These are times of uncertainty. In our 44 years in business we have never seen the likes of what is happening to our economy because of the effects of a virus.
On the one hand, I understand the potential health risk we all face with the Coronavirus, particularly to our senior population and those with compromised immune systems. On the other hand, it is difficult to watch the unfolding economic impact on the lives of individuals, families, and business owners.
Sure, we have had viral related economic scares in the past. In just thinking through the list and I can come up with several, including: SARS; Ebola; and H1N1; lest I fail to mention last year’s measles scare after being considered eradicated in just 2000. But it was the culmination of earlier events, namely the SARS outbreak of 2003, that put the insurance industry on notice.
Insurance is an excellent method of risk transfer, and a very cost effective one, but even the insurance industry has its limits as to the types of risks they will accept. Consider that acts of terrorism from 9/11 are now federally insured over a certain dollar threshold. Flood insurance is another example where coverage availability is largely through the National Flood Insurance Program.
I am sure you are aware that, realistically, an insurance policy cannot be written to cover every possible exposure to loss. That said, during this time of unprecedented business slowdown, I think it is important to bring some of these matters to the forefront again, and particularly, how insurance will, or will not, respond, for each line of coverage.
I have included the below links so you can easily view the coverage lines that are most important to you. Please click to the appropriate link for further explanation of, if and how, coverage may apply and what actions can be taken to reduce your costs during this time.
- Business Income – This also applies to Interruption, Disruption, and actions by civil authority.
- Business Auto – This includes Commercial Auto, Trucking, Paratransit or Public Transportation.
- Commercial Property – This includes Buildings, Business Personal Property, and actions by civil authority.
- Disability Insurance – Including Individual Disability, Key Person, and Business Overhead Expense.
- Garage Liability – Including Auto Dealers Coverage form.
- General Liability – This includes Business Owners Policies.
- Life Insurance – Including Individual Life, Key Person, and Business Succession Life.
- Professional Liability
- Workers Compensation and Employer’s Liability
Our disaster planning strategy implemented nearly 8 years ago, gives us the ability to be fully operational within hours of a loss to our present physical location. Our entire staff also has the capability of working from home in the event of a quarantine situation. While we certainly hope things do not come to that, we want you to know that our first and only goal is to serve you and help in your time of need. You may call our office at any time during normal hours and receive a warm welcoming live person to help you with all your insurance needs.
May God bless and watch over our nation and families in this time of crisis.