COVID-19 and Business Interruption Insurance
The unfortunate outbreak of COVID-19 has the potential to adversely affect many businesses. At PBO Advisory Group we are encouraging clients to review their property insurance, general liability insurance, stand-alone policies and policy riders regarding business interruption insurance.
Business interruption insurance typically covers the loss of revenue a business may incur as the result of a specific event(s), as outlined in your policy(ies). The types of events that are covered vary widely from policy to policy. Typically, these events are related to natural disasters or property damage. The insurance helps businesses recoup lost income due to an event.
You should review your policies, including the specific exclusions, to see if you have business interruption insurance and if losses due to COVID-19 are covered under your policies. It is important to know what your coverage includes/excludes even if you do not foresee any ramifications of COVID-19 at this time.
PBO Advisory Group is here to help. Our controllers and CFOs can review your policies and assess your insurance coverage and how you can best manage your risk. Please don’t hesitate to contact us at 858-622-1681.