The coronavirus pandemic has left an undeniable financial toll on the country, including local and small businesses here in Tulsa and the state of Oklahoma. Many have been forced to shut their doors or limit their operations during government-mandated shutdowns.
Now, business owners are turning to their insurance policies to see if their losses are covered by business disruption insurance. If you’re wondering whether you should file a claim during this time, here’s what you need to know.
What This Insurance Covers
Business disruption insurance protects a business against losses sustained due to periods of suspended operations. Most often, suspended operations are caused by direct physical losses, such as those caused by:
Falling objects (such as trees)
So, what about losses related to COVID-19? Well, many business disruption insurance policies specifically exclude physical losses caused by viral infections such as Ebola, SARS, H1N1 swine, or coronavirus.
However, this does not mean that you are without options. As we discussed, every policy is different, and each phrase, and sentence word matters. If you are unsure whether your policy covers your business losses, you should contact an insurance claims attorney who can review your policy for free.
Even if your business is not covered at this time, it’s still incredibly important to file a claim in order to make a record that your business was impacted due to government-mandated shutdowns.
No-Fee Insurance Policy Reviews
All of us at Aizeneman Law Group understand that this is an incredibly difficult time for everyone. If your business was negatively impacted because of the pandemic, please know that you are not alone.
Our firm has extensive experience dealing with insurance claims of all kinds; we have already assisted local business owners across Tulsa in filing business disruption claims amid the coronavirus pandemic. We are here to help you in these difficult and unprecedented times so your business can come out financially secure.
Contact our firm at 631-769-8431 for a policy review and a free consultation.