Insurance companies are advising that Loss of income due to the Corona Virus is not covered under traditional business property and liability. Property damage is required to initiate claims tied to loss of business income, closing due to a quarantine or voluntary closure, doesn’t meet this requirement.
Contagious diseases are often excluded from business liability policies, a precaution used by insurance companies after SARS and Ebola, unless a specific request is made to include it by the business owner.
Unless you work in the medical field, Corona Virus is not considered an occupational disease. Currently, insurance companies are advising that this coverage does not extend to workers dealing quarantines or forced leave.
We always recommend reading your policies for coverages and exemptions, if you have any questions about extenuating circumstances.
For businesses that are closing, we’ve posted an article on our website on how to access funding passed by congress, with small business loans.
Unemployment benefits are also available for employees going home without work.
The well being of our clients and our employees continues to be our primary concern. Asset Insurance remains open, and our employees will be working remotely to assist clients.