Will Insurance Policies Compensate Business Owners for Losses due to the Coronavirus?
COVID-19’s Impact on Florida Businesses Between speaking with friends and family and watching the news, most of us know or have heard of people whose businesses have been negatively impacted by the coronavirus, but what may be less apparent are the steps that these business owners will take next in order to stay afloat and ultimately save their businesses as the devastating coronavirus virus sweeps our nation. From Florida’s northern cities of Daytona Beach with the International Speedway, to its popular mid-state attractions like Disney World and Universal Studios, all the way down to the bustling South Beach Miami and the gorgeous crystal waters of the Keys, Florida is one of the most sought out travel destinations in the world, and a large group of its inhabitants make their living by offering travel-dependent services such as restaurants, hotels, entertainment venues, and the like. However, authoritative orders to “stay at home” have caused business operations to come to a halt for many of these entities, leaving some of these business owners perplexed as they review their insurance policies for information regarding what, if any, recourse they have for compensation for this unexpected lost business. The attorneys at the Eberst Law Firm scour insurance policies...
President Trump Supports Insurance Companies Paying Applicable Coronavirus Claims
Businesses May Get Compensation for Coronavirus Losses After All A light seems to be brightening at the end of the tunnel for business owners amidst the talks of reopening the country: on April 10, Trump spoke during his coronavirus task force briefing and acknowledged that he feels insurers should pay business-interruptions claims, so long as the insurance policy does not exclude pandemics. The Coronavirus has Wreaked Unparalleled Havoc on America’s Businesses The impact of Trump’s opinion, and of course the ultimate legislation that could come from his influential opinion, is huge for business owners as it is safe to say that most business owners have felt a negative impact from the coronavirus. Between greatly decreased sales and/or profits, struggles to pay/retain employees or dealing with mass layoffs, tensions with suppliers, fears from customers, and more, the coronavirus has completely changed the daily operations of most businesses throughout the world, and that is just speaking for those businesses who have been fortunate enough to keep operating during this pandemic. Goldman Sachs recently published an article stating that half of small business owners only saw being able to operate for another three more months due to the coronavirus’ impact on their operations. As a country that prides...