Your Coverage During Covid-19
We want to help get you the information you need during this difficult time. Bookmark this site for the latest insurance resources responding to the current Covid-19 pandemic.
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Helpful guides to reopening
Reopening Checklist
As our country and local jurisdictions begin to lift stay at home orders, we’ve developed a checklist to help you keep your business, employees, and customers safe when you decide it’s time to reopen.
>> Download the checklist here
Is your business located in New York?
New York State is requiring all businesses, both essential and non-essential, to have a written safety plan before reopening, whether drafted on your own or using a provided template.
>> Download the official written safety template from the NYS Health Department here
Located outside of New York?
Be advised other states may be requiring similar documentation. Here are some quick links to the latest on the pandemic in the surrounding Tri-State Area:
Carrier Resources & Links
If your carrier is not listed please reach out to us directly.
Wesfair Internal Information & Communication
As of Date: 4/8/2020 (11:30am EST)
Impact of COVID-19 on Common Insurance Policies:
Business Interruption (Part of Commercial Property)
This is the most common question we have received from our insureds. Unfortunately, business income interruption is meant to cover direct physical loss to property (e.g., a fire damages your building) and exclusions exist for virus on virtually all commercial property policies. That said, this is a large and evolving issue which we cannot predict at this point. Some legislators have debated this issue and we don't know how it will continue to evolve in the coming weeks.
Our advice is to clearly documents the reason as to why you wish to submit a claim for Business Interruption. Please documents the closure of your business and specify reasons due to closure (IE - local gov't mandate because "non" essential or because a worker was sick etc...).
We will submit the claim (with any supporting documents), and we will keep you posted with any updates from the carriers. As this situation is still evolving, there may be a point where the Federal Government may step in and direct the insurance companies to provide some coverage. Nothing has been decided and/or finalized at this time, but we will keep you up to date to for any changes.
Commercial Business Insurance Policies Cost/Rating
All commercial insurance policies general liability is rated off of a specific exposure. This completely depends on the risk, but the most common rating tools are sales, payroll, and square foot of a property where the business is held. If the rating is on sales or payroll and that has been impacted by COVID-19, it may be beneficial for you to ask your broker/carrier to update the sales figure mid policy which can decrease premium. We are happy to assist with this assessment if you reach out directly.
Workers Compensation
If an employee was to get sick with COVID 19 while at work, they may be eligible for Worker's Compensation benefit. Such claims could be made to the carrier and, in theory, either medical insurance or Worker's Compensation could respond. Additionally, certain claims around maintaining a healthy work environment pertaining to Employer's Liability may be triggered. This is another insuring agreement on a Worker's Compensation policy which could respond to a claim for employees who get sick while at work.
Workers Compensation policies in most states (certainly NY, NJ and CT) have auditable exposures. This means that at the end of the year your premium will be adjusted accordingly based on actual payroll. Depending on where you stand in your policy - perhaps if you are at the beginning of a 10-pay policy - you may wish to adjust the payroll figures mid policy to decrease future payments. You simply need to reach out to broker/carrier to make that adjustment based on what your new estimated payroll will be for the year. This could result in instant premium relief. Alternatively, most Workers Compensation policies are subject to a year-end audit, at which point if your payroll figure are lower for the year, the premium will be adjusted at this time.
We HIGHLY recommend you do not cancel your policy in the middle of the term to avoid issues with claims coming in after your cancelation date.
Short-Term Disability
This is specific to New York State, but should be one of the first places to go if a person cannot work because they are sick/hurt/injured from something outside of work. Like everything else, the regulators response to this is dynamic and is subject to change - but generally speaking, this is a viable option for employees and has mostly been increased through stimulus. Please reach out to your Short-Term Disability carrier directly to submit this claim.
Paid Family Leave
Like Short Term Disability, this is state specific, and has been subject to constant change over the past few weeks – due to legislative and regulatory change. Please refer to your state or local website for further information on this benefit.
Payment/Billings/Renewals
Most carriers have come out with guidance on leniency for premiums, billings and renewal terms. In fact, New York State sent out guidance to all insurance carriers that they must address this. Keep this in mind if there is a cash flow crunch, carriers may help you in the short-term to weather the storm. We have listed each of our carriers COVID resource links on our main COVID-19 page, please refer to the carrier directly for request of such leniency.
*Disclaimer below
External Federal, State & Local Information
And, remember, we’re available to chat anytime: contact@wesfair.com
We will get through this together.
*Disclaimer
Coverage can only be interpreted by your insurance company. All claim questions should be submitted, in writing, to your carrier for interpretation. As regulatory responses continue to evolve, the above is also subject and likely to change. Please know that this information NOT authoritative guidance and is solely to be used for general information and response. For authoritative guidance, please refer directly to your federal, state and local regulators and/or refer to your insurance policy and carrier for direct feedback.