The COVID-19 pandemic was a one-in-a-generation watershed moment for the Massachusetts, United States, and global community as a whole. As businesses were forced to shut down by the virus, the response from insurers to business interruption claims was largely negative.
The battle to require insurance companies to pay business interruption claims from COVID-19 quickly emerged on three fronts: in the courts, Congress, and state legislatures. Sheff & Cook was right there in the thick of it, fighting for business owners to recover their rightful claims to insurance payouts and save their livelihoods.
Now, in the wake of lockdown, Sheff & Cook remains at the ready, armed with the strategy and experience to get you results. You spend money to pay premiums with large insurers who promise to provide financial support in the event of a business closure. Insurers charged and collected these premiums. And when they refuse to honor their commitments, turn to our team of business interruption lawyers to hold them accountable.
Sheff & Cook is proud to be an advocate for Massachusetts businesses that are struggling to get business interruption insurance claims paid by large insurers who try to disclaim their obligations. We offer representation in creative ways, including a contingency fee agreement, to support our business clients. If you believe your business interruption claim has been wrongfully denied, contact our team to discuss your options.
What Does Business Interruption Insurance Cover?
Business interruption insurance is meant to help cover your operating expenses if a covered loss occurs. These losses can be due to physical destruction of the business premises, an inability to engage in business due to contamination, supply chain interruptions, or actions by civil authorities that restrict access to the business premises. Business interruption insurance policies typically cover:
- Lost income/revenue during a business closure
- Taxes and/or loan payments that were required during a business closure
- Mortgage or lease payments due on a business’s property during a closure
- Relocation costs if a business must move to a new or temporary location
- Training costs if employees must be retrained on new machinery/equipment
Every business interruption insurance policy has a coverage limit, which is the maximum amount of damages the policy will cover.
When an external event causes a major interruption in your business, file a claim with your business interruption insurance carrier, even if you expect the claim to be denied. Review your policy looking for specific exclusions relevant to your situation. Then plan to meet with an experienced attorney.
What is a Business Interruption Coverage Restoration Period?
The restoration period of a business interruption insurance policy is the length of time where that policy will help pay for lost revenue. There’s often a 48-72 hour waiting period before coverage takes effect. Consult your insurance policy paperwork to see when your restoration period begins and ends.
Sheff & Cook’s Approach
The versatile attorneys at Sheff & Cook have the experience you need, the knowledge you trust, and the reputation you deserve to help you with your business interruption claim. Our team of highly skilled attorneys has local, regional, and national reach and an impeccable reputation for client care. We have the ability to dedicate multiple attorneys, staff, and financial resources to individual cases. This unique team approach and positive financial commitment yields optimal results for our clients.