Legal help for commercial insurance policy holders whose claims have been delayed or denied.
Slater Vecchio is reviewing claims against commercial insurers related to business interruption policies and COVID-19.
Many business owners rely on business interruption insurance to replace lost income, pay bills and cover wages.
Unfortunately, many insurance companies are telling business owners their policies do not cover losses caused by a business slowdown or closure due to a pandemic, citing exclusions or other policy language.
What does business interruption insurance cover?
Business interruption insurance, also called business income insurance, replaces lost income and amounts paid for bills and payroll in the event of a disaster that forces the business to close or reduce operations.
Most policies traditionally cover:
- Lost profits
- Fixed costs, such as operating expenses
- Relocation cost
Who is affected?
More than 14,000 businesses in British Columbia already have closed due to the coronavirus, according to the Vancouver Sun. Industries most vulnerable include tourism and hospitality, restaurants, retail, construction and personal services.
Our law firm is helping business owners in British Columbia who held business interruption insurance policies as of March 2020.
What should I do?
If your business was affected by COVID-19 and your insurance company is denying or delaying your claim, please contact us.
Coverage of COVID-19 damages will hinge on the insurer’s specific policy and external conditions. The insurance industry is already denying business interruption claims, attempting to rely on exclusions or other policy language.
Submit the form on this page with your information and claim details. We will contact you to schedule a no-obligation review of your policy and your case. This review does not constitute a retainer of Slater Vecchio LLP, but is a complimentary service provided to determine if your insurance policy likely qualifies to be part of the proposed class action.