Something to consider - I wrote an email today asking if our insurance company had provisions for a discount or rebate on our premiums. With our shop activities essentially reduced to checking the security of the building, the insurance company's exposure should be considerable less. There is a precedent - I read that some auto insurers are already planning on a refund because their pay outs have decreased significantly with the decrease in miles driven.

This involves a number of issues and I'll try to address a few.

Rates or Rebates=
Many insurance companies are actually owned by those with policies, and the rates go up or down based upon the revenues and the costs involved. In these cases, with costs down, either rates will go down or there can be rebates.

The for-profit insurance companies should also see costs down, and thus lower rates, possibly for now or for the future. However, remember that most larger policies are brokered through a number of firms and thus a number of costs are sunk for the insurance firm. Some do issue rebates while most simply adjust rates.

Payments=
Some insurance firms have already declared this to be force majeure which means the event is not covered by the policy, so no payments for lost revenues, damages, etc.

However, there are special policies that cover this. For example, Wimbledon has paid about $2 million a year for a pandemic policy to cover the potential cancellation of the tennis tournament due to disease. They are getting about $141 million this year for the loss.

There is also event cancellation insurance that will cover costs associated with cancelled events. These are pretty cheap and will cover the actual costs of a lost event, but be sure what causes are covered. This probably doesn't apply for what you are discussing, but for those who had to cancel events, it would help if you had added it to your regular policy.

Conclusion=
Check with the insurance experts you use, and the answer will probably vary by the company and policy type.

That's a whole lot of words for "I don't know, ask your insurance agent"!

Just received an email from our personal carrier that they would be addressing auto premiums and depending on the balance of what's paid vs due they would be either refunding or lowering the monthly.