Business Disruption Insurance Talk with Bill Eiland
Welcome to the show today. We're GONNA talk about business interruption if it does or doesn't exclude viruses. What are your choices. What can you do and to help? Answer those questions. We had Bill Island Attorney from Alan and Richie on today new. He not been friends a long time and they've got some good information that's going to help give us some direction on what we needed to get ahead of the game. Hey I'm Karen I'm a former. Cpa entrepreneur business consultant with big ideas on the mom. Katie I'm a payroll specialist business owner and detail oriented person that makes things happen and on the daughter. Welcome to tears to business. Feel welcome to the show. Thank you very much for having me. I down each other for a really long time. Haven't we just a couple of years about twenty years now back when this when we were fifteen years old when we first met so that makes us thirty five years old walking turning thirty nine about now about twelve times now so good so today you know everything we've been doing for the past four or five weeks we've had an employment attorney on? Yar wiggins has been on twice young entrepreneurs. I think the next front we're GONNA see with this thing is business interruption. Insurance in some most policies are being denied. And can you tell us about that? Businesses can do it. This is still kind of uncharted territory. We are looking at any business Out there that has business interruption insurance and and most companies You know even if it's a small business typically these companies have this coverage even though they may not even know they have. I've talked to many employers and and business owners that you know when I asked them if they have been business interruption insurance they say well you know. I don't think so or I don't know only to find out that they do. And what that insurance is for is exactly what it sounds like. If there's something that happens typically with a hurricane or storm or something of that nature that interrupts that business where you cannot operate like you typically can it is. It is the crucial bit of insurance. But as you just mentioned in what we're seeing right now and I'll explain the reasons the second most insurance companies were saying. No no no no. It doesn't cover something like this. The San it might it might now. We have looked at many and I do not want to give people false hope. We have looked at many insurance policies. That sure enough. After looking at it and having our experts and complicated language that you see in every insurance policy we've got the people involved at letting them kind of peruse through these policies. We looked at one last weight of one hundred pages. Now a Lotta these policies they have what's called a virus and even some of them have a hand democ exclusion You Know I. I don't know if I'd ever heard the word pandemic before all this but it apparently was on the Dolphin. Minds of some of these companies Years ago and so they have a specific exclusion that says that if your businesses interrupted because of a virus or a pandemic the coverage does not apply. And and really. There's there's not much they can be done right now and I emphasized right now because there may be something that can happen but so there's a lot of policies that do exclude and more more policies than not that. These businesses have that exclude coverage however we came across the other day. It absolutely applies. Because there's no exclusion I'd sell had business policies forever and multiple looseness policies and it is hard spun head to look at them. They're fully legally. They're hundred pages. Hey you cannot get to look at my policies any lower again not not pat myself promote myself my firm but we looking at these and any business can get their policy to me. Just make a copy of it and it is confidential. We don't disseminate it to anybody. We will take a look at it. Have our experts take a look at it and we will make a determination free of charge as to whether we believe that they have a potential claim. And if they do so they can if they choose to hire us and to allow us to try to prosecute the case and try to get them the coverage that they deserve then. We'll do it but there is no obligation free of charge. Look at For us or for us to look at the pulse let them. Yeah for Marine exhausted. I am now I want you to look at that. So how do I get that to you? You can email it to either me my secretary my my paralegal and then we will immediately get it to the expert that That we're using and they are again. They user these experts. And like you said you know these are complicated policies. These are you know as you mentioned while ago. You have one hundred page policy. And they'll be one page of what they cover and then ninety nine pages of exclusions and so you know these. These companies are are not stupid. That's why insurance companies make as much money as they do They love taking premiums Zan. But they do not look like pay claims a drug commercial. It's the this That's Oh yeah no. Yeah it'll say a decrease your blood pressure but you know you may die in your sleep. You know the first night you take it so I would encourage everybody. There's nothing to lose. Sabine until all your friends anybody that you know. That owns a business. Now if you cut grass and landscape on the side and you're not incorporated and you do not have general liability insurance than you're not gonNA be qualifying for this but if you own a restaurant if you on a tax accounting company award ever see a car dealership it can be anything if you only business and if you have insurance policy get it to us. We'll take a look at it and see if we can try to guide you through it. Okay you said e mail it newgate three people. But what's an address? What's the best email address to send these thing? I'll give you a couple of my email addresses bay for bill and then it's E. I l. a. n. d. at E. R. Law Firm. And that's all one word e R. Law firm DOT COM so it's be island at E. R. Law firm DOT COM. And then the the other email I would give you as my sister. Holly Jones and her email is h Jones at the same email address. E R LAWFIRM DOT COM and. I would send it to both of us because we are as everybody. You know. We're in different times right now. We are. I'm working from the house a good bit as I am right now but if you email you can you can. I think you. May you know people out. There may just want to shoot me an email and say. Hey Bill outcast. I've liked for you. Look at my policy. And then we'll make arrangements to get that policy either by email or they can make a copy mail through me copy and drop it off at the office but we will take a look at it and again there's no obligation and it's one hundred percent free of charge fantastic. I said next as this thing is gonNA escalate at sea in the future. I did a little research myself and what I saw. Was that the the proof of the interruptions going to be a lot of financial reporting how it was and how it is now and it reminded me here on the Gulf coast of going through for the big money reminded me and out another takeaway. I think for this show is too is if you do have a case and or your insurance saying no when you do start as saints about this minute state possibly mandating the business interruption insurance own encourage everybody to go ahead and give their financials in order. You don't know how as one reason I have the master classes that teach people how to get their financial information in order. Because you can't go somebody to somebody inside. Hey my business was interrupted. Give me some mind. You prove it numbers. No absolutely no what I would encourage. People is to get get ahead of this. Because like you mentioned I do believe the states. And maybe even the federal government or the mandate and force insurance companies to some degree to to pay these claims perhaps even if there's an exclusion in the in this covered you know. There's politicians out there right now. Trying to save their behinds On both sides of the aisle and so who who knows what's left the com- you know I do believe we're going to see several more stimulus packages. Some of this may be rolled into these. And but so it's it's it's best right now the jump on this and again. Good God I. I know that you know I wouldn't know the first thing about. I mean even you know. I'm a lawyer. May Allen Richie on our own firm. I don't know anything about this stuff is far as you know you could ask me a month and a half ago if I had a business interruption policy now that said I'm not sure because that's just not what I did. That's not my Kinda Forte. So to speak is is is not the nuts and bolts of the business side and a lot of people that own businesses restaurants or whatever it is. They're creative people that are there to to do whatever their craft is that they do and they let somebody else typically handle all the minutia of the business stuff and so just get somebody get. Get it to somebody. Let them take a look at it. We can walk it for just like Your Business. Everybody's were all protective well. The insurance companies are going to be protective over there. We sources a narrow reserves as well seven. This thing is now. We can't pay a claim. That's why we have insurance adjusters. You're right and you mentioned and I've I've been using that same example that you mentioned a little while ago been telling everybody is very similar to the BP oil spill however of course this is even bigger I believe is ours that financial just destruction that this thing is done. But unlike the there's no target defendant that you can. You can't sue the virus you know unlike you could be in. You can't sue the virus. There's been talk about you know. Well maybe we can China one day with that. You have a better chance of snow. Snowing in August and Alabama. How we've got things people can do is run once you are someone else like you I highly recommend new job. Been with the guys and I will good In the beginning of the arm Enjoyed Lacalle with you over the years and I really think a lot of UN Alan. And so I am going to send you mine exhaust policy so you can look that ever yet. Your Policy Tucson and bill's GonNa give his all his website contact Info in little bit and number to get ahead of the game and get on. Your financials financials. In order with Egypt may reach out reach out to your CPI sad ours. Reach out to get yourself in order in but number three. What can people do to get ready to go to the next phase of this thing that keeps changing you well? I don't know if it's a member three but it kind of goes back to number one. The business that we looked at their policy last week and we found that there was no virus exclusion and we are now at Because the insurance company had already denied liability. They said now. This is something different. Even though there is no virus exclusion they already denied so since we have the denial and and then we call the adjuster. I did and said Hey. You WanNa reconsider this. They said No. It's not covered on something like this. I didn't argue that do anything. But we're about to file class action lawsuit now against that particular insurance company on behalf of every business that they cover and it could be could be just local. It can be nationwide because they've they've already stepped in it and they we gave them a chance and they know very well that they should be covering on this situation but the reason they say no and again getting back to number one. If you're if you've been denied by your adjuster which you are going to be. Don't just take their word for just like in a car wreck or slip all or whatever just because they say well you don't have a case there. Unfortunately too many people go well. I guess I don't have a case. And then they just get it in a situation like this. You're going to get denied. You might as well look at it or get someone an expert to take a look at it to see if you do have a case because we're going to be a lot of people out there that don't think they have cases that are going to eventually have have any questions. I follow up on this. Because it's not gonna go anywhere is going to evolve is gonNA people are GonNa need more information so you know if you will likely to come you know. Come back on our listeners to either email main questions to Ascii or go to our website cheers the business dot com cheers on facebook. The questions and what's really get on this thing to make sure people are prepared that I think that's the biggest thing is people. Were not prepared for this said now we know about it. You're not in a row a Hannah Tom. So tell tell listeners. And Allan Allan Rich's contact information Yes thank you for that and and I will tell Say One more thing if the people that are like if you're listening right now you're not a business owner and you may say well this doesn't apply to me but if you have family members or friends our next door neighbors or whoever it is if you think this might apply to them please reach out the Bam and let them know because they may not know this and they they may not be listening to this podcast or seeing me on all so absolutely just reach out to anybody and everybody that you know this might apply to again. My name is Bill Island. It's EI land. My office number is two five one. Six six six to one two and again. My email address is be island at E. R. Law Firm DOT COM. And then you can also go to our website which is E. R. Law firm DOT COM and. I believe we facebook page as well. But you know anytime you need and then. I would encourage people to watch law call on on. Wb WE BEEN COMING on since two thousand six. We haven't missed a Sunday since two thousand six. We come on at ten thirty at night on Sunday right after the knees and as you can imagine the last four five weeks this is basically talking about all things Barris related not only business interruption. But also how it's affected the courthouse system and cases and child support orders than it's really done a number on a lot of different. Thanks so if you had any questions you can always call us We we Kinda know. The sounds Kinda hokey but we gotta eat the voice of reason in the legal voice in here no bill not screaming and shout and and jumping up and down and talking about how much money we got our class. We want people to in a because people are scared right now. We want to see if there's anything we can do for people we're dry. I think it's about being fair. Never I duNno that. Getting greedy never got anybody anywhere. We didn't already pay for it if I pay insurance in. And now it won't pay you not exclusion. I think I like late. Deserve to be paid. Absolutely you know I mean I hear this a lot people say you know. I had a woman come into my office last month. Who has been paying for twenty five years been paying for uninsured motorist coverage and she was hit by a person that had no insurance and so I told her said well. The bad news is person has no insurance. The good news is you have uninsured motorist coverage which will take care of this claim and she said Oh no no no no. I can't do that and I said why she said. Well I've been you know I I don't blame you to my insurance company. Didn't do anything wrong. So I'm not gonNA make a claiming we'll ma'am you've been paying for this insurance for over twenty five years and it's just for this particular occasion if the other side didn't have insurance and here you go and she said No. I don't think it's the right thing to do and I just I. I'm just amazed and she. She refuses to make a clean and but she's been paying for that insurance. So the point is like you said you WanNa get what you pay for? And if he's been paying premiums or something that applies then you should be able to be reimbursed under the terms of policy. We're not asking for companies to do anything other than what they're required today my campfire you know when I had the CPA firm on and file for BP had opened a petite thousand ten. But I didn't follow it because money off of it to me. That was wrong. That was unethically. I was not hurt by. I was helped by. So why should I benefit from it? Because I already was. I'm all about that. Would make preach class action ever ever ever and but this is a different ball game in this people's Livelihood. Being children were at a time but bill. Thank you so much for coming on the Xiao any last takeaways for people again. There's no reason to not reach out somebody on this again. It is not going to cost you a dime. Don't think that there's some kind of the bait and switch situation going on where you know you bring in the policy. And they were like we're like how we've got you now we're GonNa make much money off of this. That's not what is you. Give us the policy. We'll take a look at it. If we think you've got a potential playing we'll let you know and then we'll let you know what we think that she should do from that point. You may very well not have a claim but he may have again. You may have a claim in the future. What's the government gets involved and starts mandating some of these insurance companies to pay so. Go ahead get your ducks in a row. Now let me or someone take a look at your policy. And then we'll give you an assessment as to what you need to do in the future Glad you said that because I did think this is going to evolve with the state mandating and you know. I have Monday pages to see a consulting services and I've been putting. Sba P P. E. L. information out inside life to include this kind of information. If you can keep you posted an just forget listener. That'd be great. I we never show with cheers to. What are you say cheers to right now? This weird time years too long standing friendships business and regular. That's right exactly cheers the my family. We haven't killed each other yet. My wife and is a daughter lives in Chicago. And we were actually in Chicago in mid March For the Saint Patrick's Day parade. 'cause he finally had an off week and that's when all hell broke loose this thing and so we came back and then we brought her back with us because they've been completely shut down up there so it's been nice to have we've got daughter back. She she leaves probably at the end of this month and then ar signed. They shut down South Alabama. So he's he's at home so we're kind of the big happy family again and and we've made the most of it is bad. Obviously but there's some good takeaways you can have from this. Yes at the beginning if we chased. Look at it from the left or the right Dear it's all and I think there's some opportunities for people on here in the way you've been businesses. I decided to be right now. Also one thing about the families us all a joke online. That guy said he said of sitting on the looked over and I saw this pretty blind and come to find out. We've been married for twenty five years. She's not so bad after all so many more people are starting to get to know each other a little bit better. Maybe some not for the good you know. They say that the the soup professions that are going to do well on this or talks a lawyer unfortunately bankruptcy orders but also divorce lawyer so we'll We'll see what happens with this. That's right that's right. Thank you for coming on a sweetheart letty. When when when you come back please be sure to subscribe to cheers business. Podcast on itunes or anywhere else that you get your podcast visit our facebook and be sure to give us a like and if you have any questions or topics you'd like us to discuss shoot us. An email from the website cheers to business dot com.