With the chaos of the past week– and it is going to get worse before better– firms should check on their insurance coverage.
Most firms should check to see if there business interruption coverage is up to date. This is a critical component of their business operations. If things get worse and there are widespread shutdowns, most firms will need to look to these policies for coverage. Keep in mind that it may apply if you cannot get into your offices or vendors or suppliers let you down. You will need to make sure you keep detailed records of expenses and provide prompt notice to your insurance carrier if something happens.
Best way to make sure that you are on the right track is to call counsel and discuss.
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