The Average BP Business Economic Loss (BEL) Claim as of 4/01/2013 is $217,026

All businesses, not just those near the coast are included in the new settlement. British Petroleum (BP) has set aside $7.8 billion dollars to compensate businesses for economic harm and property damage caused by the oil spill. There is no cap on the amount of money that BP will provide for approved claims and the final number could exceed the $7.8 billion that has been set aside.

Millions of businesses are unaware that they have a valid claim.

As part of the new settlement, BP has agreed to pay for direct AND indirect economic harm. Direct impact includes any business owner whose property or business suffered economic harm that was “caused” by the oil spill. Indirect impact includes any business that experienced a decline or a fluctuation in monthly revenue because of decreased traffic related to the oil spill. Just one less customer in your business as a result of the spill equates to decreased traffic which would mean an indirect impact. Most businesses in New Orleans were indirectly impacted and may be eligible to file a claim.

What geographic areas are included in the settlement?

Click here and check your address on the BP interactive zone map.

All counties in Alabama and Mississippi, all parishes in Louisiana, and certain counties in Florida and Texas are eligible.

What types of businesses qualify?

Almost all types of businesses qualify: Catering companies, ice cream parlors and coffee shops, restaurant suppliers/vendors, car washes, rescue missions, crisis centers, churches/mosques, taxi cab and limousines companies, photo studios, auto repair shops, tire and battery shops, convenience stores, gas stations, car washes, hardware stores, clothing retailers, marinas, boat tours and charter boats, florists and gift shops, restaurants and fast food, barber shops, hair and nail salons, cigar shops, liquor stores, bars, night clubs, laundromats, dry cleaners, grocery stores, travel agencies, RV parks, hotels, motels, bed & breakfasts, spas, country clubs and the list goes on and on.

All businesses qualify, unless specifically excluded from the settlement.

Do I have to prove that the oil spill caused decline in my business?

Claimants are no longer required to prove that the oil spill directly impacted their business. However, business claimants are required to provide their 2007 through 2011 monthly income statements. This is 60 months of financial revenue statements (also called Profit & Loss or P&L statements). Business claimants are also required to provide their 2007 through 2011 federal tax returns with all schedules. Yes, this is a lot of financial documentation needed to process a claim but don't you think it will be worth it? The average BEL is over $200,000

Is there a deadline for filing a claim?

YES, the deadline to file a claim is April 22, 2014. The claims process can take a few weeks up to several months to complete. You’ll want to file as soon as possible. All paperwork must be in BEFORE April 22, 2014. If you intend to file a claim PLEASE do it as soon as possible.

With ClaimsComp there are absolutely NO upfront or out-of-pocket costs to process your claim!

The executive team at ClaimsComp, Inc. has helped more the 180,000 businesses and individuals recover over $240 in class action settlements over the past 15 years.

It’s quick, easy, and free to find out if you are eligible to file a claim.

Attend a FREE 30-minute Client Introduction Webinar Starting 11/04 through 11/25. Events are on Mon. Wed. Fri. Times vary

Monday, Nov. 4th 2013 at 3pm

This is an online event.

“Understanding the New BP Deepwater Horizon Settlement” for potential clients.