Commercial Insurance – COVID-19

We are receiving a number of calls regarding the following:

• Adjustments to premium payments. Some insurers are providing deferrals and adjustments for premium payment.
• Advice on reducing premiums through coverage, limit and/or deductible changes.
• Guidance on cancelling policies. Contractual agreements and loan agreements may require you to keep your policy in effect.
• Any change in the operations of your business. It is a condition of the policy that your insurer be made aware of any change in operations.
• Building is vacant or temporarily unoccupied:
  • Commercial insurance policies generally allow a 30 day vacancy period before you must notify your insurance company.
  • Let us know if your building is vacant or temporarily unoccupied, whether by order of civil authority or by choice, and we will notify the insurance company directly.
• Steps you can take to protect your business.
  1. Daily visits to the property. Log all visits (date and time).
  2. Ensure that the sprinkler system is in working order.
  3. Ensure that the heating system is functioning on the premises.
  4. Make sure there are functioning interior and exterior lights at the facility and entrances and that they remain at a normal operating level.
  5. Secure and, if possible, block off parking lot areas.
  6. Secure and lock the site.
  7. Arm alarm systems.