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Has your business lost out due to an interruption or unexpected disruption caused by COVID-19 and your business interruption insurance provider won’t pay out?

Most businesses take out business interruption insurance to protect themselves against risks such as fire and flood. Many insurance providers, including specialist business interruption insurance providers are refusing to pay out. This is leading to a large number of complaints and if this sounds like you, you may be due compensation. TLW Solicitors can help claim the owed money from the business interruption insurance provider as compensation.

What is Business Interruption (‘BI’) Insurance?

Business interruption insurance policies cover the money a business would have made during an unexpected disruption. Many BI insurance policies also cover losses caused by “notifiable diseases”, which the Courts have decided includes COVID-19. Unfortunately, many business interruption claims have not been compensated by the provider.

Business interruption insurance compensation, getting what you are owed from your insurance provider

As a business, you will have paid premiums, often over many years to insurers, and it is frustrating if they will not pay out when you need them the most. We aim to recover what is due to your business by pushing insurers who are looking to avoid or reduce paying out the amount owed for business interruption claims.

Will my claim be eligible for compensation? If your business has suffered losses because of the Coronavirus pandemic and you are not sure if you could be owed money by your insurers or they are refusing to pay you what you are owed, then get in touch with our specialist team.

You may have already tried to make a COVID -19 business interruption claim that has been rejected by the insurers or they have put forward a settlement offer for less than you think the claim may be worth. Contact us even if you have already tried to make a Coronavirus business interruption insurance claim, we can see if anything was missed and advise you of your options.

We can help businesses of all different sizes and in all sectors, even if they have used the Government’s furlough scheme or received support grants. If your business was not forced to close by the restrictions, you may still be able to claim.

What will it cost to make a business interruption insurance claim?

Unlike many law firms, with our specialist background in Covid business interruption insurance financial claims, we do not charge our clients an upfront “payment on account”. Understanding that our client’s businesses have already been through enough, we have developed a model for our clients where we only charge our agreed fees and expenses incurred if the claim is successful and our fees will only be a percentage of the money we recover for you.

We will also fund any expert evidence that is required so your claim can be properly valued.

TLW are financial claims solicitors that specialise in COVID business interruption compensation claims

Our specialist solicitors are experienced in interpreting detailed financial documents and can help busy business owners navigate these complex policies. With some basic information, the team can provide a risk-free, no-obligation assessment of your potential claim. We can help even if you cannot find any paperwork and are happy to liaise with your insurance broker and/or accountant.

What sets us apart from many law firms is that we also deal with a wide range of Government-backed organisations that can provide remedies and compensation as opposed to just looking to pursue matters through the courts, which can be expensive and time-consuming. This includes the Financial Ombudsman Service which handles complaints between consumers and businesses providing financial services, such as insurers. We also regularly act for clients in making claims with the Financial Services Compensation Scheme (FSCS), set up to help victims of failed financial firms authorised by City watchdog, the Financial Conduct Authority.

Whilst businesses can make these claims themselves, most will be focused on getting the business up and running again. Any insurance claim is often complex, technically challenging, and time-consuming, we help by:

  • Knowing what documents and evidence the insurers are looking for so they can accurately value a claim;
  • Understanding the strict time limits that apply to these claims;
  • Having access to a wide range of business insurance experts, including forensic accountants, ensuring the maximum value of the claim is recovered;
  • Understanding the complex and rapidly changing legal framework;
  • Providing our clients with regular updates and explaining the legal and financial jargon in a straightforward and easy to understand way;
  • Taking the hassle out of the process for clients who do not have time to commit to making a claim.

TLW Solicitors can help

To see if you may be able to claim for the losses to your business as a result of the pandemic get in touch for a FREE, no-obligation discussion.

Time limits apply, so anyone wishing to bring a claim should do so without delay.

Business Interruption Insurance Claim FAQ's

You may still have the basis of a business interruption claim even if you have been knocked back by your insurers or insurance brokers. Get in touch with our specialist insurance team for a no-obligation discussion. They will examine the terms of the policy and advise whether you have grounds for a compensation claim.

To start our investigations into your claim, we need to know the name of the business and their owners/directors. We will also need details of the insurance policy, including any broker who arranged it. No paperwork? No problem, we’re happy to liaise directly with your insurance broker and/or accountant to investigate your claim.

The claims process varies from case to case and depends on the attitude of the insurance company we are dealing with, the complexity of the policy terms and the extent of the business’ losses. Some claimants have been compensated very quickly. However, in a more complicated case that may have to go to court, then it could take several years to conclude a claim. Rest assured though – while you focus on getting your business up and running again, we’ll be taking care of the complex, technically challenging and time-consuming work of making a claim.

It is always open to you to make a claim on your own. However, at TLW Solicitors we recognise that business owners are very busy with the ‘day job’. Our experienced team can take the hassle out of making a claim and, with our experience and access to leading industry experts, ensure that you claim what you are owed.

Yes, it is still possible to make a claim and we can work with the Insolvency Practitioner to investigate the case and try to recover compensation to help pay some of the business’ creditors.

We do not charge our clients an upfront ‘payment on account’. Knowing that cash flow is vital for any business, TLW Solicitors has developed a model where we only charge our agreed fees and expenses incurred if the claim is successful. Our fees will only be a percentage of the money we recover for you. We will also fund any expert evidence needed to properly value your claim.

In September 2020, the High Court ruled in favour of businesses interrupted by COVID-19, meaning that subject to the policy wording, claimants could recover compensation from their insurers. The ruling said that the compensation should return businesses to their pre-pandemic position. As always, the amount of compensation awarded relies on different factors, including the wording of individual policies. Get in touch with our team to discuss what your claim might be worth.

TLW Solicitors has a specialist background in Covid-specific business interruption insurance claims. Our team is highly skilled in interpreting detailed financial documents and have access to a range of leading industry experts who can accurately calculate the business’ losses. We also deal with a wide range of Government-backed organisations like the Financial Ombudsman Service, the Financial Services Compensation Scheme, and the Financial Conduct Authority.

If COVID-19 has disrupted your business and you have been paying a premium for business interruption insurance for years, only to find your provider now won’t pay out in your time of need, then get in touch with our team by calling 0800 169 5925, email, or use the call back form below. Our specialist insurance team will then have a no-obligation discussion with you about your case and talk through your options.

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