The COVID-19 pandemic caused many economic challenges. Many non-profit organizations experienced a reduced level of donations and limited options for fundraising. Unfortunately, they may also be facing another crisis in the making, increased insurance premiums as the insurance industry continues to “tighten” or “harden” from social inflation. Non-profits and for-profit organizations alike need to deal…
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COVID-19 Pandemic vs. Business Income Insurance
Business Income Insurance – also referred to as Business Interruption Coverage – is a lifeline for many businesses impacted by the coronavirus pandemic. During the government lockdown, revenue for all “essential” businesses continued, however, countless non-essential businesses suffered from diminished, and in some cases, evaporated streams of income. What Is Business Income Insurance? The definition…
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Insurance Payments Deferred During COVID-19 Pandemic
When the lockdowns started and everyone was working from home, many insurance companies stepped up with options to ease the stress. Some insurance companies offered deferred premium payments for April and May. The deferments were an attempt to help business lower their expenses during the height of the pandemic when most businesses were hit the…
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