If you have business interruption coverage, it’s likely that you have bought it in order to protect your business. The pandemic has caused many stores to shut in order to protect both employees and clients alike. As a business owner yourself, it is very likely that you have been through financial hardships due to the pandemic. No one wanted to close their shops but it was the best thing to do in the time. Unfortunately, many people have been suffering from this pandemic and are on the verge of their businesses collapsing. That’s why the Supreme Court has taken the decision that insurers need to start paying out for damages caused by Covid-19.
You shouldn’t feel guilty about claiming for your Business Interruption cover. Instead, if your insurer refuses to pay-out despite your evidence, you could work on a Business Interruption Claim with a solicitor from Gowing Law. Find out more by calling us on 0800 041 8350 or click on the button below to visit our website:
What is Business Interruption Coverage for?
Let’s take a moment to talk about what business interruption coverage is in general. When you open a business, you want to make sure that you can protect from any type of disaster out of your control. This is why you need business interruption coverage. Unlike, employer’s liability insurance, it is not a legal requirement to have business interruption coverage. However, if you want to make sure you are covered in the face of any disaster, you should pay for this type of coverage. You can use it to protect yourself from:
- Criminal activity
- The breakdown of equipment
- Customer damages
You can also use your coverage to make improvements to your work building if customers cannot get into it. There may even be additional coverage to protect your business if it is online and is at risk of viruses or being hacked. It all depends on your business and the type of things that you need to protect in order to keep things flowing. Most people during the pandemic have gone to their insurer to get a pay-out from this coverage. However, as Covid-19/a pandemic may not have been listed in the contract itself, it is likely that the pay-out would have been refused. This is devastating news if you are on the verge of financial bankruptcy. However, the Supreme Court have made some changes to this so there is some hope for your policy to provide you with compensation for your losses during the pandemic.
How do you know if you can make a Business Interruption Claim?
Well, if you already have business interruption coverage, and it contains one of the aforementioned clauses, you should be able to get compensation for your losses. You may feel morally confused about whether or not you should make a claim, especially if you have already received a grant from the government about your business. But honestly, we would say that you should proceed with the claim. The UK government are aware that there are going to be claims made like these during the pandemic. They are encouraging businesses to reach out for help. That way they can survive and then rebuild once the pandemic has eased.
With that said, you may want to know how exactly you can build a claim to prove that you are eligible for a pay-out. The first thing you need to do is have a look through your contract to learn what type of clauses you actually have. You could be eligible for a business interruption claim pay-out if you have any of the following clauses:
Keep in mind that it is possible that you could have a hybrid clause where the policies are mixed together. If you feel concerned about whether or not a clause could make you eligible in your business interruption coverage, get in contact with your solicitor as quickly as possible. They can let you know exactly whether or not you could get a pay-out and how long it will take.
How much could I receive for making a claim about my business interruption coverage?
Now, this is when things get a little tricky. Just like any other type of personal injury claim, the amount that you receive for compensation depends entirely on the extent of your injuries. In this case, the “injuries” would be the damages to your business and whether or not your insurer could be guilty of negligence. For instance, if you proved you had the clause, but your insurer still refused to pay-out, there is a chance that you could be owed a higher amount of compensation. It will also depend on the amount of protection your property has and the level of your damages. Find out from your solicitor more information about what you could be owed. You will never need to pay your solicitor for inquiring about making a claim. Instead, you will only need to pay a fee if they win your case!
Learn more about making a Business Interruption Insurance Claim
If you have business interruption insurance coverage, and you have been rejected again for a pay-out despite your clauses, you could be owed compensation. Gowing Law Solicitors can help you get what you deserve. We can offer free consultations and advice to get you started. If you are happy to move forward, our lawyers can work with you on a “no win-no fee” basis. That means you will always come out on top and will never have
to pay any hidden fees.
Speak to one of our experienced solicitors today by calling 0800 041 8350, emailing email@example.com or by using our claim’s checker. One of our specialists will then get in touch to talk you through your claim.
Read more about Business Interruption Insurance Coverage and Claims
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We look forward to hearing from you soon about your claim.