Delaware Business Insurance Update from CNC Insurance Associates Inc. "Goverment Shutdown are you Covered?" 10-7-13

The current government shut down is beginning to impact small business. Thousands of businesses work with the government either directly or indirectly. These businesses are starting to be affected. In addition the trickle down economies of large government contracts with the private sector is being substantially impacted. Now the questions is, " how does commercial insurance apply to claims for loss of income due to shutdown"?  Unfortunately most business owners policies and business income coverage forms do not cover this type of event. Small business owners who suffer loss revenues from the shut down will not find any relief from their insurance policies. Special endorsements and coverage forms that respond to contingent loss of income, are the answer. These special policies are becoming more and more relevant as the financial uncertainty of the US economy increases. Also as more entrepreneurs establish business relationships with overseas companies, talk of covering for loss of income contingencies from events that occur in foreign lands, is increasing.  Keep an eye on your contingent loss of income risks. it looks like these risks will continue to become problematic. Until next time be careful out there and know your risks.
G. Kevin Nemith, President CNC Insurance Associates Inc.
Serving DE, MD, PA, VA, & NJ
www.cncinsurance.com
www.bizinsurancetv.org

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