Business Insurance for Covid19: Are We Covered?
Over recent days we have heard many concerns about if and how your businesses might be protected during the coronavirus outbreak.
We understand that for most of you, the key issue is how to maintain a safe work environment for yourselves, your clients and your staff. The other important question playing on people’s minds is how to keep their doors open as the economy slows down yet remain in business.
For some firms with the flexibility to shift from their traditional business models to a more online-friendly arrangement, this business interruption can still cause income shortfalls. In the end, everyone is going to need some help.
In times like these, businessowners tend to look at their contingencies which often fall on the laps of their insurance policies. Unfortunately, Australian firms might not be equipped to handle biological catastrophes at the scale of the coronavirus. The Biosecurity Act of 2015 prompted both reinsurers and insurers to adapt certain changes that excluded a number of highly effective diseases which, unfortunately, encompasses the parameters already reached by the coronavirus.
As such, there may be only a few policies able to process claims that are connected to the current pandemic. The rest may need to rely on government stimulus packages as they roll out.
To help businesses cope with the ongoing pandemic, we have listed a couple of things to do:
- Implement a work from home set up for essential employees who can help in keeping the business operational through online means.
- Review HR policies pertaining to fitness for work including formalizing the new work from home set-up.
- Update rules on business travel in accordance to the lockdown policies currently in place.
- Protect the mental wellbeing of your staff by communicating honestly about the business’ state of affairs.
- Keep abreast of the news both about how to combat the virus and about how the lockdown policies are evolving.
Contact your business insurer as soon as possible to find out whether your business will be covered for any hardships resulting from the Covid19 pandemic.