occurring cost of doing business.
- Technology: These are the costs associated with keeping technology such as computers running as they should.
- New location costs: In some cases, a business is forced to move locations to continue operating and these costs may be included in a policy.
- Taxes: Employee withholding payments, income tax payments, and other tax payments are typically due even if your business is forced to shut down.
- Pay for employees: Often a policy will cover the costs for retaining employees when a shutdown prevents them from working.
These types of policies will usually not cover property damage including equipment and inventory. However, even if property is not specifically covered under a policy, the failure of important infrastructure may lead to a temporary shutdown and cause a loss of income. In these cases, while the damaged property itself may not be covered, the loss of income may still be covered even if it was caused by damaged property.
The specific causes of a physical shutdown will typically play a role in whether or not a policy will be honored. Common reasons for physical shutdowns that are typically covered include:
- Severe property damage that requires operations to stop
- Damage to the property prevents access by customers or employees
- A government shutdown prevents access to customers or employees
Interpreting a policy is an essential part of determining if an insurance company is acting in bad faith. Schlacter Law’s business interruption attorneys are here to help file a business interruption insurance claim. As soon as your business is forced to close its doors, we can help work with your carrier to ensure that your policy is properly enforced.
Schlacter Law is currently handling COVID-19 Business Interruption Claims. If your business has been affected by the COVID-19 pandemic, contact Schlacter Law for a free case review.
How We Handle Cases
- Your attorney will aggressively investigate your case. Schlacter Law will compile all necessary evidence needed to maximize the value of your case. Which includes but is not limited to photographs, police reports, security camera footage, witness statements, medical bills and medical records.
- You will remain in constant contact with Schlacter Law about the progression of your case.
- Your attorney will present your case to the insurance company and will attempt to resolve your case before the case goes to court for maximum compensation.
- Your attorney will make every effort possible to resolve the case as quickly as possible for the most amount of money you may be entitled to. You will be actively involved in the negotiation process with your attorney. Schlacter Law understands that this is your one opportunity to get justice for your loss.
- If settlement negotiations are unsuccessful, Schlacter Law will be fully prepared to bring your case to court to fight for the justice you deserve.
- At no cost to you, Schlacter Law will hire any experts and professionals needed to maximize your recovery and present your case in the strongest form possible.
Frequently Asked Questions
Are there any deadlines I need to be aware of?
Florida has several statutes of limitations to keep in mind when it comes to insurance claims. For a breach of contract claim, a lawsuit needs to be filed within five years from the time the breach occurred. This time limitation is important since failing to adhere to the deadline could result in a dismissal of a claim. Be sure to talk with our Miami business interruption lawyers sooner rather than later.
How much compensation can I expect?
Compensation will vary significantly from one case to another based on the terms of each policy and the requirements of each insurance company. Some policies may include losses such as employee pay and technology expenses, while others may not cover these costs. It’s important to consult a Schlacter Law Miami business interruption lawyer so we can look over your policy to determine how much compensation might be available.