How Are Business Insurance Companies Coping with COVID-19?

As a business owner, it is your responsibility to keep your employees safe from any pandemic, such as the coronavirus. However, one question remains. Does your insurance protect you against the Coronavirus? How will your platform be able to cope during this significant time in history?
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Here are five points you need to watch out for when ensuring your company during this era of COVID-19.

1. 5 Important Points to Remember
   Pay Attention to the Type of Insurance You are Getting
   First off, you have to be aware of the kind of business insurance policy that you are going to take as protection for the long-term effects of the Coronavirus. Here are some business insurance policies that you need to take note of as follows:
   
   Product Liability Insurance - This type of insurance applies when there is damage to the product upon delivery to your warehouse or if you fail to receive the product for whatever reason. The policy takes effect if you would not be able to receive the product delivery because of the lockdowns caused by COVID-19.
   
   Event Cancellation Insurance – The policy will help reimburse you as a producer for an event that you may have to cancel due to the Coronavirus.
   
   Property Coverage – This will apply if there is damage to your property due to business interruption because of COVID-19. 
   
   
2. Take Note of Coverage Issues
   There are critical coverage points that you need to take note of before you decide to get business insurance for your company's protection. These are property coverage and infectious disease coverage.
   
   We talked about the former earlier, so we will now focus on the latter. Communicable Disease Coverage has to do with the grants related to any infectious diseases that could disrupt business operations significantly, COVID-19, for example. Make sure that your policy has a stipulation regarding communicable diseases and related grants to obtain this advantage.
   
   
3. The Contamination Exclusion Clause
   Sometimes, communicable diseases are excluded from policies, especially if they cannot contaminate food items that you release in the market. Because of this, even if bacterial infections or airborne viruses infect your products, the contamination exclusion clause will not protect you as the policyholder from liability.
   
   
4. The Controversy
   The policies apply the same rule for the Coronavirus as of late. Although, some business entities have expressed their concern over this recent development, claiming that insurance companies should also cover these entities in case their business goes down because of infected products down the line. It is an ongoing situation that warrants study in careful assessment for sure.
   
   
5. The Importance of Being Aware
   As a final point of significance, it would be crucial for you to become aware of the different policies related to infectious diseases and businesses down the line. This piece of knowledge is essential to note because of the current public health situation in the world today. 

Conclusion
As a responsible businessman, you must follow any law that will protect your employees against this particular health scare and any others that might affect the company in the future.

You should not hesitate to learn more about it. As the saying goes, knowledge is power, and if you are empowered, nothing will be able to stop you from helping others down the line.

At Desmond Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.