Businesses all throughout the world are experiencing times truly unprecedented. At this time last year, no one in the United States could have expected the happenings that have gone on throughout the year, and this rings particularly true for business owners. Shutdowns, outbreaks, and social distancing has taken its toll on businesses throughout all industries, and many are turning to their commercial insurance companies to see if there is any way they can seek help. Government payouts for small businesses were too small for most, and any help that can be found is greatly appreciated to keep doors open and businesses going until this pandemic can be ridden out.
While you may not be able to rely entirely on your commercial insurance to solve Covid 19 related woes, a few answers can help you to prepare for the future, learn more about your policy, and see what may be able to be done to keep your business afloat.
Answers For Your Common Covid 19 Questions
Some questions are ones seen often in the commercial insurance realm and answering a few of these can perhaps help business owners to understand their insurance policy standing a little better during these times of uncertainty. Some of these questions include:
- Can I seek retroactive coverage? – If you have experienced losses due to the Covid 19 pandemic, investing in a relevant insurance policy now isn’t going to help to cover those damages from before. Much like auto insurance, you can’t seek coverage for an accident that has already happened. When you obtain a policy or a policy change, business owners will have to sign off that they have “no known losses” they plan to claim for after purchasing their coverage.
- How long will any Covid related specials be available? – In some instances, policies may have special exceptions, payment exemptions, or other special provisions in place through the Covid 19 pandemic. While these relief options were available throughout much of 2020, they’re slated to be retired during the early portion of 2021. Not all insurance providers or policies had such provisions, but those who did will be phasing them out in the next handful of months.
- Am I protected while temporarily closed? – If you’re temporarily closed for a Covid related shutdown, you may not expect your policy to cover your damages unless you’ve opted for a communicable disease rider. Covered peril typically refers to physical damage to the building through natural disaster, vandalism, or other catastrophes, not viruses, bacterium, or other microorganisms.
Keeping You Protected From What’s Ahead
Businesses that are already struggling through the pandemic simply can’t afford another catastrophe, and this is where your commercial insurance policy really comes in handy. Should your business burn down, be destroyed in a storm, fall victim to looting or vandalism, or be damaged in any way, your insurance policy is there to keep you protected. To learn more about keeping your business safe with thorough commercial insurance, contact us at Panorama today.