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Business Income Loss

Help for Business Income Losses From Hurricane Ike

The entire purpose of insurance is to soften the emotional and financial burden surrounding a business loss. When your business purchases an insurance policy that provides Business Income Coverage, you know your business may not survive without it.

Business Income Coverage is intended to compensate the business owner for income lost during the "period of restoration," a defined term during which Business Income Coverage applies. Generally, it begins when the direct physical damage occurs and ends on the earlier of the date that the damaged property should be repaired, rebuilt, or replaced, or at such time as stipulated in the insurance policy declarations.

The principle of Business Income Coverage is to put the insured in the position he would have been had the peril not occurred. Without specific endorsements, physical damage to the insured's property must occur for properties listed in the declarations. Business Income Coverage pays for the net income that would have been earned, operating expenses (including payroll) and loss of rents incurred during the period of restoration because of suspension of operations due to a covered loss. While the standard Business policy limits the period of restoration to 30 days, this period can typically be extended to 360 days by endorsement.

Our firm offers a comprehensive range of services related to Business Income Coverage claims. Our attorneys:

  • Advise management how to start compiling documentation supporting the claim
  • Assist with determination of loss of rental income
  • Assist with determination of loss of projected sales
  • Assist with determination of expenses related to reducing the loss
  • Assist with preparation of financial projections for the period of suspension
  • Assist with preparation of a Business Income claim for submission, supported by multiple schedules

Questions People Asked After Hurricane Ike and Other Severe Storms

  • My Galveston business had to be abandoned. I lost everything. Now what?
  • My coastal apartment building suffered damages and the 20 tenants were displaced. I suffered rent losses and other expenses. How can I get the help I need to get back on my feet?
  • My small business suffered inventory and payroll losses due to Hurricane Ike damages. What next?

Contact Grisham & Kendall, PLLC for Business Income claims and hurricane insurance dispute help today. Call 888.743.8432. We offer free initial consultations.

You would think the big issue that commercial business owners face is only whether they have enough Business Income Coverage. The insurance industry sells Business Income Coverage to buffer against revenue lost due to a hurricane or other natural disaster. Its entire purpose is so you will have protection in the event of a catastrophe. Some filers of Business Income claims have had trouble making sure that their insurance companies pay for covered losses. Navigating the insurance claims process can be a difficult and frustrating experience for small-business owners.

We Are Committed to Helping Our Clients Through Difficult Times.

We use our extensive legal knowledge and formidable experience to fight to get what you have paid for. We will hire the outside experts and consultants necessary to present a representative picture of your losses, including engineers, CPAs, or other experts to put together a picture of your loss, based on past earnings and other factors.

You will value our dedication to your case, our understanding of insurance company tactics and our persistence as we promptly take the legal actions necessary to pursue your valid claims. Contact an attorney online or call us at 888.743.8432.

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Dallas Office
Principal Office
Dallas, TX 75206
Phone: 888.743.8432
Fax: 877.809.6733