Coronavirus Business Impact
As Coronavirus spreads across the United States and the world, markets crash and businesses are at risk of having to close. Many business owners are seeking a business continuity plan in order to be prepared, should their business become interrupted by Coronavirus. In addition, since the nature of insurance policy language is complex, many business owners are left to sift through the confusion of determining insurance coverage on their own.
Are these Business Interruption Claims Covered by Insurance?
Taxi drivers state their businesses have suffered as people are working from home, not taking trips to the airport, & are choosing to stay home instead of frequenting concerts, sporting events, and museums.
Restaurant owners are stating that business has dropped 40% & they are having to let go of their part-time staff. Inventories dwindle as ports and food sources become impacted.
Hotel Operators are reducing their daily rates from $459 a night to $149 as tourism is down as a result of the fear of traveling. Hotels that offer large ballrooms for celebrations and corporate events are receiving daily cancellations which have affected catering companies, Food distributors and even Airlines.
The Federal Reserve cut interest rates by .50 percent in order to stimulate economic growth. Bankers have been working around the clock to provide service to endless homeowners who are consolidating debt or purchasing new homes.
How Do I Figure Out If I Have Coverage?
Coverage varies depending on what policy you carry and even if you do have coverage, filing a claim may be tricky. The best approach is to let a public adjuster such as United review your policy and guide you on what specific coverage you carry to protect your business from business interruption. In addition, adding a public adjuster as a tool in your business continuity plan ensures that your business is back up and running as quickly as possible after disasters, with little downtime. We welcome the opportunity to review your policy to determine coverage and to analyze how we can help. Call us today! 1-800-718-LOSS
Learn about our services: CORONAVIRUS/BIOHAZARD