Rick Case Insurance Agency Blog
The coronavirus is marking a significant impact on businesses, and insurance companies, with many claims, both denied and made. Despite business interruption insurance being under commercial property, it is still uncertain whether it offers the needed coverage.
Business Interruption Insurance
Typically, insurance companies don’t sell business interruption insurance separately, but customers can obtain an endorsement or a ride to a landlord’s commercial property insurance or business owner’s policy. Business interruption insurance can offer loss rent coverage, but it will depend on the language used in the system.
The often trigger for this coverage is when a “direct physical loss” happens to the landlord’s property. Several insurance companies deny clients’ claims under business interruption insurance due to the current crisis with the basis of the property not receiving any direct physical loss. Numerous businesses will soon close, if they have not already, as a result of the pandemic.
Rent Guarantee Insurance
Despite rent guarantee insurance being available in the United Kingdom for several years, many companies are still adjusting to it in the US since it was only recently adopted. Additionally, rent guarantee insurance is often seen as a product of financial services instead of risk management.
Moreover, the policy also offers landlords the necessary protection in instances where tenants cannot pay the rent. In other words, rent guarantee insurance provides coverage to landlords in the monthly rent that landlords lost. Below are two primary aspects of the policy:
Rent guarantee insurance may not be for all landlords, but it will offer significant protection for future experiences. Always make sure to evaluate the policy carefully and weigh out its pros and cons for your business.
At Rick Case Insurance Agency, we do our best to make sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (405) 722-5556 or Click Here to request a free quote.