As I’m writing this, many small business owners are navigating the challenges the pandemic is throwing their way, including insurance coverage issues. This entails establishing new payment dates, as well as defining what is and isn’t covered. To best manage this unique situation, here is what you need to ask yourself and your insurance provider.

Will I be allowed an extension on my payments?

Currently, several insurance entities are extending the grace period of their payment due dates, including Allstate, Farmers, and Geico. Even if your business insurance isn’t bundled with your home or auto insurance, any extension gives you the time to save money. Also, since they’re more flexible now than ever, work with them on payment plans and discounts to stretch your dollar as much as possible.

Does my insurance provider offer business interruption coverage?

While property insurance covers physical damage and loss incurred from a natural disaster, this type of support helps when you’re unable to operate for a period afterward. Generally, this covers lost revenue, fixed expenses, and the costs of running in a temporary location. Additionally, these plans aren’t sold as stand-alone policies; companies bundle them in commercial property plans, business owners’ policies, and commercial package policies.

Working with insurance providers can be confusing and frustrating, especially right now. If you’re struggling to get a claim approved, reach out to LegalShield. They have a host of seasoned insurance lawyers ready to guide you through pursuing the help your business needs. If you’re an AFEUSA member, you have access to an exclusive offer through our membership portal.


Article by Charles Jackson, President of AFEUSA

Charles Jackson AFE Board