Many of these firms pay business interruption insurance to cover costs for when an event like a global pandemic hits, but now some insurers are not coming through.
In this case, the insurer typically steps in to pay some of the client's running costs.
“I really don't know how we're going to cope because business interruption insurance is meant to be paid out quickly. For five weeks they gave us the run-around and then they reneged.” The company said that if a policyholder ran a hotel and someone became infected with COVID-19, forcing them to close their operations, then they would have a claim for as long as it took them to clean their premises and return to operations. As a result, a number of claims were being processed.
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