Check Your Policy for Potential Hidden Coverage
While many companies will be crippled by the current pandemic, don’t be skeptical toward the fact that many of us have a secret weapon hidden within our policies. Insurance might be the saving grace during these times of worldly pandemic. You may not even realize it, but there could very well be hidden coverage in the fine print.
Here are a few methods in which you can uncover those hidden resources, in order to help your business cope.
If your property is commercial and you have commercial property insurance, it is possible that your insurance package includes coverage for that of any “business interruption” and the loss that comes with it. The sudden halt in business do to COVID-19 may certainly qualify for these unexpected interruptions of business as usual.
Keep a lookout for that of “loss of use” of property that has become uninhabitable or unusable. Today, we are experiencing mass shutdowns which include your work facilities or offices. A lot of businesses are unable to function because of their loss of use.
Also keep a lookout for sub limits for civil authority coverage. This is basically when coverage is provided for loss of income resulting from restrictions on access to your office because of a government or civil authority. This is precisely what is happening now. It’s not like most people have the option of going back to work. It’s a government mandate to stay indoors and keep away from the very premises that your business is conducted in.
The insurance industry has not faced challenges this monumental since the aftermath of September 11th, 2001. Even with a policyholder’s persistence and patience, it may not be enough to get the proper attention from claims adjusters.
It’s important to note that every policy and circumstance is extremely unique. It’s not good to assume that your business losses are not covered. Now is the time to enlist an insurance coverage professional to evaluate your claim, and search for the hidden language and nuances. It would be a real shame if you did have coverage and had no idea.
Don’t wait any longer! Call (954) 520-0970 and we can review your policies for FREE to ensure your business is covered during this difficult time!