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Business income not covered in Coronavirus shutdown.

3/17/2020

0 Comments

 
The sad news to report for any small business that is shuttered due to coronavirus isn't covered for any lost income. Most small business insurance policies have loss of income included but after a physical loss to their business. A physical loss like fire, wind, hail, lightning.....must 1st occur before the lost income can then be applied to a business.

Loss of income because of a government mandate or a disease isn't a "trigger" for income loss to apply. Unfortunately for small business owners, there wasn't or hasn't been an option to even include something like this. I don't mean to be the bearer of bad news but small business owners need to know this.

If the Federal Government steps in with emergency funding for small business owners it may be like "if you've been denied loss of income by your insurance company, you may be eligible for this funding". Or something to this effect. So you may need to place a claim in with your insurance company anyway, to get to this emergency funding. We won't know until some sort of directive like this comes out.

​Let's hope this epidemic gets solved soon and every small business owner can get back to running their business. We can only hope this is a quick ending epidemic.
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  • Home
  • Quotes
    • Property Quotes >
      • Landlords Insurance Quote
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Renters Insurance Quote
    • Business Quotes >
      • Restaurant Quotes
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Workers Compensation Quote
    • Auto Quotes >
      • Auto Insurance Quote
      • ATV Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Umbrella Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Wedding Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Policy Review
    • Contact My Carrier
    • Free Consultation
  • Insurance
    • Property >
      • Landlords Insurance
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Renters Insurance
    • Business >
      • Restaurant Insurance
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Workers Compensation
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Life/Financial >
      • Life Insurance
      • Umbrella Insurance
    • Other >
      • Boat Insurance
      • Event Insurance
      • Wedding Insurance
  • About
    • Blog
    • Client Testimonials
    • Refer a Friend
    • Free Reports
    • Staff Directory
    • Insurance Carriers
    • Agency Photo Gallery
    • News
  • Videos
    • Landlords Insurance
    • Comprehensive Coverage
    • Independent Insurance Broker VS an Insurance Agent
    • How to Get Good NY Landlord Insurance Policy
    • Homeowner and Liability Risks
    • Homeowners Garage Insurance
    • Property and Landlord Insurance
    • Underground or Service Line Homeowner Coverage
  • Contact
    • Privacy Policy
  • FAQ
    • Does homeowners insurance go up every year?
    • What does collision coverage on a car include?
    • Does getting home insurance quotes affect your credit score?
    • What is no-fault insurance?
    • How should I deal with an at-fault driver's insurance company?