Corona Virus is Damaging Your Business, But will your Insurance Cover It?


You may have been told you have no coverage for the lost revenue or expenses associated with the COVID-19 pandemic. This may or may not be true, it really depends on your policy language. Please contact at us 866.362.3929 Or for a free policy review.


Many businesses are closed or will soon close. Given the associated lost business and revenue, many companies are asking whether their insurance policies will cover those losses. While this may not be clear at present, it is wise to prepare. Begin by tracking all costs and lost revenue associated with the virus. Consider tracking and detailing the following damages and their associated costs:

Physical Damage
• Cost to clean-up contaminated area
• Cost of supplies
• Cost of labor to do the cleaning
• Cost of disposal of contaminated property

Time Element
• Date of exposure
• Date of ordered shut down by civil authority
• Number of days of shut down to clean-up and obtain civil authority’s clearance to resume operations
• Track all services, performances, products, orders, etc. cancelled due to shut down. Record lost revenue associated with each
• Gather revenue reports for the business from before the shutdown.
• Track if business was lost or just delayed (to be made up at a later date)
• Track payroll
• Track retention payments made to key employees
• Track any additional expenses to continue operations at an alternate facility

Most states have declared emergencies and implemented travel bans, curfews, and business closures or limits on how and when the business may operate. Whether recovery is provided by insurance policies, outside sources of relief, or a combination of the two, extensive documentation will be required to prove the loss.
IAG strongly recommends tracking all costs associated with COVID-19, and while its use in no way implies coverage, we have provided a tracking spreadsheet that may be used to begin assessing any damage caused to your business by corona virus.