Pandemic and Contracts

[sahm1225]

FEMA recommends we prepare by having our own Business Interruption Insurance. https://www.fema.gov/small-businesses

It was not something I had considered before, but it appears the premiums are also tax-deductible.

https://www.investopedia.com/terms/b/business-interruption-insurance.asp

KEY TAKEAWAYS

• Business interruption insurance is insurance coverage that replaces income lost in the event that business is halted for some reason, such as a fire or a natural disaster.
• This type of insurance also covers operating expenses, a move to a temporary location if necessary, payroll, taxes, and loan payments.
• Business interruption insurance also applies if government actions cause operations to cease temporarily, which results in a loss for a firm.

Has anyone found an insurance company that offers this? I called Assure and they said their business interruption would only be if the location we had the business in was not able to be used (i.e. a fire occurs). I also called Allstate to see if I could add it through them and they said the same thing and hinted that most companies would not cover if there was a pandemic.