A skilled insurance lawyer West Palm Beach FL offers can help you understand that with these insurance claims, two different types of insurance coverages are involved with one common element – both coverages are designed to pay for the loss of income a business suffers when disaster strikes.
A typical property insurance policy will pay for the cost of repairing or replacing a business’s building and equipment when it is damaged due to fire, flood or hurricane. However, the loss of income a business suffers is not covered when disaster strikes unless business interruption coverage has been added to the policy. It is designed to keep the business’s stream of revenue flowing while the business recovers from the peril that caused the loss. Disputes can often arise over the loss of revenue actually suffered by the business due to the disaster. These disputes can relate to the revenues the business would have realized had the disaster not occurred, or the operating expenses the business would have otherwise incurred. A top business lawyer West Palm Beach FL trusts understands these issues. Typically, forensic accountants or other expert witnesses are employed to calculate the revenue lost or operating expenses incurred by the business as a result of the disaster. The financial records of the business are vitally important in establishing the loss, and if the records are incomplete or lacking in specificity, the insurer may deny the claim.
Business overhead expense insurance coverage is different than business interruption insurance coverage. It is a type of disability coverage. It pays the overhead expenses of a business when a key employee becomes disabled. Proof of disability must be established, usually through medical records or testimony from a physician. Actual expenses must be incurred, such as rent, salaries, etc., and the policies are not designed to cover lost profits.
If an insurer denies coverage to an insured, or fails to honor a claim in full, Florida law allows the insured to recover attorney’s fees if a lawsuit is successfully brought against the insurer. Thus, even if the amount in dispute is rather modest, an business insurance lawyer West Palm Beach FL residents count on who is successful in helping an insured can recover their fee from the insurer for the time spent assisting the insured.
Insurance disputes, like insurance policies, can be complicated and difficult for most people to understand.
Eric Luckman is a Florida Board Certified Civil Trial lawyer. Only 2% of lawyers in the state of Florida are recognized with this prestigious certification. Board certification recognizes attorneys’ special knowledge, skills, and proficiency in various areas of law and professionalism and ethics in practice.
Feel free to call our office to discuss your case at 561-737-3133. The initial consultation is free, and you will speak directly with Eric Luckman, about your claim and your rights.
What does business overhead expense insurance do that personal disability insurance does not?
At The Law Office of Eric H. Luckman, P.A., we frequently assist business owners who own and operate small businesses. Many of these clients are doctors, therapists, or other professionals who run a specific professional practice with a limited number of employees. Often they have concerns about what would happen to their business if something were to happen to them. That is where consulting with a West Palm Beach, Florida business expense claims lawyer comes in. Rather than recommended personal disability insurance, which does have its benefits, we may suggest business overhead expense insurance.
As the solo practitioner or partner of a practice, there are monthly overhead expenses that have to be paid. If they are not, the business can fail. If something happens to you – for example, you experience a disabling illness or injury, and you cannot work – your personal disability insurance will likely not be enough to cover all of your business operation expenses. In such situations, it can be useful to have business overhead expense insurance. Of course, every business owner has different needs. As a result, it is important to consult with a West Palm Beach, FL business expense claims lawyer before committing to a plan of action.
Potential Benefits of Business Overhead Expense Insurance
1. It Can Preserve Your Business
The purpose of business overhead expense insurance is to help keep your business open in then event you are unable to work due to an illness or injury. The insurance can protect your business for up to 24 months or more. Furthermore, you generally do not have to be confined to a hospital or home, or be permanently disabled to receive these benefits.
2. It Can Cover Important Operations Costs
In the event that you have need of it, business overhead expense insurance may reimburse your overhead expenses, but only up to a benefit amount you choose in accordance with the terms of your policy. A West Palm Beach, FL business expense claims lawyer can help you to calculate the amount of coverage you may need based upon business costs, including:
- Staff salaries
- Payroll taxes
- Equipment and supplies
- Loan payments
- Property taxes
3. You Can Retain Your Business Employees
The last thing you may want, apart from losing your business, is the loss of your employees. Unless you can cover their salaries and expenditures, they will likely have to go elsewhere for employment. Business overhead expense insurance can help to cover these costs while you heal and recover.
4. Maintain Your Reputation
Most likely, you have worked hard to build your reputation. By having a business overhead expense insurance policy in place, you can save your business from going under and your clients from having to go elsewhere for similar services. A West Palm Beach, FL business expense claims lawyer can help you to avoid that preventable turn of events.
5. You Can Protect Your Own Money
Your personal disability insurance is made to protect you and your personal expenses. Such coverage does not generally extend to the costs of your business expenses. Without a business overhead expense insurance policy in place, you may have to use your own money if you want to keep your business afloat.
To learn more about a business overhead expense insurance policy, please contact a West Palm Beach, FL business expense claims lawyer today. A consultation will not commit you to any course of action, but it will help to ensure that you make informed decisions about your situation.