Corona took the world by storm, disturbing the lives of people around the globe. Social distancing measures led to many non-essential companies closing down and taking a hit to their profits. Small business owners were especially devastated by the new regulations that cut their audience and made it difficult to stay afloat. While very few successfully prepared for a pandemic, many companies prepared for “unforeseen emergencies.” It’s essential to learn more about the insurance policies so that you can see if they cover your COVID-19 related crises.
What is business interruption insurance?
Business interruption insurance offers coverage for companies to receive their regular money despite circumstances that disrupt their productivity. Traditionally, these policies covered wages or income lost while critical machines received repairs or compensation for profit lost because of disaster. In summary, it covers anything that “interrupts business.” There are some standard policies to familiarize yourself with:
- Business Income Coverage
This policy ensures your business continues to receive income despite damages to property causing disrupted business activity. It refers to a physical loss of property (fire in a warehouse, automobile accident destroying company vehicle, contamination of materials or location).
- Civil Authority Coverage
When a legal action or order prevents workers from performing activity on the property, civil authority coverages are appropriate policies for maintaining income.
- Extra Expenses Coverage
This coverage helps finance extra expenses that directly result from the damages that inhibit proper work conditions.
How does this relate to corona?
No one saw the devastating pandemic coming, but that doesn’t mean insurance companies hold no responsibilities for their clients. The whole purpose of investing in these insurance policies is so that you have coverage for unexpected circumstances. By definition, this surprise pandemic is an unforeseen circumstance.
Case law regarding business interruption insurance evolves rapidly in the scope of the coronavirus. Many companies are falling under, and it is unfair that businesses should suffer when they invested in coverage for unforeseen events. Corona was a blow to the economy, and companies need to try to do what they can to stay afloat and support their employees.
Contacting a lawyer is crucial to get the help you need when settling disputes with insurance companies. They have the experience and resources to help you during these uncertain times. There is a lot of a gray area regarding corona within this field, and having expertise on your side gives you a fair advantage.
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