I would love nothing more than get back to Insurance basics, but due to the continued influx of questions from customers, I thought I would share some information.
#1 question we have received this week is "Do we have coverage for business interruption or loss of revenue due to COVID-19 and the Corona virus pandemic?"
Answer: Most Business policies do include Business Income coverage which covers loss of income suffered by a business when a covered loss causes a slowdown or suspension of its operations. Unfortunately, Civil Authority, Communicable Disease, Pandemic, etc are NOT considered a covered loss on any insurance policy.
Good News: We have received many alerts from insurance carriers, providers that are willing to extend due dates, waive late fees, offer payment leniency just to name a few for their customers, commercial or personal that may be affected by business closures and or lost work due to COVID-19.
1. Contact your Insurance agency or company right away to make accommodations for upcoming payments.
2. If your Insurance provider is not making accommodations yet, check back next week, I've seen several filter in through the week.
3. Do NOT wait until your payment is already late to ask for help.
One final thought, with the entire nation affected by social distancing, skeleton crews at businesses, and potential connectivity issues for employees now working from home, your wait times to call your Insurance provider may be delayed, please show patience, leave a message for a call back if you can and don't forget to utilize your personal insurance agent if you have one.
Stay healthy everyone!
Source: Gretchen's Weekly Wednesday Insurance Tip