Treloar & Heisel has been closely monitoring the constant news updates related to the novel coronavirus (COVID-19), and we would like to keep you updated from our perspective. The virus has now impacted nearly the entire United States, resulting in states of emergency, business and school closures, and cancellations of large gatherings throughout the country. Many businesses, including both owners and employees, can be expected to experience a significant impact from the virus, from reduced revenues, to alternative work setups, to even office closures. We have received many phone calls and emails from clients concerned about their insurance coverage and looking for advice from their insurance advisors.
Treloar & Heisel, Inc. and our advisors want to provide you the appropriate guidance during these uncertain times. We have compiled the following information for your review and will attempt to keep you updated as appropriate. Due to the unprecedented and constantly changing nature of the current events, we are only able to provide this general information at this time and each insurance company must be consulted for their coverage related to this event. Also, even though your policy may not generally cover these types of situations, we are still encouraging clients to file if you have a potential claim, so that the insurance company can make their determination.
Disability Income and Business Overhead Expense Insurance – If you become sick, then you may have coverage from your long-term disability insurance policy, if you meet the applicable waiting period. If the illness impacts your ability to work for the applicable waiting period, then you should file a claim on your disability income insurance policy. If you have disability business overhead expense insurance and are ill, or otherwise disabled, for the applicable waiting period, then you may also have coverage from this policy.
Business Interruption Insurance – The business interruption provision of a Business Owners Policy (BOP) is designed for property and casualty losses (fire, water damage, tornadoes, etc.) Business interruption insurance policies often require physical damage to the property in order to provide coverage and were not designed for virus exposure.
Worker’s Compensation – If an employee becomes sick from the virus due to an exposure at work, then that illness may be covered by a worker’s compensation policy.
This information is only general in nature, so you should still review any questions that you have with your insurance advisor. We encourage you to reach out to your Treloar & Heisel advisor, call our office, or call the insurance company directly if you have a question or need to file a claim.
We also want to ensure you that Treloar & Heisel will continue to provide our products and services going forward. We are implementing our business continuity plans, to ensure that we are able to continue to provide service to you as usual. We know that it is uncertain times like these when you want to know what your insurance covers and make sure you have the appropriate coverage in place.
We understand your concerns related to these events and the business difficulties that may arise. We will attempt to keep you updated as appropriate. Take care and do what you can to stay healthy and safe. Please visit us at www.treloaronline.com for updated information.
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