Business Interruption Claims Serving Families Throughout Fort Walton Beach

Fort Walton Beach Business Interruption Insurance Attorney

Business Interruption Insurance During COVID-19

To write that small businesses have suffered from the COVID-19 pandemic is an understatement. The American Property Casualty Insurance Association (APCIA) estimates that US businesses have lost between $255-431 billion so far due to the pandemic.

Small business owners are turning to their business interruption insurance policies, but insurance companies are refusing to pay for business interruptions instigated by COVID-19, leaving many small business owners high and dry.

At Dowd Law Firm, we know small businesses are the backbone of the US. If your insurance company refuses to pay for COVID-19-related business interruptions for your enterprise, we can help you take them to court and receive the funds you deserve.

For a consultation with an experienced lawyer, contact us online or via phone at (850) 972-2233.

Why Aren't Insurance Companies Paying for Business Interruptions?

Simply put: insurers don't think they can afford to pay for business interruptions prompted by the COVID-19 pandemic.

We mentioned earlier that business interruptions resulting from COVID-19 have already cost small businesses well in excess of $200 billion, and those costs are only escalating as the pandemic continues. To put that into perspective, business owners pay around $6 billion annually for property insurance lines, including business interruption insurance.

Commercial insurers would need to dig into the $800 billion reserves they collectively hold to pay for COVID-19-related business interruptions, which seems feasible at face value. However, digging into that reserve comes with risks for insurers:

Doing so sets the precedent that insurers will pay for COVID-19-related business interruptions. Since the pandemic shows no signs of slowing down and businesses continue to be interrupted, insurers would be roped in for the long run.
It also sets a precedent for future pandemics that most insurers would rather avoid.

In addition to setting precedents for how insurers should behave in the future, agreeing to pay for business interruptions resulting from COVID-19 could realistically devastate the insurance industry. According to Reuters, experts in the industry argue that paying for business interruptions caused by the pandemic could actually bankrupt the business insurance industry at large.

That may seem like an exaggeration, but keep in mind where things currently stand: The current cost of business interruptions from the pandemic alone is almost enough to eat up 25-50% of the reserves that commercial insurers own. As the pandemic continues to escalate, that percentage will only grow. If insurers agree to pay for business interruptions, they could find themselves financially crippled or unable to pay for a number of other claims.

As a result of these factors, insurers are pushing back against businesses attempting to claim business interruption insurance. Insurers such as Zelle have already released white papers describing why they aren't liable for business interruptions prompted by the pandemic.

What Can Business Owners Do to Claim Business Interruption Insurance?

Since insurers refuse to pay for COVID-19-related business interruptions, business owners are left with one option: sue their insurers.

If you choose to sue your insurer for business interruption insurance, you won't be alone. Seven states (including New York) are pushing for legislation that forces insurers to pay for business interruptions caused by COVID-19. Additionally, 18 lawmakers from four trade groups across the US are preparing to take legal action to achieve similar results.

At Dowd Law Firm, we provide our clients with high-quality, personalized legal assistance. We can help you understand whether you should sue your insurer and will fight for your right to business interruption insurance in the courtroom.

To request a consultation with our law firm, fill out our online contact form or give us a call at (850) 972-2233.

Continue Reading Read Less

Our Testimonials

"They were informative, knowledgeable, discussed all my options, and very helpful in the outcome of my case"
I contacted the Dowd Law Firm for legal assistance,. They were informative, knowledgeable, discussed all my options, and very helpful in the outcome of my case. They stayed in constant contact and very informative. They were very kind and took the time to explain any issues or concerns. I would refer them to any of my friends and family.

- Jodie W.
"Their professionalism and dedication are unsurpassed."
I have worked for a local Real Estate Company for 12 years and have needed the assistance of an attorney periodically. I have recently started using the Dowd Firm. Their professionalism and dedication are unsurpassed. I without reservation recommend this firm. You won't find a better staff and attorney's to work with.

- S.M.
"We are extremely grateful to you and your team."
Dear Jake, Thank you so much for your outstanding skill at convincing people to follow the laws of their contractual agreements. We tried for years as you know to no avail. Whatever you said to the Parises enabled the sale of our lot to close on time. That is all AJ and I wanted for Christmas, to be rid of that mortgage. We are extremely grateful to you and your team. We will definitely recommend you to anyone we know looking for legal aid. We wish you the very best for your upcoming marriage and desires for a growing family. Having a loving and supportive partner through life's experiences is a treasure that is beyond measure and compare. If there is ever anything that we can do or suggest based on our experiences for you and yours please don't hesitate to reach out to us.

- M.B.
"5 stars and highly recommend!"
An amazing company, easy to work with and everyone is very knowledgeable! 5 stars and highly recommend!

- Laura
"Glad to have this fabulous law firm in our corner."
Jake, thank you for all of your help as usual. You are a gem. Glad to have this fabulous law firm in our corner.

- Stevie
"Just overall the best staff!!"
Angie and Brittany were so kind and helpful on the phone. Calling a law firm can always be a little nerve wrecking especially if it’s your first time but they made me feel so comfortable. Mr. Dowd is so knowledgeable in probate and real estate that I would not recommend anyone else other than him on the Emerald Coast. Just overall the best staff!!

- Jessica G.
"Fantastic closing/title transfer"
Fantastic closing with Dalisse! She took complete control and I didn’t have to worry about anything . Quick and smooth closing, just the experience I was hoping for!

- Ali G
"If you want an attorney with a strong work ethic and family values, you should contact the Dowd Law Firm."
The Dowd Law firm is an excellent law firm. The attorneys and firm have a long a history of quality representation in the Panhandle (Fort Walton Beach) and the surrounding areas. The attorneys are professional, consistent, and conscientious. If you want an attorney with a strong work ethic and family values, you should contact the Dowd Law Firm.

- D.W.

View All Reviews

Why Choose Dowd Law Firm?

Proven Track Record
We have a reputation for achieving consistent and high-quality results for our clients.
Dedicated To Your Case

We will focus on the intricacies of your case to achieve the most favorable outcome.
One-On-One Attention
We're committed to working closely with our clients to effectively resolve their cases.
25+ Years Of Experience
Attorney John R. Dowd Jr. is backed by extensive experience in a wide range of legal matters.

Safeguard Your Future

Contact Us Today!

A member of our team will be in touch shortly to confirm your contact details or address questions you may have.

First Name
Please enter your first name.
Last Name
Please enter your last name.
Phone
Please enter your phone number.

This isn't a valid phone number.
Email
Please enter your email address.

This isn't a valid email address.
Are you a new client?
Please make a selection.
How can we help you?
Please enter a message.
By submitting, you agree to be contacted about your request & other information using automated technology. Message frequency varies. Msg & data rates may apply. Text STOP to cancel. Acceptable Use Policy