Business interruption coverage is a very common feature on most business insurance policies. The idea is that if something beyond your control affects your ability to realize income, your carrier steps in to provide funding to cover your expenses until you can get back on your feet. If you’re unsure about your policy, or what all the fine print means, reach out to your broker or agent.
One issue you will likely face during the COVID-19 downturn is the sheer volume of claims being made. In a global event like this, insurance carriers are, no doubt, getting inundated by affected businesses. Adjusters have their hands full, and cash to satisfy legitimate claims will be getting spread very thin. On top of this, many businesses are finding out that not all policies cover losses due to disease.
Companies will want to temper their expectations about getting rapid financial relief from their business interruption policies.
This article may be helpful in providing additional insight.