Business News Wales asks a question on many business owners’ lips at the moment and that is “Will my business insurance cover me for Coronavirus-related losses?” The short answer to this is that, whether or not an insurance policy pays out in respect to your losses, it depends on the type of policy that you have and the specific terms of that policy.
- Traditional Business Interruption Insurance is purchased alongside property damage cover. Claiming for Coronavirus losses with this type of cover might result in problems identifying the physical damage element required in order to claim
- Contingent Business Interruption Insurance offers cover where the trigger is ‘loss of use’ of property due to the action of civil authorities, such as the government advising properties should not be used. This may or may not include losses caused by a ’notifiable’ infectious disease, but you must refer closely to your policy.
- Liability Insurance protects your workforce and the public – Where a business may not have taken adequate steps to protect people from contracting Coronavirus, Public Liability and Employers Liability policies will more than likely cover this type of claim.
- Cancellation and Abandonment Insurance – With event-after-event being cancelled as the Coronavirus pandemic spreads, this sort of insurance will cover irrecoverable expenses and loss of net profit caused by an event being cancelled. However, there may well be reasons excluded within any policy and these may include named diseases, or because of quarantine or restricted movement imposed by a civil authority as a result of a communicable disease.
For damages to property that can be claimed through relevant insurance policies, claimsplanet app manages the entire claims management process, whilst reducing the need for travel and human contact. Available to use on all Apple and Android mobile devices, a claim is assigned to an agent or end-user who takes time and geo-tagged images which they then annotate with drawing and text tools. Satisfied that they have documented the damage accurately, they digitally sign and submit the claim for rapid processing.
claimsplanet features a powerful back-end that can message and distribute files, including letters-of-settlement offer, all within the app environment.