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Will Loss Of Income Coverage Protect Me?

Many people have asked me, recently, if they are protected for a loss of income if parents' anxiety results in them pulling children out of early childhood education.  I believe this is an issue many more of you have thought about over the past several weeks.  This article will attempt to answer this question. 
The first step is to discuss the only coverage that might apply: loss of income.  Loss of income or business interruption is designed to replace your net income for a period of time due to a covered loss to your physical property (such as fire).  In order to determine if you even have any loss of income coverage I suggest you either call your agent or review the property portion of your policy.
Bear in mind, even if you have this coverage, it is not triggered unless you have a loss to your property.  In the event of an Ebola outbreak, there is no damage to your property so there would be no loss of income coverage triggered.
The second step is to ask your insurance company if they have any coverage available for loss of income due to communicable disease.  There are very few insurers that offer this coverage but if your insurer is one of them, it extends loss of income coverage if your local, state or federal authorities require your school to close due to a communicable disease outbreak.  This provides some protection to this potential loss to your livelihood.  This extension still will not protect you against runaway panic on the part of your enrolled families but it will protect you against legitimate, governmental mandates.
In addition to making sure you can obtain the best protection available from an insurance company, I recommend that you educate your enrolled families.  Knowledge will help settle fears.
I value your feedback.  Please email me at: beth@blockinsurance.net  Or, email  steven@blockinsurance.net 
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Please be advised that information contained in this site may be dated. No insurance coverage can be bound, deleted, modified or in any other manner effected through this website. Complete information regarding coverage and exclusions can be found in policy documents. The information contained in this website is summary in nature.