Coronavirus (COVID-19) and Your Business
At time of publication, the Canadian public health risk associated with COVID-19, or Coronavirus, was still assessed as LOW. However, with Coronavirus spreading quickly in more densely populated countries and areas, it has now been classified as an official pandemic by the World
Health Organization.domination. At the end of the day, going forward.
Pandemics like Coronavirus do not represent traditional business risks, but regardless of this, many Canadian businesses will likely feel the impact of COVID-19 both directly and indirectly. In addition, just as the Public Health Agency of Canada is responsible for mitigating the risk to Canadian individuals and healthcare providers, business owners and leaders play an important role in protecting their employees’ health and safety and ensuring preparedness through programs like business continuity plans.
COVID-19 Challenging how many organizations respond to risk
Many organizations prepare for risks that relate to their physical or digital assets (buildings, equipment or machinery, systems, websites, data etc.). However, in the case of COVID-19, while these assets remain intact and available, it’s the employees, suppliers, and customers who are more likely be affected, and in turn, affect your business.
Considerations for Pandemic Preparedness
We’ve outlined 5 considerations your business can make to help your buisiness prepare for a scenario like COVID-19. If you are finding yourself without a plan, here are some considerations.
Can Insurance Help?
With Coronavirus headlining the news are you concerned about the implications and ramifications on your business? Are you wondering if your insurance policies may help?
Unfortunately, the majority of Business Interruption policies require property damage—from fire, flood, or wind, for example—to trigger a claim. Very few policies include coverage specific to infectious disease. Reviewing your coverage is an important step in pandemic preparedness, but you don’t need to be an insurance expert. That’s what we’re here for.
Contact us. We're here to help.
Add your insurance advisor as a key contact in all business continuity plans. Prior to and event the can help mitigate risk. During an event they’ll help you understand your coverage, and advocate on your behalf.