A personal note from Ashley:
As your risk advisor, I want to keep you informed as to how your insurance policies might respond to potential losses stemming from COVID-19. Please see the message below regarding insurance and the coronavirus.
As a personal side note, it is a privilege to serve you. One of the greatest joys of what I do is knowing and working with business owners, administrators and entrepreneurs such as yourself.
I am inspired by your grit and determination. I am confident when we come through the other side of this crisis, we will be a stronger nation thanks to people like you who exemplify the true American spirit.
Commercial Insurance as it relates to COVID-19
To our valued partners:
As our nation navigates the uncharted waters of the coronavirus COVID-19 outbreak, I want to remind you that we are here to assist, guide and support your insurance needs. Over the last week we have received several inquiries about losses pertaining to COVID-19.
It is possible to extend coverage on commercial property insurance to include loss of business income due to a closure of your business caused by a covered peril. Please note, it is not the intent of the insurance companies to insure communicable diseases, like COVID-19, but you should not allow that assumption to keep you from acting.
First, it is critically important to report all claims and potential claims for EACH policy that might apply to your loss. This includes commercial property, general liability, umbrella, workers compensation and any others you may have.
Second, not all policies include business income. We need to determine if business income is a listed coverage on your policy. If you don’t find the coverage in your policy description, be sure to call or email us.
Third, if your business closes due to COVID-19, it is important to know (again) that communicable diseases are not typically a covered peril that would provide loss of income coverage. When the peril does provide loss of income coverage, this would include loss from a downturn of business due to the decrease of many customers, as well as the actual closure of your business. With this in mind, you should still report all claims and potential claims to allow the insurance company to make the final determination on coverage.
Finally, our thoughts and prayers are with all of you, our valued partners, during this unsettling time. Yes, these are uncertain times with the health and financial concerns that we are all facing, but please know, we are here to help in any way we can.
Please be sure to contact our agency if you have any questions.