The best way to determine what is and isn’t covered after Superstorm Sandy wreaked havoc on your New York business is to turn to your business insurance policy. While you may not have time to sit down and read right now, it is important to determine what your policy states regarding your coverage.
You should locate your declaration page and your policy jacket to provide you with your coverage and limits. Remember to read the small print in your insurance policy contract as well as the large print. The small print may include exclusions and other terms and conditions.
While direct physical storm damage to a business’ structure should be covered under business insurance, there are many business insurance policies that have sub-limits that apply to hurricane and wind-related damages. This means that business owners may be responsible for a portion of their damages. Also, most business insurance policies do not cover flood damage.
After 9/11 occurred, most New York business owners got business interruption insurance. Perhaps you did too. With this type of insurance, the insurer would pay for the income your company lost while your business could not operate due to the physical damage of the building.
If your business suffered financial losses from Superstorm Sandy but your business’s physical structure did not sustain damages, you may only receive coverage if you have non-physical business-interruption insurance, off-premises service-interruption insurance, or contingent business-interruption insurance.
For help understanding your commercial insurance policy or to file an insurance claim for New York commercial damages and business losses caused from Superstorm Sandy, call the Voss Law Firm today at 888-614-7730 for a free consultation with one of our experienced commercial insurance claim lawyers.