At this time you can not buy insurance protection for the threat of a virus but does your current policy give you coverage?
I had a recent call from a restaurant owner asking if customers no longer go out to dinner due to the spread of the coronavirus would he have any loss of business income to help sustain his business
The business owners policy (BOP) like any insurance policy has policy exclusions
The one event that triggers loss of business income is the property must sustain property damage
A virus does not cause property damage
The first exclusion is the CP 01 40 07 06 Exclusion of loss due to virus or bacteria
Once again this coverage was intended to give you coverage if you could no longer gain access to your property due to damage to another property sustaining damage
an example is a building fire up the street and the entire block is closed for days
If the virus affects your community and people are advised to stay inside you can make a claim under your business owners policy to let the insurance company investigate the claim and more than likely issue a denial letter
Keep your denial letter on file in case the government provides small business assistance as a result of the virus
They will probably require a denial letter from your insurance company to release funds
Hopefully it will not come to this but small business owners are going to be affected and at this time your insurance policy more than likely is not going to provide loss of business income due to this virus outbreak
P.O. Box 8
Grand Blanc, MI 48480
DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Read your policy or consult with your agent for details. Your eligibility for particular products and services is subject to final underwriting and acceptance by the insurance company providing such products or services.
This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Be sure to read the policy, including all endorsements, or prospectus, if applicable.