Any responsible business owner carries a business insurance policy. These policies are created to safeguard us from things such as fire, water damage, theft, loss of income, etc. When we make that payment it’s with this in mind. ‘This will protect my business against unexpected loss.’
Unfortunately, it’s in the time of loss businesses find out how strong or weak their insurance really is. The ‘loss of income’ coverage is very tricky. As my business, along with many others is now discovering that ‘loss of income’ is nothing more than lip service to help sell a policy. As tucked into the fine print of almost every business owner policy is this phrase “we will not pay for loss or damage caused by or resulting from any virus, bacterium or other microorganism that induces or is capable of inducing physical distress, illness or disease.” Alias: COVID19, Corona Virus.”
We’ve all found ourselves in strange and uncharted waters, but there was a kind of solace in thinking ‘We’re all in this together,’ and everyone is ‘doing their part.’ Now we learn that the insurance premiums we have been paying were little more than a donation serving to help line the pockets of these fortune 500 companies. Companies who now intend to side step doing ‘their part’ due to a well-crafted disclaimer, a catch 22 if you will.
Please join us in asking that insurance companies reconsider these denials. We did not close our doors due to the COVID 19 virus itself, we did so because it was mandated by our Governor! Small businesses buy these policies, put our faith in, rely upon and trust in the corporations ‘like a good neighbor’ would. However, are we truly ‘in good hands?’ As there seems to be no ‘protection from mayhem’ in sight.