Redemption Road: The Movie

On the Path to Revenge

When Property Damage leads to Business Income Loss

Posted by on Aug 18, 2013

According to the website of the Cedar Rapids business attorneys of Arenson Law Group, PC, while it is possible to operate a business entirely online and from your home, many businesses depend on a physical site to conduct their day to day operations. These include retail establishments such as restaurants and theaters. It can also apply to the manufacturing and refining industries. Property damage such as that which results from natural disasters, fires, and structural defects can halt operations significantly, leading to business income loss. Losing income and your place of business all at once can be devastating. That is when insurance can come into play.

Most businesses have insurance that covers the costs of repairing buildings and property that sustain damage for whatever reason. In places like Florida which is often visited by hurricanes, this often includes damage from windstorm and flooding. However, not all business owners have the forethought or inclination to guard against business income loss due to property damage, which is not always included in business property insurance.

If a business owner is fortunate enough to have such coverage, making a claim can still be a headache. The problem with business income loss coverage is the computation is open to interpretation. Insurance companies are in the business of making money rather than protecting the interests of their insured, so they will try to get away with giving as little as they can get away with. Underpayment is the name of the game as far as the insurance company is concerned.

As an insured business owner, it is often tempting to just accept whatever settlement the insurance company is offering just to get it over with. Insurance companies rely on the general ignorance of the typical business owner regarding what is rightfully due to them. The website of Florida-based Maddux & Kendall P.A. posits that it is not a good idea to try to meet insurance companies head-to-head when it comes to business income loss claims. An experienced insurance claim lawyer can make sure that a business owner gets the maximum benefit under the terms of the policy. If you are a business owner suffering the economic effects of property damage, engage the services of a good lawyer to fight for your rights under your insurance policy.

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