Colorado Attorneys for Business Interruption Coverage
If the COVID-19 pandemic has negatively impacted your business, then you may be eligible for a business interruption insurance claim. Most business owners aren’t even aware that they may qualify for this type of insurance claim. Let our Colorado law firm help get you the coverage you deserve under your policy.
Don’t wait to get the relief you need now during this difficult financial time.
Is Your Business Eligible For Business Interruption Coverage Due to COVID-19?
The COVID-19 pandemic is taking an unprecedented toll on the world. Not only has it impacted global health, but it has significantly impacted the global economy. In the United States alone, over 30 million people—an unprecedented amount—have already filed for unemployment since March 1, 2020, and millions more are reporting significant drops in their income.
How COVID-19 Has Impacted Small Businesses
Businesses have also been negatively impacted due to COVID-19. Millions of businesses, large and small, have been forced to close due to statewide mandates that require all non-essential businesses (those which do not deal with goods or services related to sustaining life) to close. For businesses that have been ordered to close completely, the financial loss is total. While many small businesses are applying for emergency business bailouts, not all of them are approved.
Additionally, what money is provided may not stretch very far in the current economic climate. For businesses that are allowed to remain open, revenue may still be impacted negatively. In almost every state with stay-in-place orders, businesses that have managed to stay open have been required to shutter their physical spaces and serve customers through online, curbside, drive-through and delivery options only.
While some businesses are adapting to this new stipulation well, some small business owners are either unable to handle that transition, or they are not getting enough orders per day to justify the cost of opening for business. In many cases, the orders per day may only be a fraction of what they were before the pandemic, primarily if that business relied on people’s lives—and the economy—operating normally.
Business Interruption Insurance: What You Need to Know
You may be entitled to compensation if your business insurance policy includes business interruption coverage. Read on to find out more about what business interruption insurance coverage is, what it includes, and what to do if you think you may be eligible due to the COVID-19 pandemic.
What Is Business Interruption Insurance?
What Does Business Interruption Insurance Cover?
Business interruption insurance policies are meant to compensate a business for profits that would have otherwise been earned without the disaster or event that caused the interruption. In other words, this type of coverage is designed to boost a business back up to the standard financial position they expected to be in before the interruptive event. Three of the most common types of financial losses that business interruption insurance may cover include:
- Profits – profits which would have been earned if not for the interruptive disaster
- Fixed costs – fixed costs or expenses such as rent and utilities
- Temporary location costs – costs associated with expenses related to operating from a temporary location
However, business interruption policies are not one-size-fits-all. Some may cover interruptions due to some factors and not others, and some may only cover specific elements related to business interruption, such as compensation for profits but not compensation for certain fixed costs. The exact type of compensation offered will depend on the specific policy included in your business insurance coverage. If you aren’t sure exactly what your policy covers, you are not alone. Most business owners do not even realize they qualify for this type of compensation. The experienced Colorado insurance attorneys at Bachus & Schanker, LLC will help you find out what you may be entitled to receive and then fight to ensure you get the compensation that your policy guarantees.
Can Your Business Claim Business Interruption Coverage Due to COVID-19?
Business Interruption Coverage Due to COVID-19: Take Action Now
The economic impact of the COVID-19 pandemic will be felt in the months and years to come. Businesses that have been negatively impacted by current events may be eligible for compensation under a business interruption or similar insurance policy. If your company has been financially affected by COVID-19, then you should take action as soon as possible to file a claim under the right insurance policy. We are here to help you navigate your business interruption insurance claim and, if you are eligible, fight for you to receive your entitled compensation from your insurance company. If you may be eligible for business interruption insurance, contact our insurance experts today for a free initial claim evaluation.
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