The novel coronavirus—and the ensuing, rolling lockdowns in cities and states across the U.S.—have many companies checking the fine print on their business insurance policies.
Many business insurance policies may protect these companies from business interruption and its financial consequences. These provisions provide coverage for revenue loss insurance when a business cannot continue to function normally due to all kinds of catastrophes, like earthquakes, floods—or a deadly viral contagion.
All businesses should be checking their policies immediately to see if a payout under their business interruption insurance is available. Unfortunately, the insurance industry has issued some confusing information about business interruption, so businesses would be wise to seek expert legal advice before filing a claim.