How Could Insurance Policy Defend Employers At The Time Of Covid-19?

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11 April 2022

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As COVID-19 becomes increasingly widespread, it isn't just raising fears concerning the well-being of the public, but it's also disrupting business operations and creating insurance exposures. In fact, COVID-19 has recently generated business interruptions, logistics issues and significant liability concerns-all ones can open policyholders around claims. As such, it is important for businesses to be aware of how COVID-19 may affect their insurance coverage, review their existing coverage and discover what precautions they must eat to control their losses.

These examines potential insurance exposures related to COVID-19 and how different forms of coverage could respond.

BUSINESS INTERRUPTIONS

As many operations close due to COVID-19 fears, there is a growing question of regardless of whether business interruption insurance can help policyholders replace with lost revenue.

In the eventuality of a loss of revenue, business interruption insurance provides coverage for income a business would've earned been there been operating normally. Additionally, it may help pay for expenses like employee wages, taxes, rent, loan payments and relocation expenses.

Typically, business interruption insurance is triggered by a direct physical loss or damage. Under this interpretation, contagious diseases like COVID-19 would not count like a covered loss.

However, some argue that COVID-19 can contaminate physical objects like HVAC systems or assembly lines, which in turn would force businesses to cease operations. Of these scenarios, business interruption insurance could provide some protection. Still, insurers may push back, making coverage unavailable.

As with all loss, policy wording is critically important and could make a huge difference when it comes to addressing claims. Policyholders should review exclusions and endorsements alongside a professional insurance agent to be sure they've got the policy they want.

WORKERS' COMPENSATION INSURANCE

When an employee believes they contracted COVID-19 at the office, several workers' compensation considerations come up. Notably, in relation to workplace illnesses, most state statues just pay out benefits in the event the disease in question is occupational naturally. In other words that communicable and contagious diseases are usually excluded from workers' compensation policies.

However, coverage may be triggered if your illness arose because of or perhaps the path of the worker's employment.

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