During this stressful time, many of us are wondering, what about our insurance? If you are a consumer, or business, many of us have been affected by this international Coronavirus pandemic. Now, as licensed insurance producers, we are not licensed adjusters, but we can ask these questions of the carriers. Check out the article below on what we have learned during this time, and what questions you should be asking. 
 
Many insurance carriers are allowing for people who were affected by the coronavirus, whether physically (sick with the disease) or financially (not able to work), to ask for a delay of payment. If you have been affected, I would reach out to your carrier to see if there are optional payment plans available. 
 
For business owners, the insurance arena is much more convoluted. In states such as New York, New Jersey, and Louisiana, businesses have filed cases for loss of income due to state shutdown of their businesses. These states have started the discussion of how loss of income will be covered under this pandemic. But the issue is affecting everyone, not only these states, so how will the majority of carriers respond?
 
To start, loss of business income is defined by IRMI as “commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations.” However, under this coverage, some carriers also offer “contingent business income loss”. This is either found as an extension of the loss of income coverage; or blanketed into the same coverage. 
 
So how would this apply during this situation? Questions to ask are:

- Are you able to get supplies that your business needs in order to run?
- Do you have a business where all of your inventory comes from overseas? 
- Is your business affected by having close proximity to others such as a restaurant or gaming facility?
- Has the state forced a closure of your type of business, such as a restaurant, salon, or events facility?

If you have obstacles such as these, then you might consider a contingent business income claim. Each carrier will review separately for how coverage would apply.
 
Hopefully we come out of this pandemic quickly, both as a community locally and on a broader scale. We all have to support one another during this time, and make sure to be kind to one another. We are all in this together, so let’s work towards a brighter tomorrow!

Alexandra Lysik is a licensed Property and Casualty Insurance Agent in North Carolina and South Carolina. Her independent insurance agency, Cavik Insurance, helps people save money and receive free insurance reviews to make sure they have the right coverage for auto, home, condo, umbrella, boat and all lines of commercial insurance. For more information visit www.cavikinsurance.com.