Key Takeaways
- Business interruption insurance helps cover losses when a Portland business must halt operations because of an unforeseen event.
- Common triggers include natural disasters, explosions, water damage, machinery breakdown, cyber-attacks, supply chain disruptions, and civil orders requiring closure.
- This coverage is typically added to a regular business policy and is designed to reimburse lost profits, fixed costs, and temporary relocation costs.
- Coverage usually lasts through the “period of restoration,” from when operations stop until repairs are complete or prior operating conditions return.
- Governor Brown’s order closing all non-essential businesses during COVID-19 significantly disrupted or halted most business operations in Oregon.
If you own or operate a business in Portland, you probably take every step necessary to minimize risks and liabilities to the company. This includes preparing for disasters that could interrupt normal business operations. Business interruption insurance is an excellent way to ensure you are covered in the event operations are halted, and no income can be made. At Paulson Coletti Trial Attorneys PC, our Portland business interruption attorneys want to discuss how this insurance works and what you can do if you are having trouble with your claim.
Contact Our Portland Personal Injury Lawyer
Why Choose Paulson Coletti Trial Attorneys PC for a Business Case?
When your business is jeopardized by major disaster or shutdown, the team at Paulson Coletti Trial Attorneys PC has the experience you need to get through this.
- We have extensive experience handling cases against aggressive insurance carriers, and we will not back down until we secure the compensation you deserve.
- We take the time to get to know every client and the specifics of their situation so we can tailor the case to meet their needs.
- With more than 50 years of legal experience to bring to your side, you can rest easy knowing that we are with you throughout your entire case.
“At Paulson Coletti, ‘liberty and justice for all’ is more than just a phrase – it is our mandate. Our team of trial lawyers is driven to pursue justice for the injured, ensuring that the responsible parties are held accountable. Whether your case settles or goes to trial, you can trust our Oregon personal injury lawyers to be the legal advocates you need so your voice can be heard.”
How Does Portland Business Interruption Insurance Work?
As with any insurance you purchase, business interruption insurance is designed to help cover losses, specifically those that occur if business operations are halted due to an unforeseen event. Some of the most common reasons that result in using this type of insurance include:
- Natural disasters such as floods, fires, or earthquakes
- Explosion damage
- Water damage
- Machinery breakdown
- Cyber-attacks against the business
- Crime or vandalism on the business
- Supplier failure and supply chain disruptions
- Loss of electricity or running water
- Civil orders requiring a business to close (curfews, quarantines, stay at home orders)
Business interruption insurance in Portland is typically something a business owner can add on to their regular business insurance policy. This type of insurance is designed to reimburse the business for the following that is lost due to closure: profits, fixed costs, commission and training costs, temporary relocation costs, and more.
Business interruption insurance will usually last during the “period of restoration” that starts when business operations cease and ends upon the completion of repairs or when the business is returned to the same operating condition that it was before the shutdown.
“Most cases settle, but each of our cases is prepared as if it’s going to trial. The insurance companies know it and so do the defense lawyers defending them. That’s why we get such great results for our clients.”
How Did COVID-19 Impact Business Interruption Insurance?
The coronavirus pandemic has resulted in significant business interruptions throughout the country, including here in Oregon. Governor Brown ordered the closure of all non-essential businesses in an effort to help stop the spread of COVID-19.
This order significantly disrupted or halted most business operations in the state. At Paulson Coletti Trial Attorneys PC, we are ready to help businesses examine their business interruption insurance policies and help them receive maximum compensation so they can get through the COVID-19 pandemic.
We Can Get You Through This
If you have any questions about your business interruption insurance policy in Portland, contact the skilled and experienced team at Paulson Coletti Trial Attorneys PC today. We understand that this is a vital type of insurance necessary to help your business survive. We will investigate every aspect of your insurance claim and thoroughly review your policy to ensure you receive the compensation you deserve. When you need a Portland personal injury attorney, contact us by clicking here for a free consultation or calling (503) 226-6361.