Showcase your insurance professionalism by helping people understand the numerous insurance-related pandemic developments.
It’s interesting how often insurance is playing a key role in the pandemic. Many of the controversies that involve insurance are not easily understood by most people.
Have you considered this may be an excellent time to show off your insurance professionalism? Insurance-related pandemic developments are putting you front and center. You are not just an insurance sales person. You are a trusted insurance advisor who keeps clients informed.
Above all, since most other insurance professionals are probably doing a poor job of it, you will shine by comparison.
For instance, consider these recent developments in various insurance lines:
In Congress and state legislatures, there is legislation to:
- protect businesses from COVID-19 related liability.
- make businesses protect worker betters.
Many states have passed presumption laws. These stipulate that “essential workers” who contract COVID-19 did so as a result of their job.
Many businesses have started to require customers and workers to sign Pandemic liability waivers. Are these legal? Will they hold up if challenged in court?
Business Interruption Insurance
- In most cases, property and business income policies do cover businesses that have been shut down because of viruses or pandemics. In fact, in many cases, policies specifically exclude these perils. However, some lawyers are working to get around these exclusions.
- In addition, state legislatures and Congress are working on proposals to write legislation forcing insurance companies to pay business interruption losses.
The CARES Act passed by Congress makes it easier for people to borrow from retirement funds during the pandemic without penalties.
Directors & Liability Insurance
There is concern about lawsuits brought against companies for not taking proper precautions to prevent or alert employees and the public of COVID-19 related contamination. In addition, lawyers anticipate there may be suits regarding whether government funds provided for COVID-19 related expenses were properly used.
There has been controversy with many Trip Cancellation and Extended Medical claims.
Overall, there may be availability and pricing issues arising out of many of controversies in the not distant future. Are you keeping clients informed?
Showcase Your Professionalism!
Albert Einstein (among others) said, “in the midst of every crisis, lies great opportunity.” In other words, are you helping your clients understand the Insurance aspects of the pandemic?
At Smarts newsletters we follow all these stories in our various edition. We’ll keep your insurance professionalism front and center with your clients and prospects.