Crow Hosts Forum Examining the Issues Facing Small Business Insurance Policyholders Related to COVID-19

May 21, 2020
Press Release
Mark Shaker, owner of Stanley Marketplace in Aurora, testified on the challenges facing small businesses from COVID-19

Today, the House Small Business Subcommittee on Innovation and Workforce Development, under Chairman Jason Crow (D-CO), held a virtual forum focused on the issues facing small businesses trying to make business interruption insurance claims related to COVID-19. 

 

“At a time when millions of small businesses are struggling to stay afloat, the unemployment rate is at levels not seen since the depression, and our health care workers are on the front lines battling the spread of this virus, we must all do our part to fight this health and economic crisis,” said Chairman Crow. “Therefore, it is incumbent upon Congress, and especially this Committee, to work with affected policyholders and interested stakeholders to chart the appropriate path forward. The alternative, where small businesses do not get any relief, resulting in permanent business closures and job losses, is unacceptable.”

 

As stay at home orders cripple the revenues of many small businesses, firms across the country have turned to their business interruption policies as a potential avenue for relief. However, these claims have largely been rejected due to the fact that most policies don’t explicitly cover viral pandemics. The hearing allowed members to hear from impacted policyholders and examine legislative solutions.  

 

“We’re searching and trying to find ways to get through this,” said Mark Shaker, owner of Stanley Marketplace in Aurora, CO. “It’s disappointing that all of our claims have been denied, this is exactly why we made all of our businesses take this kind of coverage, for things that are unforeseen as we mitigate our risk.”


Full video from the forum can be found here. 
 

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