Sharp Thoughts - Business Interruption Insurance
Most businesses have it, but can it help during the COVID-19 crisis? We shared this information with our clients and thought you might find it helpful.
Business interruption insurance is fast becoming a major issue to consider. Guided by our in-depth discussions with clients and insurance specialists, we believe that now is the time to begin to address potential consequences as a result of COVID-19.
There are many debates going on at the state and federal government levels about the insurance industry, and business interruption insurance. While most businesses have a policy protecting them from interruptions in the business that cause economic loss, many of those policies preclude loss due to a virus or pandemic.
While we are not certain as to the outcome of decisions by insurance companies and governments, we are recommending that our clients reach out to their insurance broker to discuss all options, including filing a claim. At a minimum, we believe you should document any possible losses so that if there is an opportunity for reimbursement, you will be prepared to defend a claim.
If you have any questions, we are here to help. Please do not hesitate to contact us to discuss further.