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Although we pay our insurance companies a steep price in order to be covered in the event of a disaster, it’s important to remember that insurers’ top priority is protecting their bottom line. As such, you must do all you can to support any claim you submit to your insurance company so they have no reason to deny your claim.
Below, we discuss five key pieces of evidence you should use to support your business interruption insurance claim.
Why Are Business Interruption Insurance Claims Getting Denied?
Insurance companies denying business interruption insurance claims are no different from how they deny car accident claims and other injury claims on a regular basis. However, insurance companies’ denials of business interruption insurance claims are particularly devastating because business owners need all the financial assistance they can get during the COVID-19 pandemic.
Unfortunately, many insurance companies are denying these claims due to their microorganism exclusions. However, it’s important to remember that many insurance policies contain subtle language that excludes viruses or bacteria (not both) or have other loopholes that signify your claim is valid.
How to Strengthen Your Claim
Providing as much supporting evidence as you can gives your insurer very little reason to deny your claim. Five key pieces of evidence that you should submit with your claim include:
Profit and loss statements
Sales records
Income tax returns
Rent or mortgage statements
Payroll records
To strengthen your claim even more, it’s in your best interest to work with an experienced attorney who can compile these documents for you and negotiate with your insurance company while you focus on running your business.
Our Michigan business interruption attorneys can provide an in-depth reading of your policy, and apply over 100 years of combined legal experience to help you file a claim.
Contact Grewal Law PLLC at (888) 211-5798 to schedule a free consultation.