Business Interruption Claim Denial Lawyers in Toronto
Prolonged and unexpected business interruptions caused by natural disasters or the current COVID-19 pandemic can lead to great financial devastation for businesses of all sizes. In spite of being eligible for federal financial aid, a lot of Canadian small businesses can still fall through the cracks when it comes to getting the funding they’re entitled to and need. Even businesses that offer essential services are suffering tremendous financial loss as they struggle to stay afloat and take necessary measures to increase employee and customer safety.
In these trying times, countless business owners are relying more than ever on their business interruption insurance policies, but many of these claims are unjustifiably getting denied. If you’re a small business owner and your business interruption claim has been denied for any reason, you can count on the experienced insurance lawyers at Mirian Law Firm to help you file an appeal.
How Does Business Interruption Insurance Work?
Whether you’re forced to reduce your hours or temporarily or permanently close down your business due to an unanticipated and unprecedented interruption, the ensuing revenue losses can be hard to handle. Moreover, the specific terms of your business interruption insurance policy can make a big difference in the amount of financial payout you can expect to receive.
Insurance companies calculate the value of your claim based upon the terms of your contract and the circumstances at hand along with projected revenue losses for your business. Based on their assessments, they can either deny your claim entirely or aware you a much lower amount than you initially expected to receive. Unfortunately, far too many business owners find themselves in this position at the absolute lowest point in their careers.
For that reason, it’s always a good idea to have an insurance lawyer peruse your insurance policy and help you fully understand the terms, conditions, and your entitlements in the event of an unexpected disruption.
What Does Business Interruption Insurance Typically Cover?
In Ontario, business interruption insurance typically covers the following circumstances and incidents that could lead to temporary or permanent closures and significant revenue losses:
- Property taxes
- Utility costs
- Employee payroll to help you avoid wage reductions and layoffs
- Surveillance and alarm monitoring fees
- And so much more
Once again, the terms of your coverage are strictly outlined within your contractual policy. If you’re not sure what your policy covers, then you should contact your insurance provider immediately and have an insurance lawyer review your policy.
Speak to an Insurance Lawyer in Toronto Today!
Has your business interruption insurance claim been denied?
Whether your business is experiencing a temporary disruption caused by a natural disaster, vandalism, break-in, renovations, or as a direct result of the COVID-19 pandemic; Mirian Law Firm is here to help you. To uphold the health and safety of our customers, we’re offering free video consultations and case assessments to all of our clients across Toronto and the GTA. Contact us to schedule your video consultation today.