COVID-19 has majorly disrupted the global economy, and while many business sectors are subjected to temporary shutdowns or bare minimum operations, the insurance industry is a racing forward while confronting unprecedented amounts of risk and uncertainty. Under most state-issued business shutdown orders, insurance companies and agencies have generally made the cut as “essential businesses” that are allowed to continue operating, but the onslaught of COVID-19-related insurance claims, state insurance departmental requests and potential legislation compelling coverage of certain business interruption losses may make the “essential business” designation ultimately seem like a consolation prize.
