Business Insurance Tips: Recovering from Coronavirus Losses

​As the coronavirus pandemic continues to spread and impact the global economy, the market industry has taken initial steps to recover from the loss. Insured business owners have been communicating with their insurance companies, analyzing whether they got their loss covered or not. And if you are one of them, consider these tips to assist you with the initial insurance claim process.

Infectious Disease Coverage
You could claim infectious disease coverage to help you fully recover the loss. Although not everyone has this included within their policy, this claim is the most correlated with the coronavirus-related complications. Do note that some companies are currently reviewing this policy if the virus's presence will be enough to affect business income.

Evaluate Claims and Policies
Assess your claims and policies to make sure they are correct and relevant. It is important to be actively informed whether a certain claim is applicable to circumstance or not. Once your view is considered, some insurance coverage would help you recover even without the direct physical damage to your establishment's premises.

Document Your Losses
If you acknowledged that a specific loss was caused by the COVID-19 impact, do not hesitate to document it for a shred of primary evidence. Collecting relevant information would make your claim process more convenient, while lost income and expenses would be submitted. Here is some information needed in your documentation.

• Previous and current annual financial statements
• Monthly business income and loss accounts
• Inventory and Payroll Records
• Checklist and investment orders
• Other reports such as extra expenses, receipts, timesheets, advertising costs

 
The inability to document and transfer reports concerning your loss might cause hindrances to your insurance claim. Ensure that your claim is granted with the mentioned support causes. 

State Financial Assistance
Aside from your insurance claim, you could also benefit from your government's support. It varies in each state, but there would certainly be a coronavirus aid. Moreover, government-based programs would provide a significant foundation and essential services, such as medical treatment facilities, emergency services, and utility compensation. Ensure you have the correct requirements before applying for one.

Your business establishment's ability to recover does not limit restarting over.  Nowadays, people see the value of having business insurance since policyholders would offer financial aid during these trying times. Considering this, keeping an eye on your claims and policies while documenting your losses accordingly would make the best out of your insurance.

At Priority Insurance LLC​, 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 (864) 297-9744 or Click Here to request a free quote.