While some business owners are frantically sweating about not having any business insurance policy that clearly spelled out as a business interruption insurance policy, others are concerned about the possibility of multiple coverages. Indeed, there are business owners that have noticed that they have more than one business interruption insurance coverage as the coronavirus pandemic continues to ravage the United States and other parts of the world.
Ideally, having more than one insurance policy shouldn’t create a serious headache when you know what they cover individually. In the case of insurance for business closure and the uncertainty surrounding COVID-19, it is normal that business people are concerned about how things will play out with their multiple business interruption insurance coverages. However, should this be enough to cause an alarm?
Do Not Panic About Having Multiple Business Interruption Policies
There is no reason to fret about having multiple business interruption policies. In most instances, multiple policies are structured to provide broader coverage than what might have been available from one policy. It can also be structured to cover greater limits, which will all be in the interest of the business owner. There is a good chance that your multiple business interruption insurance policies are because of these factors. In that case, you have nothing serious to worry about.
Potential Issues Can Arise During Settlement
While the issue of having more than one business interruption insurance policy may not create a big problem, there is a possibility that issues can arise during settlement. It is always best to speak with you’re an experienced business interruption attorney as early as possible to understand your total coverage. If you are dealing with the insurer(s) directly, you can reach out to them too to obtain a full explanation of your complete coverage – but they are there to not spend the insurance company’s money. It is best to let your business attorney represent you and review your business insurance policies.
The chances of getting a good answer from your insurance broker or insurer(s) are significant. But in instances when you are not satisfied with the explanation you have received, contacting a business interruption lawyer is the best thing to do. In fact, if you are considering making a business interruption claim, you need to work with a business interruption attorney to get everything you deserve. This is even more important if you have noticed that you have more than one business interruption policy.
Reach out to us today for a free business interruption insurance policy consultation. Our experienced business interruption attorneys will be available to discuss with you and provide legal advice on the options available to you: 954-951-0000.
