Coronavirus and Commercial Insurance Coverage

​Covid-19 continues to be a worldwide concern. Business owners now ask the critical question of whether their commercial insurance policy can cover their financial losses due to the pandemic crisis. This article can help business leaders know what their commercial insurance policies can cover and where they can improve. 

Specialty Insurance 
Typically, excluded in the coverage of the standard business interruption policy are losses caused by the pandemic or any kind of viruses. However, due to past outbreaks such as SARS and Ebola, the insurance industry has developed specialty insurances that cover the pandemic crisis. It includes provisions to cover loss of business income due to the government's orders, such as quarantines. 

Business Interruption Insurance 
You can typically purchase this insurance under any company's commercial property insurance policy. It protects businesses from income losses due to disruptions of services. However, because it usually only covers physical loss or damage to property, purchasing a contagious or infectious disease coverage should be considered during this pandemic. 

Workers' Compensation Insurance
On the other hand, the workers' compensation insurance will help cover losses to an employee if he or she has contracted the coronavirus during employment. It is mostly applicable to medical practitioners, like doctors, nurses, therapists, etc., who are at high risk of contracting COVID-19 because they are exposed to the virus daily. It might be wise to protect your employees and ask your insurer about this. 

Travel and Event Cancellation Insurance   
If your business insurance policy covers travel insurance and event cancellation insurance, you're in luck. These can help you cover some financial losses. However, it is wise to review your policies with your insurer as some may have exclusions for the coronavirus. The dates on when the policy was done and the travel destination may also impact your insurance coverage. 

Conclusion
The most excellent thing business owners like you can do to protect all aspects of your business is to get in touch with the best insurance company. They will advise you on the appropriate actions to take so that your business, people, and property will be covered. Be knowledgeable about the right insurance policy you can obtain during this crisis.

At Kapasu Insurance Services Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (760) 995-3853 or Click Here to request a free quote.