If your business experiences a shut down, whether it be temporary or permanent you should consider if you are willing to handle the risks of ending your business insurance coverage early—and the potential increase in cost you will have to pay in the long run!
If you’re closing down your business for good you should at least maintain coverage until you are out of the building and all of your equipment is gone and accounted for—if a theft or accident happens on an uninsured property during the shutdown, you won’t have any way to recover your loss!
If you are facing a long-term closure but will be back you should consider maintaining your coverage since it will cover your property and business assets (Burglars don’t care about shelter in place orders!), but you will also maintain a lower premium than if not! Carriers view businesses that have gaps in their coverage as higher risk and will then charge more for your new coverage!
You also might be able to open up sooner than you think, and could potentially miss out on business if you are required to keep a policy as part of your business! Being able to re-open immediately is a huge reason to keep your coverage if you are considering ending it!