Across the nation, the curve of COVID-19 infections has risen sharply upwards and is rapidly approaching the numbers seen in China and Italy. In response to the crisis, governors of an increasing number of states are issuing quarantines and shelter in place directives. Non-essential businesses are having to shutter their stores, with many uncertain as to whether they’ll be able to open again once the critical stage of the crisis has passed.
The changing landscape is beginning to have an impact on business insurance providers, as more and more business owners seek relief through insurance claims. It is critical for business insurance providers to be informed and prepare for what to expect in the weeks and months to come. Daily insurance news sources offer up to date information for providers. It is likely that the industry will continue to see a rise in claims for business losses along with government efforts to address these losses through legislative initiatives that compel the insurance industry to settle claims, with New Jersey leading the way. Source: https://www.programbusiness.com/.
The crisis that is currently facing the nation and the rest of the world will, no doubt, result in long-term repercussions for the business insurance industry. In a world that is changing daily, the extent of the impacts will not likely be realized any time soon. Staying abreast of current conditions is the best line of defense in preparing for unknown outcomes.