Specialty Food Magazine

Summer 2020

Specialty Food Magazine is the leading publication for retailers, manufacturers and foodservice professionals in the specialty food trade. It provides news, trends and business-building insights that help readers keep their businesses competitive.

Issue link: https://www.e-digitaleditions.com/i/1256204

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Page 80 of 91

Insurance Basics: Coverage During COVID-19 Disruptions and Beyond Peter Picetti, senior vice president of He ernan Insurance Brokers, outlined the types of coverage that companies should consider for their business. W hen we think about insurance, it's not a guarantee," said Peter Picetti, senior vice president of Heffernan Insurance Brokers. "It's an agreement, a contractual agreement, with the expectation being, if something happens, it will be covered. And 99 percent of the time, it is." Picetti, who has been in the insurance industry for over 30 years, shared basics as part of the Specialty Food Association's Ask the Expert webinar series, designed to help SFA members and the food industry at large with risk mitigation planning, especially during the coronavirus pandemic and resulting unsettled business environment. Property insurance typically covers loss of inventory or manufacturing facility-related losses in the event of a fire, theft, vandalism, or a natural disaster that damages inventory or property, according to Picetti. But there has been some chatter in the industry that it may also cover COVID-19-related losses due to the mass closures that have happened across many industries, he said. Business interruption insurance can be added to a property insurance policy. This type BY ARIELLE FEGER SPECIALTY FOOD SPECIALTYFOOD.COM SPECIALTY FOOD MAKER

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