Thursday, April 9th, 2020 — Everyone seems to agree on two things when it comes to controlling the novel coronavirus: It is going to be monstrously expensive, and someone else should be paying the cost. Particularly if “someone else” is an insurer.
Legislators in at least four states are already working on legislation that would force business interruption insurance to pay for losses incurred by the current shutdown.
At first glance, this seems eminently reasonable. American small businesses are hemorrhaging cash, and the federal governments small-business assistance is both disorganized and tardy.
If someone doesnt act soon, then when it is finally safe for businesses to reopen, there wont be enough businesses left to do so.
And who better to stick with the bill than the insurers to which those businesses have faithfully paid premiums for years?