Shuttered Businesses May Be Entitled to Relief From Insurers
Due to the ongoing Covid-19 pandemic, many businesses have had to cease all, or a large majority, of their operations. As a result of this business interruption, these businesses are experiencing unprecedented losses in revenue. What these companies may not be aware of that they may be entitled to payment from their insurance companies under their businessowner or commercial property owner insurance policies. Under these policies, insured companies may be entitled to receive payments equal to the actual lost business income incurred during the shutdown due to the necessary suspension of the insured companies’ operations due either to the pandemic itself or the shutdown order issued by Governor Pritzker.
Insurers have been proactively and aggressively attempting to dissuade their customers from submitting claims related to the loss of business income. This widely disseminated information May 1) not be applicable to your business’ policy; or2) may not in fact be accurate. Numerous lawsuits have been initiated seeking a determination that insurance policies do in fact entitle companies that have been shut down to receive business interruption payments.
This area of the law is developing rapidly and your business may be entitled to receive business interruption payments. If you would like to have your policy reviewed by an attorney, please contact us as soon as possible.