As a business you may have a term in your business insurance to cover losses if your business cannot open such as during the recent lockdown. Business interruption is there to protect the business against financial loss suffered during an incident such as fire, flood or other incidents such as a lockdown where the business has been forced to close.
Business are finding that some insurers are refusing claims under the business interruption terms but that does not mean that you were not covered.
There are two types of policy that your business may be covered for:
- Infectious Disease – Many policies expressly state which diseases fall into this category and so as Covid-19 was a new disease it will not have been listed in these policies and so you may be able to claims. Many policies require the disease to be on your premises but some specify a radius around your premises
- Denial of Access – This is cover if you are prevented access to your property by an event, or actions from a competent authority. In these clauses there are often differences in the wording so you may be covered, but it will depend on your circumstances and the policy wording.
We will require copies of your insurance and the terms and conditions, at the time the policy was taken out. Some insurers are changing the terms and conditions but it is what they were at the time of interruption that matters.
We will also need you profit and loss accounts from the previous years so that we can calculate the loss to your business and quantify the claim.
Once we have the above we will contact your insurers on your behalf to make a claim.
If you haven’t made a claim or have been rejected by your insurers then get in touch now as you could be missing out on thousands of pounds that you are entitled to.
If you would like to discuss your claim with us or would like us to consider you policy documents for you, we offer a no obligation review.
We also work on a no win, no fee basis and so you will not be asked to pay anything up front. We will cap our success fee at 25% of your damages and this will be deducted at the end of the claim from your compensation.