What is business interruption insurance?
Business interruption insurance is an insurance policy designed to cover losses your business may experience during a catastrophe. The purpose of business interruption coverage is to “fill in” when a business’ income stream has been interrupted.
Do I have business interruption insurance?
Yes, or no, or maybe! You’ll need to check your business owner’s insurance policy to be sure if you have the coverage.
Business interruption insurance is a specific policy underneath the umbrella of your business owner’s insurance, which may cover everything from general liability to workman’s comp and business automotive.
Do only certain businesses qualify for business interruption insurance?
While businesses may carry interruption insurance, many other entities qualify for business interruption insurance as well: churches, universities, schools, and other additional private entities may have coverage. If you carry business owner’s insurance for liability or property, you may qualify.
What if my business has lost income due to the pandemic?
If your business has lost income or your business’ income stream has been “interrupted” due to the coronavirus pandemic your insurance policy may be able to help.
We understand the impact COVID-19 is having on small businesses across the country. Many “non-essential” businesses are suffering financial damages and hardships due to the pandemic. The coverage business interruption insurance provides is critical.
How do I know if my insurance policy will cover my losses during COVID-19?
Each insurance policy is unique. First, contact your insurance agent to find out if “business interruption” is covered under your business owner’s insurance policy.
Second, find out if the losses you’ve experienced during the pandemic are covered under your policy. Exclusions may apply to your business interruption insurance, including viruses.
Third, obtain a copy of your business owner’s insurance policy. Regardless of whether your insurance company says you’re covered, ask to see a copy of your insurance policy for review.
What if I have business interruption insurance, but my insurance says it’s not covered during the coronavirus?
Insurance policies are unique. Some business insurance policy forms include contamination or the impact of governmental authority while other policy forms may exclude coverage for viruses. Regardless of exclusions, coverage may still apply.
Many insurance companies are simply responding “no,” when asked if business interruption insurance applies. Despite a blanket response, in many cases, interruption insurance is available, and losses can be recouped.
If you’ve been told your losses are not covered during COVID-19, contact our firm at (870) 246-0505 or toll-free at 1(800) 305-0529. You may still be covered. Taylor King Law will review your policy.
How much does it cost to have my insurance policy reviewed?
It’s free to have your insurance policy reviewed.
If you have a business owner’s insurance policy that carries coverage for business interruption, but you’ve been told exclusions apply, contact us. We’ll review your business owner’s insurance policy at no cost to you.
Contact Taylor King at 1(800) 305-0529 or contact us online. You can reach us via chat or by text. Click the “Text Us” button now to text Taylor King Law. If you prefer, you can fill out the form below and we’ll reach out to you.
As a small business, we know the challenges businesses are facing during these unprecedented times. We’re in this together. We’ve been on your side – by your side for 25 years. We’ll be here for you now.