Pritzker calls on Insurance Companies to Aid Rebuilding Businesses

Many small businesses already reeling from the effects of the COVID-19 pandemic, have now received another gut punch when their businesses were ransacked in the last ten days. Companies and agents are there for their clients in their moment of crisis and the events of the past ten days will be no different.

Following these events, on Monday, June 8, Governor Pritzker held a press conference urging insurance companies to work quickly to help small businesses rebuild after the recent civil unrest. Pritzker stated, “Insurance companies must do everything in their power and are obligated to give their customers the funds to rebuild and get back on their feet as soon as possible.” 

Governor Pritzker called for expediting claims, providing advance payment and putting a moratorium on the cancellation or non-renewal of impacted policyholders for 60 days beginning Monday in the counties declared a disaster area. Insurance companies are also asked to favor policyholders when paying out claims for those that were unable to make full payments on their premiums since Governor Pritzker issued an executive order on March 20th. Businesses with business interruption insurance that is in force and operative should treat payouts based on economic activity that does not include the impact of the pandemic. Click here to view the Department of Insurance’s Company Bulletin 2020-15 issued yesterday afternoon.

Joining the Governor at the press conference was Waukegan Mayor Sam Cunningham who is also an independent insurance agency owner, Matteson Mayor Sheila Chalmers-Currin and a couple of small business owners from the Chicago area. Click here to view the press briefing in its entirety. 

Insurance agents have and will always be a trusted advisor for our policyholders. We encourage policyholders to contact their insurance agent to help them through the claims process. The IIA of IL is here to assist our members in any way possible as we navigate these trying times.