If you are experiencing a business interruption due to
COVID-19 and have insurance to cover this event, here is a check list. Don’t
have business interruption as part of your business insurance plan, consider
having a discussion with your insurance broker about adding it when you renew
- Review your policy and call your insurance agent or broker. Good communication with your insurance agent will be beneficial.
- Financial records (profit/loss, aging, federal, state and local tax returns) past and current.
- Budgets and forecasts past and current.
- Monthly bank statements
- Invoices and purchase orders
- Documents on additional expenses incurred during the event – additional safety equipment, advertising, work from home necessary purchases.
- Document efforts made to continue business, created work arounds, renegotiated contracts.
Takeaway: Communicate and Document.