As always, communication is critical. We are all in this together and as we navigate these uncharted waters, there are a number of issues that may arise regarding your insurance needs. Our team is working with all of our partner companies on solutions to be sure we do everything in our power to assist. Individual client situations and company guidelines are unique so solutions can be worked on a case by case basis. With that being said, here are a few tips
☐ Setting Expectations: Due to reasons documented such as Virus Exclusions, No Physical Property Loss, and Governmental Action – we do not expect most claims to be covered at this time.
☐ File the Claim: However, we still urge insureds to file potential claims for the business interruption, Workers Compensation claims, etc.
☐ Allow the insurance company to determine coverage: We are doing everything we can to help our clients find coverage where applicable. However, we will not make the decision of whether coverage applies. We will allow companies to do this on a case-by-case basis and wait for future developments.
☐ Retain all correspondence: Keep all records pertaining to the claim including the expected denial letter.
☐ Maintain copies of receipts and expenses incurred: If you required cleaning or remediation to eventually open up and any other costs including loss of sales.
☐ Communicate: This situation is unprecedented, so maintaining communication with your agent, claims adjuster and your team is extremely important.
☐ Report all workplace injury/illness incidents to OSHA: OSHA recordkeeping requirements mandate covered employers record certain work-related injuries/illnesses on their OSHA 300 log. COVID-19 can be a recordable illness if a work is infected as a result of performing their work-related duties.
(Need help with your OSHA recordkeeping? Learn how you can at no cost here.)
☐ Reduce Sales: One of the factors in determining your premium is based on revenue. Until we know more about the current situation, reducing your sales figures can help reduce your premium and assist with cash flow.
☐ Reduce Payroll: Similar to the way sales influence the cost of your insurance, payroll is also a main component in calculating your Workers Compensation premium and in some cases, General Liability. Until we know more about the current situation, reducing your estimated payroll figures can help reduce your premium and assist with cash flow.
☐ Hired/Non-Owned Auto: Some businesses have been able to shift gears and are offering curbside pickup or delivery options. It is wise to ensure you have the proper coverage on your policy to avoid a costly accident in these challenging times.
☐ Cyber Liability – Expect COVID-19 Hacking Attacks: Over 4,000 domain names have been registered in 2020 with the words “COVID” or “Corona”. Although hackers promise no more healthcare cyber attacks, many may look to capitalize on the current disruption. Look to add or increase your Cyber Liability/Data Breach coverage. Learn more in The Insurance Geek blog.
☐ Ask for the new ISO endorsements for COVID-19: To this point, there are not any markets available for this coverage nor are they willing to add it amidst an ongoing claim scenario.
The first endorsement provides limited coverage in the event that a business suspends operations due to a closure or quarantine ordered by a civil authority. This endorsement also provides coverage with respect to dependent property that is named in the policy and for vehicles and mobile equipment, where applicable.
The second endorsement also provides coverage when a business is forced to suspend operations due to the closure (or restricted use) of public bus, rail, or ferry lines by civil authorities.
Insurers who choose to offer the endorsements in the admitted market will need to make appropriate regulatory filings on their own. (Verisk)
COVID-19 is presenting historic challenges for all citizens of the world and we are here ready to help. While executive actions have been taken to reduce the spread of the virus, we understand that this has directly impacted the individuals and businesses who have placed their trust in Top O' Michigan.
Spire America Holdings, Inc. (Top O' Michigan Solutions and Spire Insurance Solutions) has enacted our business continuity plan. This will allow our team to continue to serve our clients without interruption throughout these unprecedented times. Due to the outbreak and confirmed cases throughout Michigan, we are refraining from walk-in visitors until April 6, 2020.
Although we are limited social contact, we will remain open during regular business hours with 24/7 access for our clients. We ask that you contact us at 800-686-8664 to speak with a solution provider or use the Live Chat option on our website. We strongly recommend that our clients leverage all of the available tools and resources for self-service including 24/7 account access here. Through these tools, you can make payments, request changes and file claims.
This is a fluid situation and we're all in this together. We are committed to maintaining the highest level of service without interruption. If you have any questions or special requests, please do not hesitate to contact us by clicking the image below.
Here are a few helpful links to other organizations and resource to assist during this historic pandemic:
We cannot say this enough, we are in this together as human beings. Continue to support one another from a safe and healthy distance and find ways to support your local businesses too!
514 N Ripley Blvd
Alpena, MI 49707
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Hillman, MI 49746
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Oscoda, MI 48750
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Traverse City, MI 49684
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