If your company has been struggling financially because of the COVID-19 pandemic, do not panic. It might be possible to give yourself a much-needed fiscal boost by filing a COVID-19 business loss insurance claim.
The attorneys at Lattof & Lattof, P.C. have over 100 years of combined experience helping the people of Mobile, AL. Call us today at (251) 432-6691 to schedule your free consultation.
What Types of Insurance Cover Business Losses?
The insurance industry offers a plethora of coverage options that you may be able to use to get your company back on a solid financial footing, such as:
Infectious Disease Coverage
Many Alabama entrepreneurs have infectious disease coverage as part of their standard business owner’s policy. If you are one of them, you would be wise to file a claim under it as quickly as possible. This coverage is almost certainly your best chance of recovering your COVID-19 losses.
Business Interruption Insurance
This type of insurance policy is designed to cover losses suffered when a business is temporarily forced to close to repair damage to its commercial property. Business interruption insurance can help with expenses like:
- Mortgage payments
- Rent payments
- Lost net income
Some business interruption insurance policies specifically exclude damages caused by pandemics. So, you may wish to review your policy for this exclusion before filing a claim.
Civil Authority Coverage Clause
In March of 2020, Gov. Kay Ivey ordered the closure of a host of “non-essential” businesses. If your company was forced to close its doors because of this state law, you may be able to recover losses under the civil authority coverage clause in your standard business owner’s policy.
Like business interruption insurance, this clause can be used to cover rent, payroll, taxes, and other recurring expenses.
Dependent Property Insurance
Dependent property insurance is otherwise known as supply chain coverage. If COVID-19 caused you to suffer losses because your suppliers were forced to close or reduce production, you may be able to use this coverage to recover some much-needed compensation.
Would you like to have an experienced lawyer review your insurance coverage and let you know if you may be eligible to file a COVID-19 claim? Then please do not hesitate to contact Lattof & Lattof, PC, and set up a free consultation at our Mobile law offices.
What Types of Businesses Can File a Claim?
Any company that has business interruption coverage or a similar insurance policy can potentially file a claim and recover a financial payment it can use to cover losses sustained because of COVID-19.
Given the impact the epidemic has had on their ability to operate as normal, the following types of businesses are prime candidates for an insurance payout:
- Retail stores
- Hair salons
Has your business income decreased as a result of the COVID-19 epidemic? If so, the attorneys here at Lattof & Lattof, PC, in Mobile would be more than happy to review your insurance coverage and help you file a claim. To set up a free consultation with a member of our team, all you have to do is give us a call.
What Steps Should Mobile Small Business Owners Like You Take Before Filing an Insurance Claim?
Even if you are confident that you are eligible for compensation, it is rarely advisable to rush into an insurance claim. Should you do so, your claim may be denied or you may request less compensation than you are entitled to receive.
Before you begin filling out any insurance forms, you would be wise to take the following steps:
Analyze Your Insurance Policies
When running a successful business, it can be difficult to find time to keep track of all of your insurance policies. You may have a broker or assistant who you trust to do so on your behalf. However, before you file a claim for COVID-19 losses, you should take a moment to read through them so that you can better understand your coverage.
While reviewing your policies, you would be well-advised to make a note of key information, such as:
- Expiry dates
- Filing deadlines
- Covered assets
By taking a few minutes to analyze your coverage, you may find that you are entitled to more compensation than you first thought.
Calculate and Document Your COVID-19 Losses
Do you know how much money your company has lost as a result of COVID-19? If not, you will need to open up your chosen accounting system and do some research before moving forward.
Once you have the information you need, you should then put together a brief report that outlines the nature and extent of your losses. You can present this document to your insurer when filing your claim.
When calculating and documenting your losses, it is important to focus purely on the damages caused by COVID-19. If you try to add other losses to your claim, your insurer may accuse you of fraud.
Gather All Relevant Financial Documents
When submitting your business insurance claim, you will almost certainly have to provide your insurer with financial documents like:
- Payroll reports
- State and federal tax returns
- Monthly profit and loss statements
- Bank statements
- Credit card statements
- Loan statements
- Purchase orders
- Budgets and projections
The best time to gather these documents is before filing your claim. If you wait until after your insurer requests them, you are likely to cause unnecessary delays in the processing of your case.
Do you need some help with the preparation or filing process? If so, all you need to do is pick up the phone and call the team here at the law firm of Lattof & Lattof, PC. We are always ready, willing, and able to assist our friends and neighbors here in Mobile, AL.
What Can You Do if Your Business Interruption Claim is Denied?
When you take out a business insurance policy, you expect to be able to use it when the unexpected happens. Unfortunately, the system doesn’t always work that way.
Insurance companies are corporations, which means that their bottom line is always their top priority. As they strive to protect their profits, it is not unusual for insurers to deny or delay valid claims.
Should this nightmare scenario happen to your business, you do not have to sit back and take it. Instead, you can hire an experienced civil litigation attorney, like those here at, Lattof & Lattof, PC, to help you fight for the compensation you deserve.
When you enlist the services of our Mobile law firm, we will:
Walk You Through Your Legal Options
When you first received notice that your insurance claim had been denied, you probably felt confused and frustrated. As a result, you may have spent hours online trying to figure out the steps you can take to force your insurer to rethink their decision.
When you work with the law firm of Lattof & Lattof, PC, you won’t need to rely on the internet to know what to do next. Our team of experienced litigators will sit down with you and walk you through your legal options. Should you have any questions about them, we will provide you with the answers you need.
Communicate with Your Insurance Company
As you try to keep your business afloat during these unprecedented times, the last thing you want to do is take time out of your day to speak with your insurance adjuster. It makes much more sense to spend your time developing marketing strategies and planning for your company’s future.
Once you retain the services of our Mobile law firm, you will no longer need to worry about calling or emailing your insurer. Our skilled attorneys will do so on your behalf while making sure that your best interests are being well represented at all times.
Represent You in Civil Court
If your insurer is unwilling to come to an amicable solution to the dispute over the release of your compensatory funds, you will most likely need to take them to civil court. There, a judge will take the time to review your case and decide whether or not you should be compensated for your business losses.
The lawyers here at Lattof & Lattof, PC, have been trying cases in civil courts throughout Alabama for many years. As such, we know how to argue in a way that is likely to resonate with the presiding judge. When you hire us, you can feel confident that you will be well represented at trial.
Need Help with a COVID-19 Business Loss Insurance Claim? Contact Our Law Firm Today
The attorneys here at the law firm of Lattof & Lattof, PC, have been helping the business owners of Mobile file claims and fight back against insurance companies for many years. During that time, we have achieved countless favorable outcomes for our clients. If you would like to have us assist you with your insurance claim, all you need to do is give us a call or contact us online.