COVID-19

COVID-19 Business Interruption

In these unprecedented times, clients are asking, “what should we do to document the impact of coronavirus on our business?” Our advice at this stage is simply to document and track your losses including out-of-pocket expenses and payroll costs. Of all the years of preparing claims from catastrophic perils, this situation will require perhaps the most flexibility and creativity in loss presentation.

We are all facing uncharted territory and though loss recovery is uncertain at this point, your loss is very real. As the U.S. aims to limit the spread of the virus, business is slowly grinding to a halt – and with it much of the economy. This may perhaps become the most significant business interruption event in history. Business interruption, also referred to as lost profits, is affecting some industries harder than others, and the remedy to these losses is as uncertain as the pandemic itself. Loss recovery may be available or disputed through first-party commercial insurance policies or some form of legislative relief. While affected organizations look for answers, we advise you to act now to document and track all of your losses.

The Partners at Sigma7 RWH Myers have assembled a guide to help you understand the impact on your operations and begin to document your losses. Email jeffesper@rwhmyers.com to request a copy!