What Your Business Insurance Can Cover During the Pandemic

​The coronavirus outbreak resulted in the shutting down of several industries worldwide. Many business owners are now wondering how this would affect their business insurance policy and what actions they may need to do now that most of their employees are required to work even remotely still.

Business Interruption 
If your business operation was temporarily discontinued due to COVID-19, you could ask your insurer if you can make a claim. Review your coverage with your insurers as some only accept a physical loss (like broken equipment) to a physical event (theft or natural disasters) as causes of business interruption. Ask if notifiable diseases are part of your business interruption policy. 

Liability of Employers 
If your employee or ex-employee sues you for a work-related illness or injury, the employer's liability insurance will protect your business. Now that people regularly work from home, it is best to contact your insurer and inquire if their policy covers remote working. 

Cybersecurity Policy 
Now is an excellent time to ensure that your business is protected from cyber-attacks as most of your employers work from home. The risk of a data breach and hacks are high when your employers do not have advanced security systems that you have in your offices. That is why it is best to review your cybersecurity insurance with your insurer to make sure you get full protection for your business despite the risks brought by work from home arrangements.  

Leniency for Small Businesses 
First, you'll have to make sure that you are considered a small business. If so, small business owners can delay their insurance payments for up to six months. You can also ask if they offer refunds for unused premiums. Some fees can even be waived, such as cancellation fees. Talk to your insurance providers to get these perks. 

Project Delays 
Project-specific insurance is helpful if your company is involved in construction services. Expect delays in the completion of your projects during the pandemic. This type of insurance will cover your project delays and business interruption losses. Although the cover is usually provided upon physical damage, you could inquire if you can apply infectious diseases as an extension. 

Due to the pandemic, the total resumption of business operations is still unknown. It is best to review your insurance company's policy to be informed of all the kinds of insurances you can obtain and what your current business insurance can cover. 

At Kapasu Insurance Services Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (760) 995-3853. Get your free quote today by CLICKING HERE.