All businesses should have some type of business interruption insurance as part of their property insurance policy. If your business has been adversely affected during this time, you should file a claim with your insurance company.

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While many policies may seem to contain language that would limit or exclude a claim under current circumstances, that still may not bar your claim. There is discussion currently underway by governments indicating they may take action to compel insurance companies to provide some sort of coverage. If you haven’t applied, you may not be eligible.

 

Additionally, please note that even though “damage” suffered by your business may not appear to be physical, such as in the case of a fire, your business may still have suffered loss or damage, entitling you to relief, including:

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— net income you would have earned if the incident had not occurred;

— normal operating expenses that continue even while your business is closed, such as utilities or payroll;

— expenses for cleaning your premises, including hiring a professional cleaning service;

— money spent to bring customers back to your business such as public relations and advertising;

— expenses incurred in pursuing your claim including hiring professionals such as lawyers and accountants;

— expenses necessitated by the use of alternative means to conduct your business, such as the hiring of additional or alternative staff; and/or

— services required to communicate with customers, such as Zoom or other communication tools or enhanced internet or telephone connectivity.

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The steps you should go through to preserve your claim are as follows:

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1. Get a copy of your insurance policy;

2. Find the information on where or how to tender a claim of any kind;

3. Notify your insurance company, either in writing or by calling your insurance broker, that

   you want to file a claim for coverage for damage to your business and business

   interruption loss suffered by your business; and finally

4. Keep good records of any and all damages your business may have incurred, or is

   continuing to incur.

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If you have more questions about insurance issues, please contact a professional.