T
o all of our Business Clients,
While this is a time of great uncertainty, we are committed to exploring this uncharted territory on your behalf. We are receiving countless questions and concerns. One of the top concerns is- Am I covered? How coverage triggers under insurance policies are at the forefront of everyone's mind as a fear of long term quarantine and shut down escalates.
It is possible on your commercial property insurance to extend coverage to include coverage for loss of business income due to a closure of your business caused by a covered peril. A communicable disease like the Coronavirus may not be a covered peril, but you should not allow that assumption to keep you from taking action.
It is important to report all claims and potential claims to EACH AND EVERY CARRIER whose policy might apply to your loss. The insurance carriers will need to determine coverage on a case-by-case basis. This includes Commercial General Liability, Personal lines, Umbrella, Excess, Workers Compensation, Specialty and any other policy you may have.
If your business closes due to the Coronavirus, it is important to know (again) that communicable diseases typically are not a covered peril that would give rise to insurance benefits for loss of income. It doesn’t matter if the loss of income is just from a downturn of business due to the loss of many customers or the actual closure of your business. However, you should still report all claims and potential claims.
Please be sure to contact our agency if you have any questions.
Thank you and stay safe,
Commercial Lines Team
Berry Insurance Group, Inc.
513-831-2200
