New York business owners have numerous resources at their disposal to help protect their interests. Unexpected issues might arise that cause a suspension of operations, such as a fire or other event resulting in property damage. To protect against financial loss during such times, many business owners carry business interruption insurance. However, if an insurance company denies a business interruption claim, things might go from bad to worse.
There are several reasons why a business interruption insurance claim might be denied. Common issues include insufficient coverage, poor property maintenance and lack of proper documentation. Excellent record-keeping skills and having the right type of policy ahead of time helps avoid problems if the need to file a claim arises. However, facing a denial of an initial claim does not necessarily mean a settlement cannot be achieved.
Detailed records and the right policy help with business insurance claim issues
It is imperative for a business owner to read the fine print before purchasing a specific business insurance policy. It is also wise to keep organized, detailed and updated records regarding inventory and other issues, in case such information must be verified in the aftermath of a covered event. Finally, it is helpful to rely on experienced guidance and support to resolve any complications (such as a claim denial) that impede a business owner’s ability to obtain a settlement.
If a fire, hurricane, flood or other disaster causes a New York business to temporarily shut down, an owner who has business interruption insurance can file a claim. Such events are stressful enough without having to face further problems regarding a claim denial. Relying on assistance from a business insurance attorney alleviates stress and increases the chances of a positive outcome.