The Coronavirus outbreak has impacted the livelihoods of business owners across the nation. You’re coping with unprecedented changes to the way you do business: working remotely, an economic downturn, and possibly even temporarily ceasing operations entirely. As you guide your business through these obstacles, it’s important to know what your insurance policy covers and how it can help you.
The entire Rue crew wants to make sure your insurance needs are covered during this uncertain period. Get answers to your frequently asked questions on business insurance during the coronavirus below, and don’t hesitate to reach out.
Does My Business Insurance Cover The Coronavirus?
Q: How can I protect my business from future outbreaks and other disasters?
A: Policies don’t apply to claims retroactively, but the right business insurance policy can help protect you from future disasters. As you evaluate your company’s coverage, consider asking about the following policies:
- Group health benefits to cover your and your team’s health and dental insurance
- Workers compensation in the event of work-related injury or illness
- A BOP policy to bundle multiple types of coverage together and save money
- Life insurance for key employees
Q: How can I learn more or file a claim during the COVID-19 crisis?
A: We’re all working remotely at this time, but we’re still open, available, and eager to help you and your business. You can file a claim online, give Alex Rue a call, or schedule a video chat to make sure your insurance coverage questions are answered.
Your business insurance coverage is unique to you, so the best way to know if you’re covered for something is to speak with the Rue crew.
Q: Can I get coverage after a loss occurs?
A: Unfortunately, no, you can’t get coverage for a pre-existing loss, much like you can’t get auto insurance after a collision has already occurred. The best way to deal with a loss is proactively, by making sure your business has the coverage it needs moving forward.
Q: Does my policy cover temporary closure or loss of income?
A: Individual situations and policies may be different so please call us for specific advice. That said, the bad news is that most insurance policies aren’t designed to cover the kind of closures we are currently dealing with. Most policies require a direct physical loss to your location for coverage to apply for loss of income.
Some policies include coverage for a shut down by a civil authority but it requires a direct physical loss, and preventative measures usually don’t trigger a loss. For example, if the roads to your business were damaged by a physical loss or natural disaster and the government didn’t let you access your property because it wasn’t safe, that could trigger coverage. Furthermore, most policies also have an exclusion for losses due to viruses or bacteria.
If you are looking for financial assistance during this time, seek out resources from the SBA or your financial institutions.
We continue to evaluate possible options and coverage for all of our clients and will keep you apprised of any changes. Reach out to Alex Rue to get a better understanding of how we can help you navigate the current situation.
Q: What can I do to save money on my insurance?
A: Some of the customers we talk to are lucky and it’s business as usual. Others are hanging in there and trying to adjust the best they can. And at the other end of the spectrum, we are helping our clients who are completely shut down or considering closing down for good. Depending on where you fall on that spectrum we have options to help.
There’s a myriad of billing flexibility options ranging from waived late fees, deferred payments, and other custom solutions.
One of the most important things we can do is evaluate what your current exposure is. Pricing for insurance is often based on your payroll, gross sales, or mileage driven. If your payroll is lower than normal, sales are down, or mileage driven is less, we can often update that and help reduce your bill. We can also look at your coverage and your budget to help you decide what coverage you need to keep and what can be temporarily cut to reduce expenses.
Reach out, we are more than happy to help evaluate your situation.
Q: Can an employee file for workers comp if they contract Coronavirus?
A: Workers comp covers injuries and illnesses that arise (a) out of and (b) in the course of employment. In many cases, the contraction of COVID-19 is not considered a work-related condition. However, there can be some exceptions for certain employees and industries, such as healthcare providers and first responders.
You’re working hard to navigate troubled times. We don’t want your insurance coverage to add another worry to the list. The team at Alex Rue Insurance is available via video chat and phone to help you cover your business. Reach out.