Are your Covid-19 related Business Losses Covered by Insurance?

The Covid-19 Pandemic has taken a huge toll on Indiana’s economy and hit many individual businesses especially hard, causing severe losses. The U.S. Government’s Paycheck Protection Program is one way to address those losses. However, not all businesses are covered by this Program and money is short even for those businesses which are eligible. Is there another way?

Some businesses may be covered by their insurance carrier for the losses which a business has suffered. There are hundreds of insurance companies and thousands of different insurance policies which have been issued in Indiana. Some of those may include coverage for Covid-19 losses.

If your business has suffered serious Covid-19 related losses and your business carried one of the following types of insurance, your losses may be covered:

• Commercial Property/Business-Interruption Insurance
• Event Cancellation Insurance
• Commercial General Liability Insurance

Each of these types of policies will often have numerous exclusions and often hundreds of pages of policy language that needs to be carefully reviewed.

So what can you do to help your business:

• Make an insurance claim. If you don’t make a claim, you will have a 0% chance of recovery.
• Hire qualified legal counsel to assist you in the claims process. These are complicated issues, and Covid-19 coverage questions will be part of a hard-fought battle with insurance companies.

Insurance companies are almost certainly going to respond to initial inquiries by telling you there is not coverage. Don’t fail to make a claim, and certainly don’t give up without seeking legal counsel. Call us today to schedule a telephone or zoom appointment to discuss your potential claims.