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Business Interruption Insurance Claims In Astoria Due To Covid-19

If you own a business in Astoria that was affected by COVID-19, we understand the overwhelming financial losses you have suffered. We can help.

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(718) 278-5900

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Skilled Business Interruption Insurance Lawyers in Astoria, NY

If you are confused as to whether or not your current business insurance policy covers you for business interruption claims under the Covid-19 Pandemic, you need to speak with an experienced business attorney now, while you can still file a claim. Contact Solomos and Storms today to enforce your rights.

“We focus on business insurance matters and complex litigation, right here in Astoria, Queens. We know the terrain, first hand. And we know the court system even better.

Insurers Are Unwilling To Pay Business Interruption Claims Caused By The Pandemic

Today, COVID-19 has forced many business owners in Astoria to turn to their insurance companies in the hopes of recovering damages they suffered as a result of the shutdown. Of course, for the insurance companies, it’s in their own best interest to deny these claims. In some cases, they aren’t playing fair with their clients, seeking legal loopholes and excuses not to pay.

What You Need To Know About

Business Interruption Insurance

Does Your Insurance Cover Business Interruption?

Your recourse to recoup losses may be severely impacted if you did not have business interruption insurance prior to the pandemic. Even if you did have business interruption insurance before Covid-19 struck, you still may not be covered. 

We can help you go over your policy to determine if you are covered or not, and if so, what avenues you can take to get reimbursed. Don’t take an insurance denial sitting down! Call Solomos and Storms today!

A business interruption insurance claim has one sole purpose: to restore the business to what it was pre-event.
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What Is Covered Under Business Interruption Insurance?

Historically, the U.S. hasn’t suffered a pandemic of this magnitude since the 1918 Influenza Pandemic. Our current situation is unprecedented, with the shutdown of whole cities and states due to the pandemic. Businesses are clamoring to their insurance companies for help in these drastic times, in some cases, only to find out their claims have been denied.

As it turns out, business interruption insurance only settles claims in certain instances for this type of disaster. This has left many Astoria business owners scrambling for answers.

Here is what business interruption insurance may cover, assuming that not all policies are created equal;

"Business expenses such as; payroll, taxes, rent and loan repayments, possibly even mortgage payments .

Understanding Your Coverage and Exclusions

Although it is highly unlikely that your current policy has made reference to a virus specifically, your policy may still cover your losses, or conversely, may have exclusions that would negate coverage in the case of a pandemic. It’s important to know exactly what your business coverage is, and then, if applicable, take the necessary steps to recover your losses due to COVID-19.

You will need an experienced business attorney to tell you if there are any exceptions in your policy which may prevent you from moving forward with a claim.

In the case of a business interruption claim, damages must be carefully chronicled with supporting evidence. Determining coverage, proving loss, and then enforcing a claim can be a complex matter. Doing this requires very measured steps and the help of an experienced business attorney.

Establishing A Financial Loss To Your Business Due To The Covid 19 Pandemic

There are important things you need to establish, if indeed your insurance provides coverage for business interruption;

You must first prove that the covered property was damaged, that the damage was caused by the covered event, that the covered damage was the cause of your business interruption, and the loss of income was a direct result of that interruption. Although this may sound straightforward, there are often difficulties when trying to connect all four prongs of the rule in order to recover your losses.

Compiling Verifiable Evidence.

Your insurer will want to see verifiable evidence supporting the financial amount of the loss. They will do this by scrutinizing your books, both before and during the pandemic. This requires that your business financials are in good order and submitted in a way that satisfies the insurer, lest you be accused of financial malfeasance. 

You Need A Skilled Business Lawyer In Astoria To Help You Navigate The Treacherous Legal Waters.

Bringing forth a business interruption insurance claim resulting from the COVID-19 pandemic can be complicated. You need a skilled business lawyer to help you understand the scope of your coverage, how your losses legally fit into that scope, how to formalize a claim, and then to  present your claim to the insurance company.

Solomos and Storms will help you every step of the way, including enforcing your rights, through litigation if necessary.

There is nothing worse than losing your livelihood to a pandemic that is beyond your control, then getting your insurance claim denied on top of it all.

Take back your control with a local business law firm, right here, in Astoria, Queens. Solomos and Storms is standing by to help you.

Astoria Business Lawyers Solomos and Storms​

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    33-08 Broadway, Queens, NY 11106 

    When you contact us

    you can be assured that;

    You will receive one on one personal attention

    We have 40 years combined business law experience in Astoria. We are the locals that know the ropes!

    You are extremely important to us, which is why your calls will always be returned as a priority.

    We are well known and well respected amongst local businesses in Astoria. We’ve been here a long time, and we’ll be here for you!

    We can help you settle your matter without going to court, if it’s appropriate, or go into battle on your behalf. We are trial tested.