One of the most challenging aspects of navigating covid for businesses was that the closures were not covered by typical Business Interruption insurance. Business Interruption, or Business Income, coverage is what a restaurant or bar relies upon to replace lost income if their business is shut down due to a covered claim such as a fire or water damage. Unlike other types of claims, the insurance companies have maintained that the forced covid closures were not a covered event that would trigger business income coverage.

More than two years after the start of the pandemic, lawsuits between restaurants and insurers continue. A law firm in Chicago has been the first to successfully argue in a state appellate court that coverage should be provided for lost income due to covid closures. Since their win, they have filed two more suits on behalf of other restaurant groups.

At Statement Insurance Agency, we continue to monitor these lawsuits to understand what the implications may be for our clients in attempting to recoup past losses as well as to structure appropriate coverage strategies moving forward.

Read more about the case HERE.

Schedule a call with us to discuss your options and be sure that your business is protected against lost income for various types of closures.

Statement Insurance Agency specializes in serving up Insurance and Risk Management solutions for restaurants, bars, and other business in the Food & Beverage Industry. Based in Reno, NV, we have clients throughout Nevada, (including Las Vegas), California, Arizona, and Texas.