Business owners are facing a lot of stress and uncertainty now. We are here to help. We are willing to work with you on payments due to help you manage your cash flow during the crisis and we want to provide upfront, transparent information about business interruption and workers’ compensation coverage. You can find information below about what would typically be covered, and what would not.
20% Monthly Premium Reduction for March and April
We priced your insurance based on the exposure and risk information that you provided to us when you bought your policy and we both assumed your business would continue as usual. The impact of the COVID-19 crisis varies greatly depending on the nature of your business, but we understand that business is now anything but usual.
To address these changes in risk exposure, we are applying a credit to your policy that is equivalent to a 20% monthly premium reduction for the months of March and April. If you have already paid us in full, you will receive a refund. If the full premium has not been paid yet, the adjustment will be reflected on your next invoice as a premium credit.
The reduction applies to all policies that were in-force on March 15th. No action is required on your part. The timing of the payment of your refund will vary depending upon the insurance regulations applicable in your state.*
There is no need for you to do anything, but if have any questions about this 20% monthly premium reduction for March and April, please contact us.
Payment Flexibility Options
We are suspending issuance of cancellation notices for non-payment until June 1, 2020, and we will not be assessing late fees for premiums due on or before June 1, 2020. As circumstances develop over the next few weeks, we will revisit and adjust this timing as needed. We will also continue to comply with any directives issued by state departments of insurance on billing issues.
During this crisis, automatic payments will continue unless you postpone or stop them.
We have empowered our employees to work with each individual customer to provide the personalized support you need. Although late fees or interest will not be applied to premiums that are not paid prior to June 1, the premiums remain due. For insurance customers who are negatively impacted by coronavirus, we are extending payment dates and waiving fees. Please contact us if we can be of assistance.
Business Interruption Coverage
Our insurance policy includes business interruption coverage. This coverage is designed to cover disruption to your business that is a direct result from a loss that we otherwise cover under the policy, and is not designed to apply in the case of a general slowdown or government closure resulting from events not covered under the policy.
Every situation will be looked into on a case-by-case basis. If you believe you have a business interruption claim, then please reach out to our Small Business Advisors to submit a claim.
Workers’ Compensation Coverage
Workers’ compensation insurance helps your employees recover from work-related injuries or illnesses. Every state has its own workers’ compensation insurance laws and regulations that govern the coverage available. To file a workers’ compensation claim, the employee will need to demonstrate that the injury or illness arose both out of and in the course of their employment. If you believe you or one of your employees have a workers’ compensation claim, then please reach out to our Small Business Advisors to submit a claim.
* Due to the state insurance regulations governing workers compensation premium rates, we are unable to provide this 20% monthly premium credit in Pennsylvania on workers compensation insurance policies.