More than 1,000 lawsuits on business interruption coverage have been filed since March 2020. Not surprisingly, among this slew of cases, we’ve seen mixed results on whether the coronavirus constitutes physical damage.
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Many brokers and insurers have reflexively said there is no coverage and have discouraged policy holders from filing claims but doing so now could protect you down the road.
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Health concerns are paramount amidst the outbreak of coronavirus (COVID-19), but business owners are rightly worried about the economic impact they are already feeling. Business owners should take proactive steps immediately to mitigate potential economic fallout.
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