Insurance claims are piling over claiming millions of dollars a month where the insurance companies are denying insurers their rights. Small businesses to well-established ones are suffering huge losses due to the pandemic where the food joints, hospitality, and entertainment industry is suffering a severe blow.
For the business owners investing in an insurance company to secure the business from uncertain situations is a decision that can be hard on the pocket. But, nonetheless, a business owner may decide to get it insured just to be on the safe side so that in an unfortunate time when a business suffers a glitch, it can vanquish it by using the money from the claim. The current scenarios are proving otherwise for the business owners. Now, when it is time to get the claim, the insurance companies are backing off saying that a pandemic is not a ground to seek for the Business Interruption Claim.
Seeing the severity of the situation, it is causing fear amongst the people and raising questions on the credibility of the insurance companies altogether. Many business owners are doubting that if they have been paying their insurances for the last 20-30 years for complete waste. Big names are coming forward to make a collaboration together against the insurance industry to force them to push out funds. The sight is not pretty and with big names joining in it is going to be quite an ugly fight.
What’s going on in the US? Will the business owners get their rights, or are their demands unjustifiable?
President Donald Trump has come forward in support of the insurers. In one of the interviews, he is seen saying that he has friends who are business owners running restaurants and they spend a good amount of dollars which they give to the insurance companies to cover them up for times like these. To be precise President Trump is favoring the business owners to get their claims from the insurance companies.
Talking about the restaurants who have been paying insurance for the last 35 years, he says, “they’ve been paying a lot of money for a lot of years. And then when they finally need it, the insurance company says, ‘we’re not going to give it’.” He further adds, “We can’t let that happen.”
The statement by President Donald Trump has raised red horns in the senate as well as in the Insurance industry. Few of the members of the senate have addressed the issue saying that if the insurance claims are given, which can be a huge sum of dollars can bring a great commercial economic strain to the insurers.