How Can Insurance Coverage Protect 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 is not only raising fears regarding the well-being from the average person, but it's also disrupting business operations and creating insurance exposures. In reality, COVID-19 has now led to business interruptions, supply chain issues and significant liability concerns-all that can open policyholders approximately claims. As such, it's important for companies to understand how COVID-19 could affect their insurance coverage, review their existing coverage and determine what precautions they need to ingest order to control their losses.

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

BUSINESS INTERRUPTIONS

Numerous operations close due to COVID-19 fears, there's a growing question of whether or not business interruption insurance can help policyholders replace with lost revenue.

In case of a loss, business interruption insurance provides coverage for income a small business could have earned had it been operating normally. It can also aid in paying for expenses like employee wages, taxes, rent, loan repayments and relocation expenses.

Typically, business interruption insurance policies are triggered by way of a direct physical loss or damage. Under this interpretation, contagious diseases like COVID-19 wouldn't count as being a covered loss.

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

As with any loss, policy wording is critically important and could make all the difference with regards to giving an answer to claims. Policyholders should review exclusions and endorsements alongside a qualified insurance broker to ensure they have the policy they require.

WORKERS' COMPENSATION INSURANCE

If a worker believes they contracted COVID-19 at the job, many workers' compensation considerations come into play. Notably, in terms of workplace illnesses, most state statues pay just out benefits if the disease under consideration is occupational naturally. Frankly that communicable and contagious diseases are usually excluded from workers' compensation policies.

However, coverage could possibly be triggered when the illness arose due to or even in the course of the worker's employment.

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