IronPoint remains as committed to our customers as ever, and we continue to work with our business insurance customers through these trying times. Our team members are, as always, ready to provide support wherever you – or we – may be working. To assist, we have created this working list of your Covid-19 business insurance questions.
We are vigilantly monitoring the COVID-19 pandemic to make sure we have the most accurate information and can answer your coverage questions. To the best of our ability, we are dedicated to helping you minimize the disruption this has caused to your business and to help you keep your employees safe.
As the COVID-19 pandemic continues and the impact on your business increases, you may begin to have questions about your business insurance coverage. To assist, we have provided answers to some of the frequently asked questions and will continue to update this page as new information becomes available. If you are an existing IronPoint customer and you have questions, it is always best to contact your insurance company directly to verify coverage and exclusions.
If you need our help, you can contact us at (888) 334-7646 and we’ll do our best to provide you guidance. Our normal business hours are 9:00am – 5:30pm Pacific Time, Monday – Friday.
We’re all in this together and we’ll do what we can to be there for you in this very trying time.
Yes and No. You can purchase insurance after a loss occurs, but loss that occurred prior to the policy inception would not be covered on your new insurance policy. Also, some insurance companies don’t allow you to bind coverage until all open claims are closed. This is like your basic auto insurance protection, you can’t purchase, for instance, collision coverage and expect the insurance company to cover a car accident that already happened. Business insurance simply isn’t for a pre-existing business loss.
Generally speaking, the answer is no.
In most cases, the insurance carrier will require physical damages to the business or building covered on the policy to qualify for business income benefits. Business income loss from a virus, bacterium, or other microorganism is not usually a “covered peril.”
Business income is sometimes referred to as business interruption coverage and is a standard endorsement added or included with a business owner’s policy.
Business income is typically part of a the property coverage that would cover an insured for lost income resulting from a “covered loss.”
Example: if a restaurant burns to the ground, the business could not reasonably generate revenue. Business income protection provides a form of reimbursement, which is detailed in the policy itself. Note: this is simply an example, and only the carrier, insurance adjuster, or the policy can determine when coverage is applied.
Unfortunately, most policies do not offer cover for the actions of a “civil authority” (any branch of federal, state, or local government). This would include orders that result in your business being temporarily close. Once again, unless direct physical damage occurs on your property or adjacent properties, coverage is usually not triggered.
However, disaster relief loans may be available to small businesses affected by mandatory closings due to COVID-19. Your business banker should have all the information you need to submit an application.
Most policies do not cover business losses from a temporary closure of this nature, whether it’s due to a mandate from a civil authority or done as a preventive measure.
Business interruption and contingent business interruption insurance will not cover reduced foot traffic. Since the drop in potential customers is not due to a covered peril, these policies won’t compensate for the loss of income.
Travel coverage will depend on your specific policy. However, most policies do not provide coverage due to COVID-19 or any type of communicable disease. Since the extra expense is not related to a covered peril, coverage is unlikely.
No, unfortunately, COVID-19 is not listed as a covered cause of loss under a standard business interruption endorsement.
This type of a loss would likely be considered under workers’ compensation coverage. However, workers compensation would require the affected employee to show that the injury or illness arose (a) out of and (b) in the course of their employment. If this cannot be demonstrated, then compensation is not likely.
If you are curious of a specific claim is covered, it is recommended that you contacting your insurance company’s claims department to begin a formal claims process.
Right now, the small business insurance marketplace doesn’t offer any policies explicitly covering COVID-19.
Here are a few non-insurance ways to mitigate against losses:
As each insurance company has different ownerships, each is handling the COVID-19 pandemic differently. We encourage you to visit your insurance company’s website to see how they're responding to the outbreak.
Your insurance carrier may offer special exceptions to payment, reinstatement, and cancellations. Once again, check your insurance company’s website often for the latest information.
You can file a claim directly with your insurance carrier. You can find the resources to file both personal and business insurance claims on our website.
To request a certificate of insurance or policy change, please log in to our customer portal, call us directly, or call your producer/agent.
You can make change by calling us, your producing agent, or by logging in to your account and sending us a request.
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IronPoint Insurance Services is an independent insurance agency licensed (#0G87821) with the California Department of Insurance. We are authorized agents for many A+ rated Arizona, California and Utah insurance companies. We provide consumers with online, phone, and in-person insurance services through our insurance company relationships. IronPoint Insurance Services, LLC offers multiple insurance quotes to provide consumers several options for their insurance products. We offer auto insurance through Mercury Insurance Group, Travelers Insurance Companies, The Hartford, MetLife Auto & Home, and Progressive Drive Insurance. We are authorized insurance agents for these companies and do not charge any fees for our services. If an IronPoint insurance agent trys to charge you broker or agency service fees for representing these companies, please contact us immediately.