Business Interruption

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 your policy.

• 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
• Inventory
• Payroll
• 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.