Information About How BI Insurance & COVID-19 Impacts Your Business
You’re likely curious about how your business interruption insurance impacts you because of recent COVID-19 events. Understanding the different types of coverage can help you get the assistance you need.
Business Interruption Insurance (BI Insurance)
Does your business have the right coverage to assist you through the coronavirus pandemic? Generally speaking, many businesses do purchase business interruption service insurance in order to protect themselves from a potential inability to generate revenue. The types of coverage vary based off of the package any given business may have. With respect to the recent coronavirus pandemic, it’s important that you understand your insurance coverage. You may need to file a coronavirus businesses insurance claim and seek legal assistance from business lawyers who recognize the urgency of your situation.
Contingent Business Interruption Coverage
How will your business adapt to changing supply chains in the midst of the coronavirus pandemic? Your BI insurance may have a contingent business interruption policy which can protect you from supply chain impacts. For example, if you work with third-parties, suppliers, and manufacturers overseas and are facing or might face losses because of the global economy, you could be eligible for this type of coverage from your provider. You may be in need of attorneys who negotiate with insurance companies on behalf of businesses affected by COVID-19 losses. Our team at Jennis Law wants to help you find the resources you need.
Are contagions included in your covered peril clause? In some cases, covered peril clauses may exclude contagious diseases from business interruption insurance coverage – with recent events, this means it could exclude coronavirus-related impacts. In order to determine whether your business is insured under covered peril, you may need to discuss your coverage contract with an experienced team of attorneys who can help you minimize the impacts of COVID-19.
Direct Physical Loss
Has your business had to close due to physical ramifications of COVID-19? In order to enact your business interruption insurance, some policies require that a business has suffered or endured physical damage. For example, water damage to your place of business because of a hurricane. Direct physical loss clauses can be complex with regard to the coronavirus because some businesses may seem, on the surface, eligible for coverage. In order to investigate your direct physical loss provision and learn more, reach out to us at Jennis Law today.
Civil Authority Coverage
Have government-ordered COVID-19 lockdowns or quarantines impacted your business? Some types of BI insurance coverage include a civil authority coverage provision. This, in basic terms, protects you from loss in revenue due to school or city shutdowns ordered by the government. Such quarantines and lockdowns can severely and irreversibly impact local businesses should they not have the proper coverage in place.
Jennis Law is dedicated to getting you every resource possible to help your business during this pandemic. From emergency SBA loans, to coronavirus claims, and any other questions, be sure to contact us today.