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COVIS-19 And Business Insurance

risk

Using insurance to mitigate losses and risks resulting from coronavirus

COVID-19 has had a significant impact on all local businesses, families, and individuals. There is an economic toll that may be felt well into 2021 and beyond. Businesses must review risk procedures and insurance coverage to make sure all potential risks are covered and managed effectively.

Having the right kind of business insurance may be one of the best tools you can have against COVID-19.

  1. Workers’ Compensation. Remote workers are still subject to workers’ compensation claims. Have well defined remote worker policies and procedures.
  2. Business Interruption Insurance. Business interruption or business income insurance may extend not only to losses from the suspension of your business’s own operations but also to losses from the suspension of a supplier’s or customer’s operations.
  3. Civil Authority Coverage. Some property policies can be extended to include civil-authority coverage, which covers loss of business income when an order of civil or military authority impairs access to business operations.
  4. Professional Liability. There is no doubt that businesses may be brought into litigation over COVID-19 related issues. It will be important to have Directors and Officers liability in place to cover potential claims from investors, shareholders, and other third parties.

Checking on commercial insurance coverages is a good first step, but every business is different and needs a risk review. All business owners would be wise to speak with their insurance agent to understand the nuances of how coverage works for their company specifically. Now more than ever, it is important to make sure your business insurance is up-to-date and can respond to potential claims and losses.

 

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