Many People are Learning About “Holes” in Their Coverage Due to Pandemic, Rachel Daddesio Warns
Businesses need to have insurance for financial protection. They depend on the coverage to take care of problems as they happen. Rachel Daddesio, a Certified Public Accountant warns that many commercial insurance projects aren’t getting the job done.
Within the pandemic, business owners are having to learn the hard way that their insurance policies didn’t cover everything. The verbiage of “pandemic” isn’t included in most policies. It’s leaving businesses vulnerable to issues caused by the COVID-19 pandemic, Rachel Daddesio explains.
One of the issues that Rachel Daddesio has seen is not being able to use their business interruption service because of the pandemic. When countless businesses closed across Texas because of not being defined as “essential,” they turned to their insurance. Unfortunately, “pandemic” wasn’t listed as an acceptable means of closing.
Another issue of the pandemic is employers experiencing more unemployment claims than is typical. The businesses had no choice but to close. However, the insurance rates are going to go up because of the large number of claims, Rachel Daddesio explains. With an increase in rates, it can affect the overall budget and financial stability that a business has. Since no one wants to pay more in premiums, it’s critical to also look at comparing rates from multiple insurance companies.
As an accountant, Rachel Daddesio is dedicated to helping the business owners obtain a stable financial status. She works to keep their books organized and their finances on track. Part of this includes talking to them about the vulnerability of their business with insurance policies.
Unfortunately, no one planned for a pandemic. Further, many insurance policies are not built with sufficient coverage in such an instance because it is not common. As such, Rachel Daddesio is working with companies to look at how they need to redefine their insurance needs now and post-pandemic.
There are several ways that businesses can better prepare themselves in the future. Rachel Daddesio explores various riders that can be added to commercial policies. Further, an umbrella policy can provide more protection over all of the policies that a business already has in place. She believes it’s all a matter of reading the fine print to learn about vulnerabilities.
Rachel Daddesio discusses the importance of working with an accountant. She finds that many businesses try to take a DIY approach until they run into major financial problems. By waiting until things are a mess, the business owners make it that much harder on themselves. She recommends that businesses begin working with an accountant from the moment they go into business as a way of learning how to protect themselves against financial downfall. She can build budgets, help with bookkeeping, and explore insurance products that can offer a greater level of financial protection, even through a pandemic.