CALL (800) 863-5312 TO SPEAK WITH COLORADO SPRINGS BUSINESS INTERRUPTION LAWYERS FOR FREE
Nearly every aspect of life for Colorado residents has been impacted in some way by COVID-19. From the emergency shift to online schooling to large-scale job losses, Coloradans have been dealt heavy blows by the virus. Unfortunately, business owners have been hit extremely hard by stay-at-home orders preventing customers from shopping, as well as the general economic downturn that is dissuading spending.
If your business has been impacted the coronavirus and you are thinking about filing a claim under business interruption insurance in Colorado Springs, call (800) 863-5312 for a free consultation with an experienced attorney.
COVID-19 BUSINESS INTERRUPTION CLAIMS IN COLORADO SPRINGS
Many business owners who purchased business interruption insurance may have assumed that their policy would cover them in the event of a large-scale disaster like the coronavirus pandemic. However, business interruption insurance is typically designed to cover situations like wildfires and storms that cause actual damage to property. More than that, many policies specifically exclude viruses or pandemics. If you are a Colorado business owner and have been negatively affected by the pandemic, your first step should probably be to look at the specifics of your policy to see what is and is not covered. Next, it may be advisable to speak with a Colorado Springs business interruption insurance attorney to find out what your options might be and how to strategize moving forward.
For a free legal consultation with a business interruption insurance lawyer serving Colorado Springs, call 800-863-5312
WHAT IS BUSINESS INTERRUPTION INSURANCE?
Business interruption insurance (BII) is a special type of insurance coverage that compensates a business for lost income and costs incurred during an emergency or disaster. It is typically not its own insurance policy. Rather, it is instead added to an existing policy that covers the property. Essentially, it insures a business owner for the period in which they cannot operate due to a disaster, from the time of the disaster happening to the “end of business interruption period,” which is typically defined as when the damaged property has been restored to the state that it was in before the disaster occurred.
Each plan will be different in what exactly it covers, but a few of the more common costs that are covered by BII include:
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Obviously, businesses exist to make a profit, which they cannot do during a disaster. The most basic element that typically will be covered by BII is the profits that the business was unable to earn. This will usually be measured by the profits that the business earned in the previous month.
Even during a disaster situation, businesses may be required to continue paying taxes. Because of this, BII may help a business make these payments to avoid paying any fines or fees.
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If it is deemed to be essential to prevent the business from losing employees during the disaster period, then BII may help business owners pay the wages of their staff.