Featured / Insurance Protection

How the Insurance Industry Is Responding to the COVID-19 Crisis

The insurance industry is known for many things and responding in a crisis is where they typically shine. When a hurricane is heading towards Florida, insurance companies will send adjusters and disaster recovery units, among other resources, in advance of the storm ever hitting. They do this because people buy insurance for peace of mind in case disaster strikes.

Right now, we keep hearing the statement, “We are in unprecedented times,” and I would have to agree. We have never seen businesses be forced to close without much warning which has led to layoffs and severe reductions in income, yet regular recurring bills continue to come in. Just because a business cannot be open right now doesn’t mean their vendors will simply cancel their debts or stop asking for payment.

Amid the current environment, it has been neat to see how many businesses are getting creative in order to keep their doors open or repurpose themselves to help fight this crisis. Restaurants are repurposing their meals for take-out only, automakers are freezing their assembly lines to start producing ventilators, and safety equipment companies are ramping up production for protective gear for the medical field.

The insurance industry is no different, and they are doing everything they can to help keep their customers in business. Many insurance companies are extending payment terms, delaying notice of cancellations, and offering grace periods. This is not being done across the board for all customers but if you are a business that has been affected by the COVID-19 pandemic, you are encouraged to call your insurance company directly and ask for assistance. We are proud to see our partners stand up in a time like this and provide peace of mind.

At Univest Insurance, we are here to protect what matters to you most so please don’t hesitate to call any of our consultants if you are having issues. We are a team and will work together to not only overcome this, but be stronger than we were before.

 

Insurance products offered through Univest Insurance, Inc. are obligations of the issuing insurance companies, not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States.