Assessing Coronavirus Insurance Coverage Risks for Restaurants

4 Min Read By Daniel B. Odess

Restaurant and business owners should always be prepared in the event of loss or damage to normal business operations. For that reason, restaurant and business owners typically carry business income coverage, also referred to as business interruption coverage, which is insurance coverage intended to replace lost income in the event business is halted or interrupted for some reason, such as a natural disaster. Navigating these policies and their intricacies is a daunting task, even for some experts in the insurance industry. Experts from both sides of the table have varying opinions regarding the extent of coverage afforded to businesses suffering losses.

In order to be best prepared to claim for loss of or damage to normal business operations, we recommend the following steps:

Compile all of their current insurance policies, both in hard copy and digital format.

Compile one-to-three years of financials and tax returns. If you are seasonal business, make sure you also collect…