With more than 1 million deaths recorded around the world and 41 million infections, the toll of the novel coronavirus pandemic will be felt and experienced for many years to come. With no end in sight against Covid-19 in the USA and the rest of the world, businesses have been forced to lay off staff or been forced to close doors as a result.
The economic impact of this pandemic is untold. The world is seeking new ways to stimulate the economies and in doing business. The Insurance industry has been one of the best sources of assistance by providing small businesses with bail-outs. The hardest hit of all market sectors is the small businesses and single entity businesses. By reading the experiences of customers and business owners on US-Reviews on business that have benefitted from aid from their insurance companies highlights the importance and value of such cover. To better understand this, read Hiscox Small Business Insurance reviews.
• General Liability Insurance
• Product Liability Insurance
• Professional Liability Insurance
• Home-Based Business Insurance
• Worker’s Compensation Insurance
• Commercial Property Insurance
• Business Interruption Insurance
It is Business Interruption Insurance cover from which small businesses now depend. This type of cover protects businesses against income losses caused by disruptions to their business practices after a disaster or unanticipated interruption. It provides financial relief for losses, whether by damages or interruptions to services. It will provide relief for revenue lost due to a business being closed, assist with cover for fixed expenses such utility bills and rental costs, and also offer relief when a business has been forced to operate from a temporary site.
Each policy and insurer will provide limits for specific covers. Due to the coronavirus pandemic, many business owners have wondered if their insurance provider covers them for business income/business interruption claims. In the majority of service providers, pandemic-related losses or business interruptions are not covered under their policies. To make sure you are covered for this though, your business policy must have a full coverage plan that includes losses due to communicable diseases.
This contingent business interruption coverage includes disruptions to a business’ supply chain, loss of revenue, cost of repair of equipment, and cost of cleaning and sanitizing workspaces. Another add-on policy that falls under the full coverage plans is that of infectious disease coverage.
Requesting relief will help a business to not only stay open but will enable them to continue to support their employees in this time too. The financial relief allows businesses to adjust their business models to align with the protocols under the pandemic by helping their employees to work from home and to shift their business processes to an online model.
Should your insurance policy not cover your business for business income insurance coverage, many states are offering a government relief program. There are legislations created to assist businesses too: Families First Coronavirus Act and the CARES Act.