Business Interruption Claims and Considerations in the Age of COVID-19
The outbreak of COVID-19 has caused a significant economic impact for businesses across nearly every sector of the economy. The global pandemic has caused major event cancellations, disruptions to supply chains, businesses to go virtual – if not shuttered entirely – and countless numbers of employees to be furloughed, or worse. The economic effects of the virus are severe and will likely be felt for a long time to come.
Now more than ever, it’s important to revisit and scrutinize your business’ insurance policy to see to what extent unexpected losses resulting from COVID-19 are covered. While some insurers have begun notifying policyholders that few damages directly incurred by businesses are likely covered under typical business insurance policies, this may not actually be the case.
In this webinar presentation held May 13, we share proactive steps you and your business can take to file a claim and receive the insurance compensation you may be entitled to.
Key Discussion Points:
- Potential business insurance coverages implicated, focusing on property-related coverages
- How different parties define “direct physical loss” and what that means for you and your business
- Policy exclusions that insurance companies may invoke to attempt to deny claims
- Legislative changes that are being introduced at state and federal levels
- Calculating your business’ business interruption and extra expense claims
- Proactive steps you can take to substantiate your claim
- Jay Cunningham, director, Katz, Sapper & Miller
- Greg Gotwald, partner, Plews Shadley Racher & Braun
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