COVID-19 Topics of Concern
All businesses are experiencing changes as a result of COVID-19. Restaurants are closing to the public and adding delivery services; manufacturers are now producing hand-sanitizer, masks or ventilators; and most will experience reductions in payroll and sales. And, of course, almost every business will experience some loss of business income!
Whatever it is that your business is doing differently… let’s talk about it!
Here are a few of the topics that might be of concern to you:
Business Income: Some policies include coverage for loss of Business Income due to a covered peril, or cause of loss but most do not include Pandemic as a covered cause of loss. However, we would want to submit your claim to the insurance company for review of your individual contract and circumstance.
COVID-19, Affected Employee: Do you have an employee that has tested positive for the virus? If so, you do need to report it to your workers’ compensation carrier.
Cyber Risk: Are you and your employees working remotely now? Do you have adequate protection in place to avoid a cyber-security risk?
Delivery: If you never offered delivery services before but are now, we need to hear from you. Your policy may not include the necessary hired/non-owned auto coverage which provides you, as the employer, with protection for delivery by employees in vehicles you don’t own.
Liquor: Your current policy could be limited to on-premise consumption only, leaving you vulnerable to uncovered claims.
Occupancy/Vacancy-Changes: If you are a building owner and you have lost a tenant resulting in a potentially extended period of vacancy, please call us to discuss this. Each policy includes a vacancy clause and coverage can be reduced if vacancy persists past the period allowed in the contract.
Payroll-Reduced: Workers Compensation premiums are based upon your payroll for the entire policy period. If you are experiencing a reduction in payroll and anticipate it to last several months, we can help you maintain your cash flow by adjusting your policy.
Personal Property (BPP): Have you sent your employees home with computers or other business personal property such as desks and chairs? Let’s check your policy to ensure you have off-premise coverage.
Sales/Revenue & Loss of Income: You may already have experienced a reduction or are anticipating an extended period of such. Your policy may be able to be adjusted to more accurately reflect your exposures which could result in a lower premium.
If your business has been affected in any way, please give us a call at 800-222-6016. We’re here to help.