Synergy Insurance Group Blog
As businesses continue to deal with the dwindling effects of the coronavirus pandemic, it is important to know how your company can recapture its grip in the market with insurance claims. Knowing the essential elements of each claim for your coverage will surely help you uplift your derailed state.
Business Interruption Insurance
Business interruption insurance is designed to protect your business against specific losses that may hinder your business’ growth for a certain period. It generally makes up for the revenue loss that a company could have earned in the interruption duration.
With the arrival of coronavirus in the country placed states in a strict lockdown, this insurance will undoubtedly be a big help for those temporarily closed businesses. However, the pandemic state will depend on the agreed-upon terms between the insurance company and the insurer if this peril qualifies for the coverage claim.
Physical Damage to Property
While business interruption coverage is usually part of commercial property policy, physical damage to insured property is there to kick in the coverages that a business interruption couldn’t. This policy protects you against loss that resulted from the interruption of business triggered by physical loss or damage from a particular peril.
Coronavirus Loss of Income
In various commercial property insurance policies, business interruption coverage is triggered when the insurer incurred a physical loss or damage to covered property. It’s still debatable whether insurance providers will qualify coronavirus-related interruption as part of the “physical loss”.
Policy Discounts and Payment Relief
Since March of 2020, or the beginning of the COVID-19 surge, many insurance providers have given leniency in deadlines for payment, reinstatements, and cancellations, since many have struggled to find income during the period. Some insurance companies are now ruling out these relief options since the government has implemented lesser strict lockdowns and quarantines.
Workers’ Compensation Coverage
Keep in mind that your employee can file a workers’ compensation claim. All they have to work with is to document the necessary file and information to file the claim and classify it as “COVID-19” in the fill-up form. This coverage will compensate employees who work remotely from home to avoid getting infected from the virus.
Under the workers’ compensation coverage, a person can only be qualified to claim if an illness is contracted while his/her remote duty is ongoing. However, it can still be disputed as such scenarios are evaluated on a case-to-case basis.
With the seemingly unending scale of coronavirus existence, having a business insurance policy to protect your company is crucial for safeguarding your business income. Getting accustomed to business insurance claims in the time of pandemic is one thing you should learn about.
At Synergy Insurance Group, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we’re here to help you out. Learn more about our products and services by calling our agency at (763) 797-9999. You can also request a free quote by CLICKING HERE.
We are licensed in Minnesota, Iowa, Michigan, North Dakota and Wisconsin.
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