The new normal.
For the past several months, we’ve all heard this term. A lot. There’s a new normal for work, for school, for dining out. But what’s the new normal for business insurance? From cybersecurity to managing a decentralized workforce, we can help you understand and manage your risks during this risky time.
MANAGING BUSINESS RISK DURING THE PANDEMIC:
HEALTH INSURANCE
Many folks remain uncomfortable with routine doctor and dentist office visits, often cancelling or postponing. Likewise, elective or non-emergency surgeries are being pushed out. This is being done both to stem the spread of the coronavirus, and to prepare for the anticipated need for hospitals to adequately respond to patients with COVID 19. Health insurance carriers have also eliminated co-pays, deductibles, and co-insurance for all coronavirus related testing, procedures, and treatments.
LOSS OF INCOME/BUSINESS INTERRUPTION INSURANCE
Many clients have asked if this coverage applies to the current pandemic, and the unfortunate answer is no. Lawsuits are being filed in New Orleans, legislation has been introduced in New Jersey, and industry associations are lobbying Congress to pass Terrorism-like insurance relief funds, but as of now, there is no such coverage available
CYBER LIABILITY
In recent months, thousands of domain names have been registered with the terms “Corona” or “Covid”. Hackers will be looking to exploit employees working from home with phishing emails, knowing that new procedures at work, combined with improper (or non-existent) firewalls, will provide easy prey for these scams. Please be vigilant and on the lookout for such fraudulent emails.
WORKERS COMPENSATION
Workers Compensation cases relating to COVID-19 illness will be determined on a case-to-case basis. A worker becoming sick from the flu is not typically covered under Workers Compensation. In order to be covered, it must be demonstrated that the illness was contracted as a direct result of employment, with a greater risk than that from the general public. A health worker treating flu patients could fall into this category, but such would not apply to most occupations.
WE WILL BE UPDATING OUR POSTING TO MAKE SURE THAT WE PROVIDE THE BEST RISK MANAGEMENT ADVICE TO OUR CLIENTS DURING THESE TURBULENT AND UNNERVING TIMES. HAVE QUESTIONS OR WANT TO LEARN MORE ABOUT HOW COVID-19 AFFECTS YOUR BUSINESS?