Louisiana Business Interruption Insurance Claim
Louisiana Business Interruption Insurance Claim Lawyer on Your Side
Insurance coverage that replaces lost business income following a disaster is known as business interruption insurance. A fire, an earthquake, a hurricane, or other natural disasters are covered under business interruption insurance. Generally speaking, business interruption insurance is added to your property/casualty policy or is included in a comprehensive insurance package policy as a rider or “add-on.” If you have this type of coverage, you could be looking at a business interruption claim following the recent Hurricane Ida. If your insurance company is giving you the runaround, refusing to pay your business interruption insurance claim, or offering you much less than the claim is worth, it could be time to contact the legal team at Gulf Coast Insurance Attorneys. We know that insurance companies are always focused on their financial bottom line and that the amount offered simply might not cover your actual expenses. Having a knowledgeable Louisiana business interruption insurance claim lawyer as the advocate in your corner can make all the difference in the outcome of your business insurance claim.
Download: 10 Steps To Take After Hurricane Property Damage
What is Business Interruption Insurance, and What Does It Cover?
Business interruption insurance can cover many things, including:
- A replacement for lost income while your business is halted due to direct physical loss or damage
- Operating expenses for your business
- Funds to move to a temporary location when necessary
- Payroll payments, tax payments, and loan payments
- Closures due to a pandemic are generally not covered, and some plans will detail specific exclusions for losses due to viruses or bacteria
Business Interruption Insurance Claim Calculation
Calculating a business interruption claim can be complex, but it can be summarized as follows:
BI = T x Q x V
BI stands for Business Interruption, T equals the number of time units, such as hours or days your business is shut down, Q equals the quantity of goods typically produced or sold per unit of time used in T, and V equals the value of each unit of production (profit). Time, when used in the business interruption formula, means the length of the loss period. There can be significant variability between the amount of time you believe physical repairs will take and the amount of time the insurance adjuster thinks the physical repairs will take. Time can also be a complex issue when losses vary from month to month due to product and production seasonality, when some production can be outsourced to another plant, or when production may come on slowly in a new plant. Planned, budgeted, or anticipated production is analyzed against historical output and trends. It is your obligation to prove your loss, with documentation to back you up. A business that is largely a service industry, like a bookkeeping business, will not have the same formula as the one above (for a company that sells a product or products). In this case, business profits—based on prior months’ performance—fixed operating expenses, the cost for a temporary location, employee wages, taxes, and any reasonable extra expenses will be paid until your business is back on solid footing.
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In Your Time of Need, We’re Here for You Why Choose Gulf Coast Insurance Attorneys?
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100% Free ConsultationsDiscover your options with a no-cost, no-obligation consultation. We’ll listen to your story, explain your legal rights, and help you make an informed decision about your next steps.
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You Only Pay If We WinWith our contingency fee structure, you face zero financial risk—no upfront costs and no fees unless we successfully secure compensation on your behalf. We’re fully committed to achieving results, and you only pay if we do.
Gulf Coast Insurance Attorneys Can Help You with Your Claim
Like any hurricane or other natural disaster claim, your insurance company may attempt to pay you less than your claim is worth or may deny your claim altogether. If you have carefully read your insurance policy and want to receive the coverage you paid for, it could be time to contact Gulf Coast Insurance Attorneys. Louisiana business interruption insurance claim Lawyer Peter Diiorio helps people in need. Following hurricane damages to your business—therefore, your livelihood—you may be feeling anxious and concerned about your future. You may be dealing with a recalcitrant insurance company while you need to be dealing with other issues.
Let Gulf Coast Insurance Attorneys handle all the legal aspects of your business interruption claim. We will work hard on your behalf to ensure you are paid what your claim is worth. Contact Gulf Coast Insurance Attorneys today.