Many BI policies cover an insured only for damage to property and proper analysis of the specific policy wording is vital to determine whether BI due to COVID-19 falls within the scope of the policy cover. Remember also the general duty to mitigate loss. Protocols to protect employees and ensure maximum business continuation may prove valuable when submitting a claim under a BI policy.
Is business interruption (BI) insurance a COVID-19 lifeline?
BI insurance helps a business return to its financial position before a defined incident defined by the policy and may cover loss of revenue, wasted overheads and possibly even increased expenses where these are incurred to minimise loss.
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