Florida Business Owners & Hurricane Insurance Claims Lawyer
When people think about the damage inflicted by natural disasters, such as the hurricane that recently ravaged much of Florida, they often imagine the extent of the damage done to people’s homes. However, the reality is that many Florida residents suffered devastating damage not only to their personal residences, but also to their businesses. These individuals face unique problems when dealing with insurers, as they are often required to calculate not only the cost of the physical damage done to the premises, but also all business income losses resulting from the storm. These types of calculations require significant experience, as well as familiarity with navigating the claims process, so if your Florida business was recently damaged during Hurricane Irma, please do not hesitate to contact an experienced Florida business insurance claims lawyer who can ensure that your interests are represented in any dealings with your insurer.
What do Business Insurance Policies Cover?
Like homeowner’s insurance policies, business insurance usually covers damage done to the roof and walls, as well as the contents of the building, such as computers and other equipment. While most commercial property policies cover damage caused by wind, they almost always exclude damage caused by rising waters, so business owners must usually obtain separate coverage that will apply to flooding. However, business policies are unique because they also apply to lost income.
Unfortunately, collecting payment for lost income from an insurer is notoriously difficult, primarily because of exclusions contained in the fine print of policies. For instance, many victims of Hurricane Harvey and Irma found their claims for lost business income rejected if their businesses were not physically damaged during the storm, but were closed because nearby flooding made them inaccessible to the public or because power outages made operation of the company impossible.
Delays over compensation for lost income are also caused by disagreements on the method of calculating loss, which requires analysis of profit and loss accounts from both current and prior years. Usually, this type of in-depth review can only be conducted by a forensic accountant and takes months or even years to complete. The amount of a payout will also depend on a variety of other factors, including whether the hurricane hit during a busy or slow season for the business in question or whether the company could make up for lost profits in another quarter. An experienced lawyer can ensure that these calculations are completed promptly and accurately and that insurers do not get away with offering unfair estimates of loss.
In fact, some business insurers do not cover lost income at all. The National Flood Insurance Program, for example, does not compensate businesses for a loss of income, but only covers commercial structures for up to $500,000 for structural damage and $500,000 for damage to a building’s contents.
Call Today to Discuss Your Case with an Experienced Florida Business & Hurricane Insurance Claims Lawyer
If your business was damaged during hurricane season, you may require legal assistance, even if you have insurance coverage. Please contact the dedicated Florida insurance claim lawyers at The Pendas Law Firm by calling 1-888-573-6327 today. A member of our legal team is standing by and eager to begin working on your case.