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Business Interruption Insurance

Business Interruption Insurance

WHAT IS BUSINESS INTERUPTION INSURANCE?

The COVID-19 pandemic has had a devastating impact on individuals, families and communities. The pandemic is also causing tremendous financial hardship on small and local businesses. Typically, businesses will carry business interruption insurance to cover for potential extended closures caused by extraordinary circumstances.

Competent business owners have done their due diligence to protect themselves from the extraordinary by paying their business insurance premiums for years. However, small business owners in all industries are now learning that insurance carriers will not honor their agreement. Even if those businesses were mandated to close by the government, the insurance companies still deny reasonable business interruption claims.

Insurance companies are certainly overwhelmed by the onslaught of claims being reported due to nationwide public health orders and government lockdowns. However, this is not ample reason to continually deny business owners access to the insurance benefits they had access to.

For many years, small business owners have paid premiums for this protection, expecting it to be there when they need it most. Now they are being left behind. It is time for states and the Federal Government to step up and protect small business owners.

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Summarization of EEOC Vaccine Guidelines

By patti@sbacil.org | January 29, 2021

December 16th – The Equal Employment Opportunity Commission (EEOC) has addressed the most common employer questions regarding the COVID-19 vaccine. As of now, there are currently no state or federal laws that prohibit employers from requiring vaccinations as a condition of employment, however, employees can refuse to get the vaccine if they have certain medical…

Business Interruption Insurance

By mrevis@sbacil.org | January 21, 2021

WHAT IS BUSINESS INTERUPTION INSURANCE? The COVID-19 pandemic has had a devastating impact on individuals, families and communities. The pandemic is also causing tremendous financial hardship on small and local businesses. Typically, businesses will carry business interruption insurance to cover for potential extended closures caused by extraordinary circumstances. Competent business owners have done their due…

Main Street Lending Proposal

By mrevis@sbacil.org | January 2, 2021

 SUMMARY   The Federal Reserve established the Main Street Lending Program (the “Program“) to help aid small and medium-sized for-profit businesses and nonprofit organizations who were in sound financial condition before the onset of the COVID-19 pandemic and who were unable to get aid under any of the other COVID-19 related relief programs (e.g. under…

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