Coronavirus and Business Interruption Claims: Free Consultations for Small Business Owners

We are offering free consultations with small business owners to assess your coverage situation. Now is the time for business owners to take stock of their insurance coverage and preserve any information necessary to potentially make a claim for business losses associated with the Coronavirus (Covid-19).

Most commercial insurance policies provide coverage for business interruption losses caused by a covered event. It is important to review your existing policies to determine the scope of your coverage and what exclusions may apply.

If you do have coverage, steps must be taken now to document and support every element of your eventual claim.

In New York State, the insurance industry is regulated by the Department of Financial Services (DFS). Given the enormous impact Covid-19 has already had on small businesses in general, and the restaurant and hospitality industry in particular, DFS has ordered all insurance carriers who issue commercial policies in the state to contact policyholders directly and explain the potential for coverage.

All policyholders should expect to receive a letter from their insurance company outlining their existing policy provisions, along with the insurance company’s position on whether there is coverage for a Covid-19-related claim. A copy of the DFS correspondence is available at this link:  NYS Dept of Financial Services.

Insurance issues can be complex and confusing. To help ease the stress of dealing with these issues, our free telephone consultations are available to discuss your options going forward.

To schedule an appointment for a free consultation, please call us at (518) 462-5601 or contact attorney Michael P. McDermott by email: mmcdermott@oalaw.com. 

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