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