Klamath Insurance Center, Inc Blog
As the economy continues to adjust with the sluggish effects brought by the ongoing pandemic crisis, businesses have been hardly hit by the situation. Some companies have already filed bankruptcy as they couldn’t sustain the shutdown imposed by the health threat.
But being prepared is a general mantra that people should virtue, and is also applicable in the business context. In this article, know the basic business coverages that will save you from losing your assets amid the COVID-19.
Business Interruption Insurance
A business interruption insurance will help your business compensate for the lost income in a particular duration to repair damage to a covered peril. In some cases, it may entitle the policyholder to recover the extra expenses that wouldn’t have been incurred in the time being. Those that will kick into your coverage will only include physical damage to the covered property.
Civil Authority Coverage Clause
There’s a possibility that there may be a way to recover losses to a property with the Civil Authority coverage clause. Considering that the state government has already issued its restrictions on types of businesses allowed under the lockdown, this coverage clause will help manage your business insurance premium.
Contingent Property Insurance
The contingent property insurance, also known as supply chain insurance, will also fit the current situation. But it differs according to an insurance provider if they’ll consider the health crisis as covered peril to physical damage to property.
Infectious Disease Coverage
This coverage is one of the ideal avenues for a business to regain its losses due time after suffering from the effects of coronavirus. While it is still unsure when will spread of the disease loosens, it is also going to be challenging to determine if the threat of contamination and the existence of the virus itself will fit into a typical business income coverage.
When it comes to choosing the right insurance for your business, business owners should take note of assessing first the risk factors involved in your enterprise. There is a wide variety of comprehensive coverage that would give your business fits if thoroughly evaluated. Making the most out of your business insurance plan would be a win-win scenario.
At Klamath Insurance Center, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (541) 882-5555. You can also request a free quote by CLICKING HERE.