Vail Valley Partnership joins national business coalition
The Vail Valley Partnership, along with over 80 chambers of commerce and business associations across the nation, have created the Save Small Business Coalition to address concerns about the global COVID-19 virus outbreak.
Businesses need cash now. The coalition, spanning 15 states, wants to empower a solution for both small businesses and the insurance industry, backed by the federal government.
In the past few weeks, communities across the nation have seen their local businesses make the difficult decision to reduce hours, lay off employees, and, in some cases, close their doors for good. Many businesses do not qualify for disaster loan programs and some cannot afford to incur additional debt.
There is nothing in any business’s insurance that covers this unprecedented event of the civil authority of closing of businesses. Trying to reform the policy contracts after the fact will likely end up in protracted legal battles and debate while businesses fail and the families they employ suffer irreparable harm.
The Save Small Business Coalition believes that with a federally funded backstop to cover business continuity expenses through defined grants to business owners impacted, insurance carriers and agents could potentially act as a distribution center for funds and likely help define the terms of the grants based on their experience as claims payors and policy writers. The coalition advocates that government funding be provided to the insurance carriers for a streamlined process without adversely impacting the overall insurance safety net.
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Are we seeing more bears because there are more bears on the valley floor, or because we’re all spending more time at home? It could be a bit of both.