- On April 20, 2020
Recent protests and rallies in Texas, Colorado, Ohio and others to “re-open” America and stop COVID-19 lockdowns prove just how challenging this “new normal” is for businesses. The only problem? Experts warn that these rallies will likely create another wave of infections and continue spreading the virus – perpetuating the stay-at-home orders.
For businesses struggling during this time, there is hope. In addition to a variety of grants, loans and funding options many are seeking business interruption insurance help. If you have already reviewed your policy and think you might have coverage, now is the time to file a claim and get the process started.
Why You Shouldn’t Wait To File A Claim
Coverage relating to COVID-19 is also changing rapidly. As we speak, several government officials have joined together to pass legislation so insurances will have to payout business interruption claims. Federal and state authorities are responding differently but many are in favor of insurers paying claims.
In places like New York, the claims are being used as data. The Department of Financial Services has requested insurances to report on the status of business interruption claims and policies. California’s Insurance Commissioner is demanding insurances look into ALL business interruption claims and properly investigate them. Some states have expanded the definition of “physical loss” to include contamination, while others have not. Right now, coverage is being limited by policy interpretation but that could change if state and federal mandates are put in place.
If you have coverage, filing a claim early may help you get a faster resolution to your claim – and get you ahead of the massive influx in claims should carriers be demanded to pay.
Not sure if you have coverage? Learn what to look for here.
Need Expert Help?
COVID-19 is creating unprecedented challenges for business owners. Save time, get peace of mind and learn what options you have by requesting a comprehensive policy review from our team of experts. Click here to get started.