May 18, 2020
Discovering Ways to Heal Your Business After the COVID-19 Shutdown
Professional Transition Strategies (PTS) Founder and President Kyle Francis spoke with Steve Miller of Miller Schirger in Kansas City, Missouri, whose law firm is working with medical, dental, and health care providers that are experiencing a loss of income in the wake of the COVID-19 pandemic. “Many businesses already have the coverage and don’t know it or don’t know how to use it,” Miller said. Here are some other key takeaways from their conversation about discovering ways to heal your business.
Property owner’s property insurance
As a business owner, part of your insurance policy covers property and casualty. In particular, Property Owner’s Property insurance (BOP) may have the language you need to protect your business right now. A lawyer specializing in this field can interpret the policy for business interruptions or loss of income with no express exclusion for pandemics or virus-related losses. So rather than spending the money on extra insurance, put the funds toward hiring a lawyer who can determine if you already have the coverage.
Even if your business has been able to keep up a stream of revenue, chances are, you’ve had to take on additional costs, including frequency of office cleaning, reducing office hours, number of people allowed in office at a time, new protective barriers between staff and patients, personal protective equipment for staff, and retaining employees who fear being infected at work — all of which are covered under BOP.
Types of loss covered
BOP covers more than just your standard loss of income because of suspension of operation. It can cover an interruption in business because of an order from a civil authority, extra expenses incurred to minimize suspension of business, losses caused by the prevention of existing ingress or egress at the premises, and sue and labor expenses that are necessary to protect covered property from further damage in the event of a loss.
Contact the experts at PTS to help you navigate through this difficult professional time.