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Questions to Ask Your Business Insurance Company

As you navigate financial challenges brought on by COVID-19, make sure you understand what your insurance will and won’t cover, in addition to what loans and grants are available.

COVID-19 has drastically changed the economy, with small businesses being hit particularly hard. Medical practices are left scrambling to find ways to fill the gaps left by a decrease in patient volume. With less money coming in, many have had to lay off or furlough workers. Others are relying on loans and grants made available by the CARES Act to survive.

Another area that may provide a financial boost is business insurance. Insurance is a complicated issue, though; many practices aren’t sure where to begin to understand what options are available to them.

Circumstances vary from business to business, which is why it’s important to ask your business insurance company the right questions. They can then cater their responses to your unique situation.

Refer to this list of questions as you discuss your options with your business insurance company.

COVID-19 Insurance Questions

Business Closures/Loss of Income
  • Am I covered if the government forces my business to temporarily close?
  • What if I temporarily close my business as a preventative measure—will any policy cover this?
  • Will my policy cover loss of income from reduced foot traffic from the coronavirus?
  • Is there a policy that will cover loss due to COVID-19?
  • Does my business income policy protect me while my business is closed due to coronavirus?
  • What if my geographic area is affected by “shelter in place” rules?
  • Do I have business interruption/business insurance coverage related to COVID-19?
Specific COVID-19 Coverage
  • Is there a new provisional/business insurance just for COVID-19? If so, what is recommended?
  • Is it too late to add insurance after the COVID-19 crisis began?
  • Can I obtain business insurance after a coronavirus-related loss occurs?
  • Can I add more coverage?
  • If an employee contracts COVID-19, is my business responsible for related costs? If so, can I file a claim?
  • Does Workers Comp cover COVID-19 claims?
  • What do I do if someone claims to have suffered bodily injury, property damage, or other COVID-19 related losses as a result of my business?
  • Am I liable if others claim to have contracted the coronavirus at my business?
  • What if I cannot pay my insurance premiums on time during the COVID-19 crisis? Will my policies lapse?
  • How are insurance carriers responding to COVID-19?

Not all relevant questions are COVID-19 related. The following more general questions may help you get what you need, as well.

General Business Insurance Questions

  • What types of insurance do I currently have?
  • What type of business insurance policies should I consider and why?
  • What types of insurance policies are available to small business owners?
  • What experience do you have with a business like mine?
  • How much coverage do I need?
  • How do I file a claim?
  • What are my policy limits?
  • What does this policy NOT cover?
  • Should I increase my deductible?
  • Are there any discounts?
  • Does my insurance meet the requirements of my lease?
  • Where can I obtain my Certificate of Insurance?
  • How much does my policy cover for aggregate/pre-occurrence limits?

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