It has been a year like no other! As 2020 comes to a close, we wanted to take a moment and reflect on some lessons this unusual year taught us about insurance.

1 – Business Income/Interruption Insurance is Important.

If your business can’t be open to customers, are you protected? What about if the closure is related to communicable diseases? “Typically, there has to be property damage in order for this type of coverage to respond,” explained Nick Arnoldy, CEO at Marshfield Insurance.  Learn more here.

2 – There’s a Connection Between Communicable Disease & General Liability.

If people visit your business and claim that they contracted COVID from being there, the general liability policy will typically respond and defend unless endorsed with an exclusion. 2020 taught us that there will likely be liability exclusions added to general liability policies in 2021 for communicable diseases. The primary reason for the exclusion is not to overlap the pending legislative immunity for business. It’s also a very difficult situation to prove which can clog insurer’s claims departments with unnecessary expenses and inefficiencies. “In 2021, the majority of companies are planning to issue an exclusion for communicable disease,” said Arnoldy. “It would be nearly impossible to prove where you contracted a disease.”

3 – Cyber Coverage is a Must-Have.

With more people working from home this year than ever before, there is increased exposure to both businesses and consumers. While working from home allows businesses to remain operational, it can create a number of risks, particularly for those who fail to take the proper precautions. Information security is one the greatest challenges for companies allowing remote work during the COVID-19 outbreak. “Issues related to cyber liability and security have absolutely exploded,” said Arnoldy. Learn more here. Every year brings with it important lessons, and 2020 brought its share of wisdom in the insurance field. Whatever your insurance needs, contact us at Marshfield Insurance today!