CALL (800) 863-5312 TO SPEAK WITH A DENVER BUSINESS INTERRUPTION ATTORNEY FOR FREE
COVID-19 has halted business operations across the United States, causing many businesses to file claims with their insurance providers to cover their losses. Business losses due to COVID-19 may be covered under a business insurance policy, even if the insurance company denies the claim. In fact, some business owners may not even be aware that they qualify for this type of coverage, which is why it’s important for any business owner to hire an experienced attorney who may help an owner seek compensation for their business losses.
If you have had your business shut down by an emergency or disaster, call Zinda Law Group at (800) 863-5312 for a 100% free case evaluation with our Denver business interruption attorneys.
For a free legal consultation with a business interruption insurance lawyer serving Denver, call 800-863-5312
COVID-19 BUSINESS INTERRUPTION CLAIMS IN DENVER
Millions of businesses have been forced to close due to nationwide COVID-19 related mandates requiring non-essential businesses to close. Although many small businesses have been ordered to close and are applying for business interruption insurance (BII) coverage, many of these claims are not approved.
According to The Denver Post, many small business owners are learning that some business interruption insurance policies do not cover damages resulting from bacterial or virus contamination. Basically, “the business would require direct physical damage, such as widespread contamination of the facility to be covered. And even if covered, some businesses only are covered for a few days of lost income, not the weeks or months a pandemic can last.” For example, executive director of the Rocky Mountain Insurance Company Association has stated, “We realize businesses are struggling through the restaurant shut-down during this extraordinary situation. Business interruption coverage is generally tied to a specific cause of loss for physical damage that results in businesses’ inability to do business, and property policies typically exclude closure due to a virus or bacteria.”
Essentially, it is up to business owners to double-check their coverage, which is why hiring an experienced business interruption attorney may assist you in seeking coverage for your business losses.
The Denver Post reported that the Colorado Division of Insurance has had one complaint filed about BII in the past week. According to Colorado Division of Insurance spokesman Vince Plymell, “This particular insurance coverage is being discussed in all states right now, as well as at the federal level,” he said. “While health insurance issues have been the first things to be considered due to the impact of COVID-19, the Colorado Division is also looking at a variety of issues related to property and casualty insurance and what those issues mean for consumers, as well as the insurance industry.”
Business Interruption Insurance in Denver lawyers near me 800-863-5312
WHAT IS BUSINESS INTERRUPTION INSURANCE?
Business interruption insurance is a type of insurance that covers a business’s lost income in the event of a disaster or emergency. BII is not an individual insurance policy to be purchased, but is instead included in an insurance policy package or is added on an existing property or casualty policy. BII coverage lasts until the end of the business interruption period. This period usually lasts until the damaged property is repaired and restored back to its condition before the disaster.
Most BII plans cover more than lost income. Specifically, BII usually covers:
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Employee Wages
BII plans may help business owners pay their employees’ wages if payment of wages is deemed essential to avoid losing employees while the business is shut down.
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Profits
BII plans may reimburse the profits the business would have made had the emergency or disaster never occurred. These reimbursements are typically based on the business’ earnings the prior month.
Fixed Costs
BII plans may cover fixed costs for operating expenses, supplies, and other costs associated with running the business.
Temporary Relocation
Some BII policies may cover the costs of moving to a new or temporary business location.
Loan Payments
When an emergency or disaster halts a business’s operations, BII coverage may help cover loans the business is required to pay back.
Additional Costs for Training or New Equipment
Your business may have to utilize new programs or machinery and hire new staff to deal with the disaster or emergency. Many BII policies may cover the costs of new equipment and training costs.
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