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As the Coronavirus outbreak continues to spread, so do the concerns of business owners nationwide as they face the sudden halt of normal operations and revenue production. Many of those businesses, including TCG’s clients, are reviewing their business insurance policies to assess if there may be provisions to help weather this tsunami of a storm.
While some policies include business interruption coverage, many policies exclude compensation for outbreaks of communicable diseases. This was a significant change made by many insurers after the SARS outbreak in 2003.
Unfortunately, general business insurance and worker’s compensation insurance will not provide any compensation for losses due to the Coronavirus.
A small bipartisan group of members of Congress recently asked the industry to consider retroactive coverage for business interruption losses related to the virus. Trade group leaders responded by underscoring that current business interruption coverage was not designed to cover communicable diseases but they stand ready to support their clients in this time of crisis, noting that "member insurers have been active in charitable efforts in their communities and have begun working with customers to offer flexibility on premium payments." For coverage of this important story, please visit:
https://www.carriermanagement.com/news/2020/03/20/204623.htm
We also encourage you to read the attached article from Workest for more details regarding planning for the future through crisis management and business continuity planning. In the meanwhile, we are here to help navigate, so please do not hesitate to reach out regarding your specific situation and concerns.
