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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.

Loper Law LLC

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452 Government Street, Suite E
Mobile, Alabama 36602
(251) 288-8308