Small businesses find insurance policies may not cover pandemic losses

Small businesses find insurance policies may not cover pandemic losses

THEIR LOSSES...BECAUSE OF THE PANDEMIC.BUSINESS DISRUPTIONINSURANCE... IS USED FORDISASTERS LIKE FLOODING, ORFIRES.

TWO WORKS FOR YOUCONSUMER PROBLEM SOLVER CORIDUKE... FOUND THAT MANYPOLICY HOLDERS MAY BE OUT OFLUCK.FOR THINGS LIKE FIRES.FLOODS... AND TORANDOES..MANY BUSINESSES TAKE EXTRAPRECAUTIONS TO PREPARE FORTHE WORST.

SOT= 2:41:06 -2:46:12 "Of course likeevery business, the thingthat you want to do firstand foremost is you want tomake sure you're covered."BUSINESS OWNER AMBER WELCH..OWNER OF AMBER MARIE ANDCOMPANY..

SAYS SHE PURCHASEDA POLICY TO PROTECT HERSTORES FROM ANY KIND OFEVENT FORCING HER TO SHUTHER DOORS.

PART OF THATPOLICY ..

IS BUSINESSDISRUPTION INSURANCE.SOMETIMES ALSO CALLEINTERRUPTION INSURANCE.

SOT=4:02:04 - 4:05:12 AMBERWELCH, AMBER MARIE ANDCOMPANY, OWNER "We werehoping that would take careof us during a catastrophicevent or any of our businessinterruption." BUT AS ITTURNS OUT..

SOME INSURERSSAY A GLOBAL PANDEMIC.

ISEXCLUDED IN THIS POLICY.

ANDARGUE THAT PAYING OUT CLAIMSWOULD FINACIALLY CRIPPLEPROVIDERS.

SOT= 2:21:14 -2:33:11 GLEN MULREADY,OKLAHOMA INSURANCECOMMISSIONER "With apandemic like this, how doyou rate for somethingeveryone in the world isbeing impacted by?

There isno broader group of peopleto spread the risk of that."OKLAHOMA'S INSURANCECOMMISSIONER GLEN MULREADYALSO SAYS..

UNFORTUNATELYTHE MAJORITY OF BUSINESSDISRUPTION POLICIES REQUIRETHERE BE PHYSICAL DAMAGE ATYOUR PROPERTY.AMBER WELCH "It's terriblyupsetting when you think youhave coverage for something,you try your best as abusiness owner to planahead.

" // "and then tohear that that claim isdenied is a punch in the guthonestly." AMBER'S ATTORNEYKEVINN MATTHEWS SAYS THEY'LLFIGHT HER DENIAL.HE SAYS PART OF IT..

IS JUSTASKING AN ATTORNEY TO HELPREWORD THE CLAIM.KEVINN MATTHEWS, ATTORNEY"The perspective I'mapproaching this from is thenotion of negotiating thecoverage claim with theinsurance company." IF YOUCAN'T OBTAIN AN ATTORNEY..THERE IS HELP FROM THESTATE.

THE SMALL BUSINESSADMINISTRATION HAS LOANSAVAILABLE THROUGH THE CARESACT..

..

PROVIDINGRESOURCES TO MAINTAINPAYROLL, HIRE BACK EMPLOYEESWHO MAY HAVE BEEN LAID OFF,OR COVER OVERHEAD YOU CANALSO CONTACT THE STATE'SDEPARTMENT OF COMMERCE..WHICH HAS PROGRAMS IN PLACETO HELP BUSINESSES MOVEFORWARD BY PRODIVING PAYROLLASSISTANCE AND THE ABILITYTO SUPPORT EXISTING JOBS.CORI DUKE, 2WFY.A NEW WEBSITE IS MAKING ITEASIER FOR PEOPLE TO G