Business Insurance Coverage During the Covid-19 Pandemic

The effects of the CoronaVirus are widespread. A single virus has brought down the entire structure of society as we all are aware of it. Businesses are now in a state of dilemma. They are wondering about the specific insurance possibilities to combat this unprecedented situation. The revenue loss, accountability of the employee’s health, and welfare remain important issues. These issues are the top priority of every business around the globe.

Insurance Options for Businesses

The effectiveness of a policy depends on how well it works in various situations. Below is a summary of some strategies that may help businesses deal with this pandemic.

1. Environmental Policies

Environmental policies come to mind almost immediately when dealing with a virus outbreak. However, there is a certain limitation on these types of policies. Furthermore, these would require a thorough review to ensure maximum coverage. A general environmental policy includes coverage of bodily injury and property damage. However, these policies are often tailor-made. The majority of these are according to the exposure to risks of a company/business.

• COVID-19 Specific Environmental Policy

In the case of a pandemic like the COVID-19, a policy for ‘decontamination Expenses’ may come into play. This coverage would cover the cost of decontaminating a specific site post-disinfection. In this case, coverage may not be fit for COVID-19.

But, it is difficult to utilize this policy to face unexpected situations in a business. However, it may still apply to the loss of expenses due to disinfection and contamination.

• Health Specific Environmental Policy

This policy works for all those workers who have coverage for healthcare policy. The policy limits itself to cover only bodily injury. It also only applies to those employees who are not showing any symptoms of COVID-19. However, insurance will cover the third person infected by the worker.