A 2020 report by the Organization for Economic Co-operation and Development stated that, “Insurance companies paid out a higher amount in claims in 2019 than in 2018 in most reporting countries.” The increase in claims, as stipulated by the report, has been evidenced to be as a result of the pandemic. Covid-19 caused many businesses to seek financial aid and coverage from their insurers as a result of a loss in revenue amongst other issues. For these businesses, having a business insurance plan helped them cushion their financial fall. This illustrates the importance for businesses to have some form of
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