Glasses on top of an insurance policy. If carriers are forced to pay the majority of business interruption losses related to COVID-19, the effects would be devastating and likely cripple or bankrupt one of the most important industries in the world. (Photo: iStockphoto)

The COVID-19 pandemic is proving to be the most severe financial crisis we have seen in the last decade and possibly the most costly. This is a time for action and education. Now more than ever, insureds need to understand every business risk they face, take a deep dive into their insurance policies and understand that insurance is only one factor of risk management.

Likewise, It is also a time for insurance carriers to identify the risks they are undertaking and ensure insureds are aware of what is covered, what is excluded, and what can be supplemented by an endorsement.

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