Like you, we’re closely monitoring developments related to the COVID-19 virus, particularly the guidance offered by local, state and federal health officials. Though we’ve not yet experienced a direct impact on our business, we’re prepared to continue to serve you, our loyal customers as the situation develops.
We're fortunate that we have the ability to work remotely and not impact the quality of service we provide. Whether our associates are in the office or working remotely, we have the ability to continue to provide responsive, high-level service to you, our clients. So, if you have any questions regarding your specific policy, please let us know.
Does my business have insurance if we're forced to shut down as a result of COVID-19?
The insurance services office (ISO) has filed for virus-specific endorsements that extend business income/extra expense coverage to businesses shut down as a result of civil-authority. However, to date, we have not seen these endorsements being added to existing policies, nor have they been filed for rates with any state. Most policies carry specific virus exclusion within their business income/extra expense coverage endorsement. At this point, it is unclear if coverage will be provided under most insurance policies.
We'll do our best to keep our clients update to date as things change and as we receive communication from our carriers.
What should I do if my business is shut down?
In terms of how our policies will respond to COVID-19, because every claim is unique with its own set of facts, we’ll make determinations based on actual individual situations, not hypotheticals. In order for the carriers to determine the potential for coverage, an actual claim report should be filed directly with your carrier. In the event of a denial of the claim, a written notice will help in requesting any potential emergency government assistance.
In the event of a mass shut down, please contact your individual carriers directly. As an independent agency, we're not able to handle the influx of several thousand claims requests at once. The carriers that we represent have contingency plans in place to handle this sort of call volume. If you do not have your carrier's claims contact information, we'll do our best to host a list of contact phone numbers & websites on our website for reference. A link will be posted in the near future.
Jerad H. Steinfeld
Steinfeld Ins. Agency, LLC dba Cream City Insurance